- Participate in budget meetings with plant team, seek clarifications on different data points and share inputs based on past experience
- Assist Plant Head in translating plant business plan into financial budget, Support plant team and function heads in finalizing budgets of manufacturing overheads
- Comply with the guidelines and templates issued by Management Accounting team while preparing the plant budget; seek clarifications on budgetary guidelines, formats and assumptions
- Monitor plants monthly performance against budget
Financial Accounting & Reporting
- Ensure all financial transactions related to plant are properly accounted for, in a timely manner
- Guide team in undertaking all activities for monthly closing
- Discuss the actual sales, expenses and P&L; with the PPC & Plant Heads on a weekly basis and compare with the budget / projections and highlight issues, if any.
- Review and report P&L;, financial ratios and cash-flow as part of the monthly plant operational review by MC members
- Carry out variance analysis vis-a-vis budgeted and previous year numbers; ensure immediate action to control the variance
Cost Management & Reduction
- Monitor and analyze sales and COGS reports on a regular basis; highlight any significant variances with respect to the budget & previous year to management
- Analyze the root causes of variations and highlight the cost drivers (which are leading to cost escalation) to plant heads for corrective actions
- Record the quarterly changes or amendments (raw material price change etc) in pricing specific to each customer
- Participate in production meetings at plant level to identify issues related to own function which is impacting productivity
- Identify methods to optimize and control manufacturing costs and share recommendations in the plant meetings
- Track progress of implemented suggestions and initiatives and calculate actual impact on savings as against planned
- Verify financial savings through improvement projects projected by TPM cell etc
- Escalate any concerns / issues to the Plant Head in a timely manner and seek resolution
Asset Accounting
- Verify capital expenditure, asset class and investment order (as sanctioned) in asset code request from the initiator
- Send request for asset code creation with investment order and fixed asset location
- Ensure that the asset code is properly incorporated before releasing the purchase order/ capital expenses booking
- Keep track of CWIP on weekly basis and ensure timely capitalization of the assets as per SOP
- Ensure proper life of fixed assets is maintained in the asset master so as to charge depreciation correctly
- Asset disposal accounting as per the policy of the Company
- Actively participate in physical verification of fixed assets as directed by Corporate Finance
Audits & Statutory Compliance
- Oversee preparation of the plant-level statements as requested by auditors
- Perform Q2Q analysis based on the queries that arise during audits
- Send response to Corporate Finance for verification and sharing with auditors
- Provide requisite data for the other audits such as IT / GST audits, etc.
- Ensure that the statutory payment such as PF, ESIC are done by due dates
- Verify TDS is deducted / TCS is collected as per the provision of the Act
- Escalate any concerns / issues to the Plant Head / Corporate accounts in a timely manner and seek resolution
Payables & Receivables Management
- Guide team in calculating difference in rates agreed with customers & vendors
- Ensure proper provisioning in books to avoid surprises or sudden impact related to earlier accounting periods
- Ensure timely accounting of rate difference invoices, debit and credit notes of customers / vendors.
- Review outstanding ageing report periodically and guide team to ensure that collections from customers happen as per agreed PO terms.
- Ensure timely customer / vendor reconciliation and also ensure timely clearing of point in reconciliation.
- Ensure that the creditors are paid as per PO terms.
- Apply the principle of capital and revenue expenses while booking such expenses and also ensure proper input tax credit is taken wherever it is applicable.
- Guide team in reducing clearing account balance to zero at the month end
- Keep track of advances / bank guarantees and reduce materials pendency against advances.
- Ensure adherence to the Schedule of Authority (SOA) and Standard Operating Procedure (SOP) without deviations
- Create and share with Corporate Accounts the quarterly reconciliation plan for receivables & payables; ensure quarterly reconciliation of all major customers and vendors (10% above) and annual reconciliation of all customers and vendors