Oversee processing of vendor bills cleared by Warehouse after inwarding of goods
o Ensure verification of the bills or invoice quantity, rate and tax compliance, adjustment of debit notes and other charges before it is posted into the system against corresponding invoice. Communicate to vendor on any delay debit notes and agree on the same.
o Ensure availability of supporting documents required in case of imports
Prioritize based on payment terms agreed in the Purchase Order and criticality of business.
Ensure payment is made within the agreed credit period and prepare monthly payables statement accordingly.
Allocate internally based on cash inflow and outflow requirements and arrive at the weekly payables statement to be shared with the sourcing team .
Systems & Processes / Vendor Portal:
Manage the vendor portal to ensure visibility to vendors on accounts, payment schedules, balances, etc.
Split weekly schedule day-wise and post the same to help vendors plan their cash flow requirements accordingly.
Prepare quarterly reconciliations for class A vendors, half-yearly for class B and annually for others (class C).
Plan system improvements to minimize conflicts / deviations with vendors (e.g. use of portal for vendors to raise queries or give online confirmations, sending auto-mail on Goods Received Note, etc.).
Ensure service level and turnaround time for various processes;
Monitor timelines and identify areas for continuous improvements;
Establish systems and processes for the team and update the same to suit changing external factors.
Ensure vendor compliance through verification of supporting documents, in areas where there could be adverse impact on the company in case of vendor non-compliance (e.g. PF, ESI, VAT remittances, excise duty, etc.)
Support select vendors on any working capital requirements in line with the annual limits, especially for small vendors who can utilize Arvinds Bank limits or leverage the companys relationship with the banks.
Facilitate use of Hundi system for select vendors to meet their working capital requirements through Bill of Exchange based on parameters mutually agreed between finance and sourcing teams.
Negotiate with vendors to translate the reduced cost of financing gained through Arvind into reduced sourcing cost for Arvind.
Communicate to vendor for confirmation on Letter of credit for all imports.
Work with sourcing in maintaining vendor relations and resolving issues such as shortages, etc.
Documents & Reports:
Sign standard agreements with vendors after checking by legal and approval by finance teams in case of any amendments. Ensure alignment to licensor conditions if an
Oversee MIS reporting on brand-wise creditors statement and total outstanding payables.