Finance/Budgeting Manager

Avtar Career Creators
  • Bangalore
  • 12-18 lakh
  • 3-8 years
  • Views
  • 02 Mar 2017

  • Finance/ Accounts

  • Retail
Job Description

Assist in the formulation of the corporate strategy for the year and finalization of annual targets along with other functional heads to implement the strategic directions
Monitor the income and expenses versus budget, track the variances, recommend corrective actions and follow-up on remedial actions to ensure the adherence to the budget and to support the effective monitoring of performance within the budget for:
Retail productivity
Gross Margin and Net Margin for the Business
Stocks and Sales
Conduct reviews and evaluations for cost-reduction opportunities
Deliver set standards of MIS reports for various departments, ensure timely preparation and presentation of periodic MIS and interpret data to suggest ways of cost optimization and store performance improvement
Ensure thorough checking of the entire MIS while adhering to agreed timelines
Exercise necessary budgetary controls on all costs incurred by the Corporate, ensuring that they comply with the drawn budgets
Ensure due compliance in accordance with financial control parameters accountable for Internal Control System
Coordinate with marketing for providing inputs on Margins, Mark Downs for promotions, campaigns and in-season activities like sales
Evaluate and present feasibility of new projects and assess the financial implications of new or existing stores/ventures
Prepare budget for the next fiscal year based on category level analysis
Propose the LFL growths for the business at store and category level
Prepare margin budget with guidelines on the Internal Vs External brand ratio
Prepare the annual calendar of budgets for the store level
Manage revenue assurance- SKU level margin checks
Review discounts proposed for EOSS and other Mark down / price correction suggested by buyer / planner on various product categories periodically and assist finance head on the approval thereof; review the performance of the EOSS offering and mark down / price corrections on the products;
Review various marketing schemes proposed by marketing within the overall margin / cost framework/ cost benefit analysis and assist finance head on the approval thereof.
Allocate / control cost as per Budget on Month on Month basis for various activities i.e. marketing / VM / maintenance/ manpower and other non trade activities if any
Identify areas where cost can be controlled at the store level and suggest necessary actions;
Support finance / business / retail head in liquidating old inventories through stock lot
Review cross charges allocation / common sharing expenses allocated for the business month on month and assist finance head in appropriate resolution;
Review ELC / ALC computation prepared by commercial along with Buyer / Import manager in respect of inventories purchased for the period before the GRN is received and ensure that the WAC adjustments are minimal
Schedule half yearly stock audit and ensure that final approved variances are timely posted in the books; assist finance head in concluding the stock take observations and installing further controls in inventory management;
Implement and ensure adherence to all business SOPs
Accounting and Audit
Ensure proper approval, authorization of all payments and ensure accuracy in timelines and accuracy in all payments
Develop and maintain systems for prompt and accurate collection of financial and accounting information
Supervise online accounting and ensuring accuracy of all transactions
Ensure scrutiny and timely payment to all suppliers and supplier accounts reconciliation
Ensure purchase protection by enabling recoveries from suppliers
Supervise timely and accurate internal audits and finalize Accounts for the Business
Review and validate Payroll, Overtime payments and Incentives on time
Manage all staff requirements like Salary Certificate / PP / HRA Approval etc
Implement controls and procedures for debtors invoices and for monthly cash certificates
Review and authorise banking transactions
Review and Authorize Petty cash / Medical / Leave Settlement vouchers
Review and approve Supplier payments
Financial MIS
Assist Finance head in complying with sending various MIS reports (example DSR) to Dubai and ensure there are no delays in any month
Compile operational level MIS and provide to business heads and senior management
Review monthly Financial MIS shared by corporate MIS team for appropriateness and prepare report thereon; Assist finance head in ensuring timely delivery of monthly Financial MIS to Dubai;
Provide sales reports, group/sub group reports and monthly MIS to Business Heads and senior management
Provide monthly financial provisions to Group Accounts for MG (min. guarantee)and off-sale discount sharing
Assist Finance head in approving stock adjustments on a monthly basis
Review gross margin on month on month basis and escalate for any major concern on a timely basis
Vendor Management
Provide debit confirmations to Group Accounts from vendors
Facilitate Vendor reconciliation.
Liaise with the corporate MIS / Corporate accounts team towards raising of debit notes / credit notes on the vendors / parties in a timely basis towards margin difference / price difference / minimum guarantee amount if any
People Management
Manage the performance of the team set annual performance goals, monitor performance and provide constructive feedback to improve performance.
Identify their training and development needs and ensure their fulfilment
Develop and mentor subordinates to move to the next higher level of job through career planning
Ensure compliance to Company policies and values.
Financial:
Achieve bottom line - Profitability/Margin management for the businesss
Achieve top line
OTB working and approval and timely opening of OTB
Control on discounts and management of inventory
Vendor reconciliation
Cost control as per budget at store level
Process:
Preparation and adherence to SOPs
MIS Reporting:
Timely book closure and MIS reporting
Financial knowledge
Accounting knowledge
Commercial Acumen
Retail Processes
Analytical skills
Attention to detail
Execution Excellence
Result Orientation
Collaboration
Managing people and performance


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