Budgeting, Cost Control & MIS
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
Coordinate the setting up of the revenue projections based on projected sales for each store in the territory
Analyse budgets of the Concept and Territory operations monthly, discuss and revise allocations if necessary
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:
o Revenue Productivity
o Gross Margin and Net Margin for the Concept
o Cash flow and NWC Management
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 prior sending to Corporate office while adhering to agreed timelines
Exercise necessary budgetary controls on all costs incurred by the Territories, ensuring that they comply with the drawn budgets
Ensure due compliance in accordance with financial control parameters accountable for Internal Control System
Evaluate and present feasibility of new projects and assess the financial implications of new or existing stores/ventures
Monitor Capital Expenditure plans for various territories
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
Ensure creditors accounting and the non – group company accounting is taken care of
Supervise timely and accurate internal audits and finalize Accounts for the Concept
Review and validate Payroll, Overtime payments and Incentives on time
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
Miscellaneous
Implement improvements in business processes as directed by Head - Finance
Represent the Concept in all financial matters with banks, auditors and other relevant parties
Train and educate the team members about errors/new developments
Ensure that all the Concept assets are safeguarded
Monitor Franchise agreements of various brands (if applicable)
Monitor and renew Lease Contracts/AMCs/TL/ Insurance (if applicable)
Coordinate for Project execution (New Stores / Warehouse) requirements (if applicable)
Coordinate with the corporate legal team for any legal matter of the concept