Plant Accounts Manager

Job description

**Role & responsibilities** : **Annual budgeting** - 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 - Evaluate customer wise / product wise profitability - 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