Sr. Team Member - Controlling

Job description

Division Finance Department Commercial Finance Sub Department 1 EM & EU Finance Job Purpose Support the business to achieve the topline budget while protecting the bottom line with financial controls. Liaise with diverse functions across the organization & externally with partners to deliver the desired results and help the management take informed business decisions in a timely manner. Also ensure timely & accurate financial reporting and compliance with all statutory requirements. Key Accountabilities (1/6) Manage all Controllership, accounting, banking and financial reporting activities • Finance governance, Monthly, Quarterly and Annual close of Legal entities and B2B books of accounts finalization across 3 entities. • Monthly, Quarterly, Annual Closing for the entity housing the lab in Netherlands. • Preparation / Review of financial statements as per Dutch GAAP. • Submission of Financial statements, templates, analytics, eliminations and other closing related information to Corporate Finance as per closing timelines and facilitation of year end statutory audit & reporting process. • Review the monthly financial report and deep dive into major variances and errors in accounting. • Ensure Intercompany transactions accounting and reconciliation with India team. • Help to standardize formats and reconciliations on a timely basis. • Manage all banking transactions and optimize the payments process wherever required. Key Accountabilities (2/6) Controls, Compliance & Simplification • Co-ordinate with audit teams for all data requirements & initiate timely action against all audit observations to ensure the necessary processes are put in place to avoid repeat of same errors. • Take initiative to contribute towards improvisation of system functions. Drive process simplification, automation and improve efficiency. • Ensure compliance with tax laws, transfer pricing requirements and local country laws and regulations. • Ensure no repeat Audit queries and ensure overall controls on area of responsibility. Business Partnering • Work closely with businesses teams to prepare the detailed annual budget for the region • Monitor actual sales on a regular basis and provide inputs to the management on budget achievements and reasons for variances; Analysis of budget vs. actual (volume, price and mix) – budgeting control. • Work with business and submit for 3 months rolling sales forecasts every month • Analyze Business risks & ops and SKU mix optimization • Analyze competition and provide insights to achieve market beating growth • Understand the market and review the profit / revenue share keeping market nuances in consideration Key Accountabilities (3/6) Improve margin and cash flow to achieve profitability targets • Review P&Ls monthly and monitor all expenses against budget • Support the business in Pricing decisions for tenders, new products or launches and changes in market requirements • Monitor and evaluate key KPIs and share findings and highlight key areas for effective action • Drive better product mix, identify and implement COGS reduction ops & find pricing opportunities to ensure improvement in overall profitability of business • Follow up on receivables and ensure minimal overdue Monitor inventory quality & wastages • Inventory management of the products based on sales • Analyze & raise red flags for non-moving/slow-moving or excess inventory being carried leading to business wastages Key Accountabilities (4/6) Review of new and existing legal contracts and arrangements • Ensure compliance with all legal commitments as per commercial contracts • Review new agreements to ensure terms are not onerous for the company • Getting Sanction checks and ensure compliance before entering any new transaction. Evaluate new business deals & opportunities; highlight risks proactively and support the funding requirements & integration process. • Evaluate the returns for the Company from any new product / brand or M&A deal; carry out necessary financial due diligence, capture all potential legal or commercial risks and share recommendations with management for decision making. • Support all funding requirements by liaising with the parent Co. or banks as may be required • Help set up new business processes or integrate them with existing businesses Key Accountabilities (5/6) Key Accountabilities (6/6) Major Challenges • Prioritization of tasks and multitasking. • Quick decision making while ensuring it has no adverse business impact. • Effective stakeholder management (internal & external). • Dependence on country team for inputs or data. • Adjust working hours as per the country’s time zone as and when required. Key Interactions (1/2) Internal • EU-B2B commercial team and Quality team for Lab related matters • Regional Central Finance Team • Corp Finance, costing, FSS, treasury and tax teams • In-house legal & RA teams • Supply Chain & CI • IT / SAP teams Key Interactions (2/2) External • Tax consultants – quarterly basis – for tax planning and payments • Legal Consultants • External Banks • Customers / Commercial Partners • Vendors • Regulatory bodies Dimensions Business which is close to +$120mn with multiple countries within Europe. Subdivided into 2 Business Teams. Hence Stakeholder management is very critical. Overall, 1 legal entity in Netherlands and support to B2B business related items in Cipla Ltd – Indian entity. New business evaluations in volatile geopolitical countries environment offer varied challenges. Key Decisions (1/2) Decisions • Pricing decisions for new business & tenders. • Support the local processes in terms of compliance, product movement & market inventory decisions. • Accounting and financial reporting as per relevant standard and internal policies. • M&A Key Decisions (2/2) Recommendations • Launch of new products