Plant Accounts Head

About Company

A global provider offering end-to-end services from design to after-sales support for more than 3 decades. With a network of 30+ manufacturing facilities spread across 3 countries, the company specializes in automotive components and engineering solutions catering to die-casting, suspension, braking, transmission, electronics, and aluminium forging, across the world.

Job Description

Key Responsibility Areas:
1. 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 
 

2. 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 

3. 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 

4. 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 

5. 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 

5. 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)

Computer/ System knowledge & skills required: SAP & MS Office
Experience: 10+ Relevant experience of handling accounts in a manufacturing plant
Qualification: B.Com/ M.Com
 

Mandatory Requirement

Primary Job Profile : Finance & Accounts

Technical Skills : Audit, Budgeting and Forecasting, Cost control, Financial reporting, Asset Accounting

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