Sr. Executive FC&A

Skills:
Financial Analysis, Accounting, Risk Management, Budgeting, Financial Reporting, Investment Management, Financial Modeling, Auditing,

Job Description

Job Role: Associate Team Member Money, Materials & Compliances

Job Role ID: -

SECTION I: BASIC INFORMATION ABOUT THE JOB ROLE

Job Role Variant: Associate Team Member Money, Materials & Compliances

Manager Job Position: Team Lead Money, Materials & Compliances

Job Position ID: -

Value Stream: MM&C

Job Family: MM&C

Sub-Job Family: MMC - Business Partnership

Grade/Level: -

Location: -

SECTION II: PURPOSE OF THE ROLE

To support operational implementation of the Money Materials & Compliances framework under the guidance of Team Lead and Team Member with respect to Accounting & Reporting, Direct & Indirect Taxation, Treasury, Audits & Insurance, Procurement & Contracts, Legal in order to align objectives, manage business finance, control costs, prevent asset or financial loss, mitigate risks, drive & monitor internal & external compliances to the policies, systems & processes across the respective businesses thus facilitating business continuity towards the fulfillment of Annual Operating Plan (AOP) within the limits of RIL's processes, policies & budgets. Person should be ready to work in Shifts.

SECTION III: KEY RESPONSIBILITIES AND ACCOUNTABILITIES OF THE ROLE

Responsibilities

Policies, Processes & Procedures

• Facilitate collaboration with MMC P&L leader under the guidance of Team Lead to implement financial business plans for the P&L, considering financial objectives, growth strategies, and market dynamics
• Provide implementation support for cost control measures to optimize spending, minimize wastage, and improve overall financial efficiency within the team and across projects
• Provide assistance in the facilitating monthly Tax Deducted at Source (TDS) payments to ensure the calculated tax liability is deposited on time to the government treasury
• Assist in the preparation and filing of all required direct tax returns on a quarterly basis for all entities for which payments have been made.
• Support issuance of TDS certificates to all vendors on a quarterly basis as required by tax regulations.
• Assist in maintaining accurate and up-to-date records of various taxes, including VAT rates, GST, and excise duties, ensuring compliance with the latest regulations
• Assist in completing the tax charge process, meticulously validating tax calculations to ensure precision and correctness
• Prepare for validation of GST information and other relevant documents to support seamless business transactions and maintain compliance
• Assist in the preparation of detailed monthly MIS breakdown of Profit and Loss (P&L) account and Balance Sheet, providing valuable insights into financial performance
• Participate in conducting comprehensive quarterly assessments of financial accounts, collaborating closely with cross-functional teams to support Supply Chain Management (SCM) preparations and reporting
• Assist in predicting the organization's future cash flows to ensure that there is enough liquidity to meet operational and financial needs
• Provide support in analyzing costs associated with procurement to identify cost-saving opportunities and make data-driven decisions
• Assist in creating, tracking, and managing purchase orders to ensure accurate and on-time deliveries
• Provide support in contract negotiations, ensuring favorable terms and conditions for the organization
• Assist in reviewing contracts to ensure accuracy and compliance with company policies and applicable laws.
• Contribute to the development and maintenance of procurement and contract-related policies and procedures.
  
  

Accounting & Systems Management

• Assist in the maintenance of financial records (end-to-end accounting), including journal entries, general ledger, accounts payable, accounts receivable, and other accounting transactions for the respective businesses
• Support implementation of the month-end and year-end closing processes to ensure that financial transactions are recorded accurately and in a timely manner
• Assist in the preparation and analysis of financial data, such as underwriting results, claim expenses, and premium income to contribute to financial forecasting, budgeting, and planning activities
• Assist in conducting budget-to-actual analysis, comparing budgeted figures with actual results, and explain significant variances in the MIS reports while downloading Form 26AS (Annual Tax Statement) and ensuring the upload of the same in the SAP system
• Participate in departmental communication with the business teams to reconcile receivables and ensure proper clearing of accounts
  
  

Research & Process Optimization

• Assist in analyzing financial statements, performance metrics, and KPIs to evaluate the company's financial performance and identify trends, patterns, and areas for improvement
• Monitor industry trends, competitor offerings, and regulatory changes and assist in providing insights on emerging risks and opportunities that could impact the company's strategies
• Stay abreast of disciplinary developments industry trends, best practices, and changes in taxation, accounting, treasury and insurance regulations with respect to RIL's businesses and aspirations
  
  

Audit & Compliance

• Ensure adherence to financial regulations, company policies, and industry standards including compliance with tax laws and regulations, including timely filing of tax returns and adherence to tax accounting principles
• Provide support in preparation for external audits by coordinating with auditors, ensuring all necessary documentation and financial records are organized and accessible to ensure timely submission of cost audit reports and other statutory requirements
• Assist in coordination with tax advisors and legal experts to comply with direct tax laws and regulations; Manage compliance with indirect taxes such as VAT, GST, and other applicable taxes
• Gain exposure to identifying and managing financial risks and uncertainties that could impact the conglomerate's performance; by assisting in various risk mitigation strategies
• Support monitoring of contract administration and ensure that agreements with vendors and suppliers are favorable, compliant, and aligned with organizational objectives
• Assist in the submission of compliance reports to regulatory authorities, ensuring meticulous adherence to legal mandates and transparency in reporting
• Assist in addressing audit queries, promptly providing accurate information and supporting documentation to meet audit requirements
• Ensure procurement activities comply with company policies and government regulations.
  
  

Data Management & Reporting

• Provide inputs in the monitoring of working capital for the respective businesses and prepare relevant reports for the same; also prepare regular financial reports and presentations for management, highlighting key performance indicators, budget variance analysis, and financial performance against targets
• Participate in collection, organization, and analysis of proper documentation of tax; assist in maintaining organized and up-to-date records of financial transactions, tax filing, etc. to support tax return preparation and identify tax-saving opportunities and optimize tax positions
• Assist in the preparation of periodic MIS and transfer pricing reports, such as daily, weekly, monthly, and quarterly reports, presenting key financial and operational metrics
• Assist in the preparation and submission of the data/information requirements of Anti-dumping cases and handling the investigation process
• Assist in maintaining organized records of TDS payments, return filings, certificates, and correspondence related to direct tax matters.
  
  

SECTION IV: SUCCESS METRICS (TOP 3-5 KPI's)

• % Financial Accuracy
• % Compliance to the Budget
• Quality of Reports generated
• Zero Penalties
• Timely Financial Reporting
• Reduced Opex Costs
• GST Compliance
• Zero asset loss / revenue loss
  
  

SECTION V: OPERATING NETWORK

Internal: Business team, Insurance Team, Treasury team, Direct Taxation team, Indirect Taxation team

External: External consultants, Tax authorities, Government Authorities

SECTION VI: KNOWLEDGE AND COMPETENCIES

Education Qualifications

MBA Finance / M.Com/ CA Inter /

Experience (Must Have & Good To Have)

2-7 years of relevant experience

Functional / Behavioral Competencies Required To Execute The Role

FUNCTIONAL COMPETENCIES

SECTION VII: CAREER MOVEMENTS

Feeder Roles: NA

Possible Next Role Movement: Team Member Money Materials & Compliances