Sr. Team Member - Controlling

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 – pricing, etc.
• Pricing, margin & SKU rationalization Marketing, inventory & process set ups.
• NPV evaluation, negotiations with potential partners; due diligence.
• Finalization of Standalone reports, tax filings, statutory requirements.

Education Qualification

Qualified CA.

Relevant Work Experience

Minimum of 3-5 years relevant experience in Controllership and Business Finance with proficiency in MS office & SAP, good interpersonal skills and understanding of pharma business landscape (preferred). Understanding of Ind As, FEMA.