Sr. Team Member - Controlling

Cipla; Mumbai; On-site; INR 1,800,000 - 3,000,000; Full time

Job summary

Cipla is seeking a Finance Controller to support topline budgets and protect the bottom line through robust financial controls. The role works across India and European entities, coordinating closings, ad hoc reporting and intercompany reconciliations.

You will engage with multiple functions and external partners to drive informed business decisions while ensuring compliance with statutory requirements and robust governance.

Qualifications

• Qualified CA with strong knowledge of Indian accounting standards and corporate finance activities.
• Minimum 3-5 years of relevant experience in controllership and business finance, with proficiency in MS Office & SAP.
• Understanding of Ind AS and FEMA is preferred.

Responsibilities

• Manage controllership, accounting, banking and financial reporting for multiple entities.
• Coordinate month/quarter/year-end closings and prepare financial statements according to applicable GAAP.
• Liaise with audit teams, ensure statutory compliance and timely reporting to Corporate Finance.

Skills

Interpersonal skills

Financial analysis

Budgeting

Education

CA (Chartered Accountant)

Tools

SAP

MS Office

Job description

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.

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.