Chief Financial Officer

Job Summary

The Finance Manager is responsible for overseeing the financial operations of the pharmaceutical marketing company, ensuring that financial reporting, budgeting, and forecasting are accurate and in compliance with Companies goal. The role involves managing cash flow, financial planning, analysis, and control, as well as collaborating with various departments to provide financial insights and strategies that support business growth and operational efficiency and cost saving.

Key Responsibilities

1. Financial Reporting and Analysis:

- Prepare accurate and timely financial statements, including profit and loss statements, balance sheets, and cash flow statements.

- Analyse financial performance, identify trends, and plan budget and provide recommendations for improvement.

- Ensure compliance with local tax laws, accounting standards, and company policies.

2. Budgeting and Forecasting:

- Lead the budgeting process in collaboration with other departments, ensuring alignment with strategic objectives.

- Prepare rolling forecasts based on business performance and market trends.

- Monitor actual performance against the budget and report variances to management.

3. Cost Control and Optimization:

- Develop and implement strategies to reduce operational costs and improve profitability.

- Conduct cost-benefit analyses of business initiatives and provide financial insights to optimize resource allocation.

- Implement financial controls and processes to manage expenditures effectively.

4. Cash Flow Management:

- Manage cash flow to ensure sufficient liquidity for operational needs, investments, and debt service.

- Forecast cash flows and maintain adequate cash reserves to support the companys financial stability.

- Liaise with banks and financial institutions for loans, credit lines, and other financial transactions.

5. Taxation and Compliance:

- Oversee tax planning, ensuring compliance with direct and indirect tax laws, including GST and income tax.

- Manage all aspects of tax filings, audits, and tax-related queries.

- Stay updated on regulatory changes affecting the pharmaceutical industry and ensure all financial processes comply with legal standards.

6. Financial Systems and Processes:

- Ensure efficient operation of financial systems (ERP/Accounting software), and recommend improvements where necessary.

- Implement and monitor internal controls to safeguard company assets and ensure the integrity of financial records.

- Ensure timely and accurate reconciliation of accounts, including vendor payments and customer receipts.

7. Financial Planning & Strategy:

- Provide financial insights and strategies to support business decision-making and long-term planning.

- Analyse the profitability of products and markets, advising the leadership team on resource allocation and strategic investments.

- Participate in strategic initiatives like mergers, acquisitions, or partnerships and conduct financial due diligence.

- Advise on investment in assets and increase the net worth of the company

8. Team Leadership & Development:

- Manage and mentor the finance team, ensuring ongoing development of skills and career growth.

- Ensure cross-functional collaboration with other departments (Sales, Marketing, Supply Chain) to provide financial guidance on business operations.

Key Performance Indicators (KPIs)

1. Financial Accuracy & Reporting:

- KPI: Accuracy and timeliness of financial statements and reports.

- Target: Deliver monthly and annual financial statements within 5 working days after the end of the period with 100% accuracy.

- Metric: Reporting deadlines met, and error rate in financial statements.

2. Budgeting & Forecasting Accuracy:

- KPI: Accuracy of budgets and financial forecasts compared to actual performance.

- Target: Maintain a variance of less than 5% between forecasted and actual results on key financial metrics.

- Metric: Percentage of variance between actuals and forecasts.

3. Cost Optimization:

- KPI: Effectiveness in reducing costs without impacting operations.

- Target: Achieve at least 5% annual reduction in operating costs through efficiency initiatives.

- Metric: Cost savings achieved through optimization strategies, cost-to-revenue ratio.

4. Cash Flow Management:

- KPI: Effective management of cash flow, liquidity, and working capital.

- Target: Maintain positive cash flow and a minimum working capital ratio of 1.5.

- Metric: Cash flow projections accuracy, working capital ratio, liquidity position.

5. Tax Compliance & Audit Outcomes:

- KPI: Compliance with tax regulations and audit outcomes.

- Target: 100% compliance with tax filing deadlines and no major issues in tax audits.

- Metric: Number of compliance issues, audit findings, and penalties incurred.

6. Debt Management:

- KPI: Effective management of company debt and financial obligations.

- Target: Ensure debt service coverage ratio (DSCR) of at least 2.0 and timely payment of all financial obligations.

- Metric: DSCR, debt-to-equity ratio, and timely payment of loans.

7. Internal Controls and Risk Management:

- KPI: Strength of internal financial controls and risk mitigation measures.

- Target: Zero financial control breaches or incidents of fraud, with annual internal control audits passed.

- Metric: Number of control breaches, audit results, and implementation of risk mitigation strategies.

8. Team Development & Leadership:

- KPI: Performance and development of the finance team.

- Target: At least 90% of finance team members meet their individual performance goals and show improvement in their competency levels.

- Metric: Team performance appraisals, employee retention, and training completion rates.

Skills:

- Strong understanding of Indian accounting standards, taxation laws, and pharmaceutical industry regulations.

- Proficiency in financial software (ERP systems, Tally, SAP, etc.).

- Excellent analytical, problem-solving, and decision-making skills.

- Strong leadership and team management abilities.

- Ability to work under pressure and handle multiple projects simultaneously.