Budget & Cost Controller
Qatar Petroleum
Total years of experience :15 years, 4 Months
Coordinate with the IT department and Finance department in the preparation of the annual budget, quarterly budget variance report, asset capitalization and other budget related activity. Resolve budget queries/complaints of a routine nature. Identify areas not addressed by existing procedures and develop/amend procedures to overcome the gaps. Propose, develops and implements the Department's financial strategies and procedures.
• To analyse, inquire and ensure costs are captured and allocated correctly to cost centres and are in line with set budgeted ratios to achieve budget objectives
• Provide status of financial position on monthly basis through management reporting of EBITDA, budget variances, ratio analysis and financial position
• Prepares special reports on truck wise, route wise, customer wise profitability analysis and any other reports as required by management for decision making
• Directly liaise with operations team regularly for timely and accurate trip log generation, loading, offloading and customer invoicing
• Liaise with fuel, tyre and workshop team for regular stock take, monitor fuel ratios, analysing tyre consumption with cost per kilo meter optimisation
• Track, monitor and ensure effective fleet utilisation through monitoring fleet allocation based on type of fleets and route, offloading trend and time
• Continuously monitoring revenue trend on daily basis based on budgeted, planned versus actual trip counts
• Monitor driver behaviour in coordination with operations and tracking team to review trip delays, transit losses, fleet handling and driving, road safety with objective to save on road / trip costs
• Compile and consolidate department budgets to form company annual budget and present to Group CFO for review, recommendation and approval
• Other routine activities: Monitoring receivable and payable management, statutory compliances, handling tax and statutory audits, quarterly and annual tax planning, payroll management, subordinate management and development
• Overall responsibility of general financial management of energy (OMC) vertical of the Zambia territory including but not limited to following aspects
• Closely monitor daily actual sales versus forecast, closely work with sales and distribution team to monitor monthly sales forecast on daily basis
• Monitor product margin, customer performance and coordinate with sales team on future course to achieve targeted sales
• Prepare and monitor weekly and monthly working capital and forex requirements, maintain sufficient liquidity position, liaison and dealing with banks for short term credit facilities and forex deals
• Maintain tracker of cluster level fund positions, park idle funds into short term or long-term deposits
• Ensure monthly growth fund contribution at cluster level apart from maintaining sufficient liquidity
position
• Monitor debtor and creditor position on weekly basis for planning and maintaining liquidity position
• Liaison with banks for forex deals, invoice discounting, short term investments of idle funds and working
capital facilities
• Monthly management reports with detailed line by line analysis of Sales, COGS, GP and expenses along
with comparison with budget and estimates
• Annual budget exercise ensuring that the budget is supported by sound and rational basis
• Assisting cluster CFO in Consolidated Group MIS, Inter Company Financing and Guarantees, tracking
country wise tax compliances, analysing and finalising Internal Audit report, group insurance MIS
• Assisting Group CIO in SAP migration of group companies including liaison with country CEO, CFO,
accounting team, SAP consultants, developing group COAs and developing common SAP platform
• Advise senior management in developing new reporting systems to closely monitor business functions
• Streamline existing HRMS system, IT processes and adapt best practices in coordination with IT team
• Overall responsibility of finalisation and consolidation of group company accounts
• Prepare and monitor annual budgets and monitor actual vs. budget variances through monthly MIS
• Prepare projects MIS and ensure Project / Contract Cost are strictly monitored and reported
• Prepare and present short term and long-term fund forecasting, identify the working capital (WC) and
project finance requirements, prepare management accounts and CMA data for WC and project finance,
review term sheets and deliberate with senior management
• Liaison with banks for treasury management including executing forex deals, overdraft facilities, renewal
of term loan facilities, regular compliance with long term loan facilities like providing periodical financial
data, site visits for project execution status etc.
• Ensure inter-company transactions, loans, corporate guarantees, counter indemnity agreements etc. are
in place and compliant with transfer pricing policy
• Liaison with external auditors and consultants for statutory and tax audits, taking legal opinion etc.
• Liaison and relationship building with tax authorities and ensure transfer pricing and other relevant
statutory records are in place for smooth tax audits and statutory compliances
- Key contribution:
• Completed six years tax audits and brought TSH 900 Million to TSH 2.6 Billion carried forward loss
• Built strong relations with banks for efficient treasury management resulting into better negotiation
power
• Built cordial relations in TRA for smooth tax audits and other assistance
• Independently handling accounts, standalone and consolidated financial reporting of the Company and it's subsidiary / JV companies under Companies Act, Indian GAAP and Listing agreement compliances
• Proactively ensure compliance of other statutory requirements under Companies Act 2013 like CSR,
Related party transaction disclosures etc.
• Track and monitor revenue and receivables, ensure collections are consistent as per the agreements
through monthly MIS
• Liaison with internal, external and Comptroller and Auditor General of India (CAG) auditors for audits,
submission responses to the CAG Auditors and respective State Government departments on audit
objections
• Independently managed Indirect Tax Team for Service Tax compliances from relationship improvement
to relationship strengthening with the Indirect Tax Authority and ensured regular tax compliance, Liaison and coordination with tax counsels to receive, review, finalise and submit appeals, counter appeals, rejoinders to the appellate authorities, tribunals and Gujarat High Court
• To independently appear before the commissioners and tax authorities to represent facts and grounds of the case, attend court hearings with the counsels at Tribunal, Authority for advance ruling and High Court with the counsel to provide support as and when required
- Key Contribution:
• Initiated and developed tailor made MIS report from SAP BI with graphical presentations for CFO
• Initiated and developed Documents Management System for easy access to documents
• Developed cordial relations with tax authorities and changed company’s image towards ongoing tax
litigations
• Independently handled preparation and reporting of periodical standalone and consolidated financials of Adani Power Limited and it's subsidiary companies
• Ensure compliance documentation of transactions with associated entities is done and maintained
• Independently handled IPO fund monitoring certification compliance under SEBI listing agreement
• Actively involved in analysis of strategic corporate restructuring planning, changes in taxation laws
• Cash flow forecasting and management, foreign remittances, Forex accounting, liaison with banks
• Interact with internal and statutory auditors and consultants for finalisation of accounts, certifications
• Coordinating with Tax Auditors for timely completion and submission of Income Tax and Service tax
Returns and Transfer Pricing Reports
• Study and analysis for corporate restructuring strategies and changes in law as and when required
• Independently handled SAP migration of FI and MM modules of subsidiaries of Adani Power
• Played vital role in implementation of SAP BPC Module in Adani Power Limited group companies
including finalisation of Group COAs, Liaison with SAP core team and consultant for necessary configuration and validation of consolidated financials and other reports generated from BPC
- Key Contribution:
• Initiated a tax decision and successfully took tax advantage of USD 100 Million
• Initiated and successfully implemented e-Payment system resulting in full automation of AP function and
introduced zero cash policy across organisation
• Creation and maintenance of work breakdown structures
• Co-ordinate and prepare capital expenditure budgets and manage it in SAP
• Asset accounting, capitalization to retirement and depreciation of assets in SAP
• Ensure the general ledger is reconciled to the assets register
• Volunteer for GRC implementation team, UAT and end user training team during SAP implementation