Finance & Accounts Manager - Budgeting & Control
- Shapoorji Pallonji
- 5 - 10 years
- Mumbai
- 2 months ago
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Job Description
Job Title: Finance & Accounts Manager Budgeting & Control
Location: Mumbai
Department: Finance & Accounts
Reports To:
Job Purpose:
The Finance & Accounts Manager for Budgeting & Control will manage the development, implementation, and ongoing monitoring of financial budgets for engineering and construction projects. This role will ensure efficient allocation of resources, cost control, and adherence to project financial targets, contributing to the successful completion of construction projects within the defined budget.
Key Responsibilities:
1. Budget Preparation & Planning:
- Lead the preparation of annual company-wide budgets, as well as project-specific budgets.
- Collaborate with project managers, procurement, and senior management to create detailed and realistic budgets, including labor, materials, overheads, and contingencies.
- Develop cost models and forecasts for construction projects, anticipating financial requirements and risks.
2. Cost Control & Monitoring:
- Monitor all financial aspects of construction projects, ensuring that costs are kept within budget.
- Review and track project expenditures, comparing actual performance against budgeted figures.
- Implement and enforce cost control measures, working closely with project teams to identify and address budget overruns early.
3. Variance Analysis:
- Conduct regular variance analysis, identifying discrepancies between actual costs and budgeted amounts.
- Provide detailed reports to management on the causes of budget variances, recommending corrective actions to bring projects back on track.
4. Forecasting & Financial Projections:
- Update and refine financial forecasts based on actual project performance and any changes in project scope or timelines.
- Provide periodic financial projections to senior management, ensuring alignment with company financial goals.
5. Financial Reporting:
- Prepare monthly, quarterly, and annual financial reports, summarizing project budgets, financial performance, and cost control.
- Present clear and concise financial data to senior management to support decision-making processes.
- Ensure that financial reports are compliant with accounting standards, industry regulations, and company policies.
6. Cash Flow Management:
- Oversee project cash flows, ensuring that cash requirements for labor, materials, and subcontractors are met.
- Work with the accounts team to monitor payments, invoicing, and collections to ensure positive cash flow and timely payments.
7. Risk Management:
- Identify potential financial risks in projects, including cost overruns, scope changes, or delays, and develop mitigation strategies.
- Collaborate with project managers to assess and manage financial risks and implement strategies to minimize financial impact.
8. Internal Controls & Compliance:
- Establish and maintain strong internal financial controls to ensure the accuracy and integrity of financial data.
- Ensure compliance with relevant financial regulations and company policies for all project-related financial activities.
9. Team Leadership & Development:
- Lead and mentor the finance team in budgeting, financial analysis, and cost control practices.
- Provide training to the team on budgeting processes, financial reporting, and construction-specific financial management practices.
Key Requirements:
- Education:
- Bachelors degree in Finance, Accounting, or a related field.
- CA is Mandatory.
- Experience:
- At least 5 years of experience in finance, accounting, or financial control within the engineering and construction industry.
- Proven experience in budgeting, cost control, and financial reporting in construction projects.
- Skills:
- Strong understanding of budgeting techniques, cost control systems, and financial forecasting.
- Proficiency with financial software and ERP systems (e.g., SAP, Oracle).
- Advanced Excel skills for financial modeling, reporting, and analysis.
- Excellent communication and interpersonal skills to interact with senior management and project teams.
- Personal Attributes:
- Strong analytical, problem-solving, and decision-making abilities.
- Detail-oriented, proactive, and able to work in a fast-paced environment.
Job Classification
Industry: Engineering & ConstructionFunctional Area / Department: Finance & Accounting, Role Category: FinanceRole: Finance ManagerEmployement Type: Full timeContact Details:
Company: Shapoorji PallonjiLocation(s): Mumbai
Keyskills: Cost Control Budget Preparation Variance Analysis
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