Designation Senior Manager of Finance and Accounts Team Department Finance Accounts & Department Reporting GM/VP –Finance & Accounts Organizational Relationships: 1. Head of the School /V P Operations 2. Academic Staff 3. Coordinators 4. Human Resources 5. Administration 6. PRO 7. Marketing Purpose: To lead the finance and accounts function for The Shri Ram Academy. To design and implement various accounting systems, define processes, preparing of budgets and detailed scope, schedules and cost estimates for accounting control. Manage and ensure adherence to various compliances by relevant regulatory bodies from time to time. Principal Accountabilities & Responsibilities: Accountabilities Responsibilities Control Point School budget To prepare and create budgets, monitoring progress and ensure good financial governance for the school campus. To draw up a plan for the year so that planning for next year is started in January and is made part of the school calendar and APC planning for the Board. Zero % Deviation on the planned budget. To analyze performance of annual school budget and to ensure that MIS on the same is being maintained and shared periodically. To hold budget meetings monthly with her/his team To make budget presentations to the Directors and Finance Sub Committee for budget analysis and audited accounts and subsequent approvals. To understand new budget impact (National & State level budget) on schools and taking opinion and advising SMT on ways of dealing with it. To provide support to the Directors and Heads of non-teaching departments in minimizing unbudgeted sanctions. To facilitate annual statutory audit and internal audit. To maintain accounts in accordance with statutory requirements of the state in which the school is operational. Monthly MIS To share monthly budget versus actual report with all concerned along with the variance analysis. To provide quarterly status report on finance and accounts to the Directors and Finance sub-committee. To provide report on accounts/budget to and non-teaching Heads of Department on monthly basis. Timely sharing of the MIS to enable the management in taking preventive measures wherever required Funds Management To monitor and manage the fund flow of the school and other entities related to the school. To ensure that the funds are best utilized by making suggestions on saving money, investing funds, cutting costs, etc. To ensure loans/liabilities are serviced on time. Timely preparation of detailed report on fund flow management. % of loans repaid in accordance with the terms of the loan. Fee Management To coordinate with the VP /HOS for fee review/inputs and fee related communication periodically. Average Realization Per Student/employee To monitor fee income and fee related performance of the school and convey any shortfalls, if any, to the VP/MD’s. To frame a policy to ensure that fees are received on time and defaulter margin is less than 0.5% (monitoring only). Execution can be done by Head of the School as it can be part of their responsibility area.) To oversee the proper accounting of fee generation and accounting of fee collection across all sites. To ensure all dues are collected/refunded before issuing of TC. To approve the fee billing and ensure that receipts are issued timely. To share the fee billing and collection status on a monthly basis. To prepare the delegation of powers document and fee policies . Accounting and Audit To oversee payments to vendors/contractors are made in accordance to duly approved SOP/contracts/bills/budgets. To make sure that accounting policies are in place and are periodically reviewed for improvements. To ensure that the accounting entries are passed in the books in line with the relevant accounting standards/guidelines/policies. To manage yearly audit and closure of books. To coordinate periodic internal audit at frequency determined by EC- Finance Sub Committee to assure that the accounting systems and practices meet desired standards. No. of times delay in payments done. % of financial reports issued on time. Average costs of rework of financial statements due to inaccuracy. Legal Aspects To serve as representative of the school in case of legal proceedings/dispute relating to finance, accounts, taxation, etc in consultation with the VP /MD’s . To identify areas of potential legal risks and advise the VP/ MD to minimize legal case. % Legal compliance. No. of potential legal risks identified. Compliances To ensure that the school is completely compliant to all statutory compliances related to accounting standards, tax laws & School related other compliances. To keep yourself updated on latest development, changes, implications on financial matters, tax laws specially relating to educational institutions and update staff on new tax rules No Statutory Noncompliance to be identified Operational accounts and finance) To be part of the team for new vendor development as per the requirement of the school (for items, projects, services, etc). To ensure variations in SOPs and DOPs are brought to the notice of the Directors. To oversee insurance related financial and statutory matters across the sites with respect to insurance of assets. To liaison with banks, financial institutions, statutory authorities, legal consultants and auditors. To scrutinize the monthly report of Accounts related activities such as payments made, payments of taxes, bank balance, fees billed and received Insurance and any other bank related issues. To monitor to ensure cordial supplier relations are being maintained with reasonably timely bill settlement. To hold joint meeting with HOA and site administrator along with Directors or Academic heads for monthly performance of the budget. To update site administrators and Head of operations on vendor payment on fortnightly basis. Create & implement checks and controls in all financial transactions to eliminate errors, chances of fraud etc. Improvement in the feedback rating on Quality of Actions taken on Review meetings. Staff Development To ensure technical and soft skill development of team and to develop second line of leadership. % Improvement in feedback score on training effectiveness To train staff members (SMT and academic/non-academic staff) on ‘preparation of budget’. To innovate ways of improving efficiency and focus on continuous improvement. To educate SMT on Standard Operating Procedures with respect to Accounts once in a year and apprise of any changes during the year. in Preparation of budget. Working Relationships Who do you interact with Purpose of interaction Frequency (How often) Directors/VP Operations/HOS Understanding the direction and plan for both the campuses. Planning and review Regular basis School Staff to get a feel of what triggers their actions and thoughts and thereby understand the prevailing mood in the organization Regular basis Auditors & Banks Dealing with auditors for Audit of Accounts and various certification jobs. Dealing with Banks for various bank accounts of SEL and units. Need basis SEL Finance & Accounts To connect for guidance and support on the entire finance and accounts along with the Finance head. Need basis Decision Making Boundaries: In accordance with laid down delegation of powers for the company Taking approval on the budgets from the management. Connecting with the auditors and banks for collaterals. Position Specification Prepared by: HR Signed and Accepted By:
Pay: ₹1,200,000.00 - ₹1,600,000.00 per year
Benefits:
- Food provided
- Health insurance
- Paid sick time
- Provident Fund
Work Location: In person
