Finance & Accounts

1. Finance & Accounts

2. Functions of the Department • Providing funds @ right time at an optimal cost. • Providing timely qualitative data and reports. • Payments on due date for Vendors.

3. Key responsibilities of Accounts • TDS on salary and other payments- Recovery, remittance and issue of certificate • Coordinating statutory audit, tax audit and Internal audit. • Sales tax remittance and all statutory remittance on due date. • Fixed asset maintenance, custody and verification • Insurance for stocks at godown • Stock maintenance of our transit godown at Pondy.

4. Regular activities in Accounts & Finance • Releasing payments • Online updation of cash payments/bank payments / receipts • Sending payment advice details to the parties with payment • Salary processing and allowances processing • Funds transfer to RO.

5. Reports from Accounts & Finance • Monthly profit and loss report • Monthly balance sheet • Monthly fund flow • Analysis of bad debts • Sales return • Damages Below the line sales promotions effectiveness

6. Responsibilities For MIS • In order to enable the top management to take decisions and direct the activities towards the corporate goal • Finance and accounts department is responsible in providing timely and accurate as well as qualitative reports on the operations of the company based on • The cash flow, margins analysis, profitability, variances, stock and debtors, policy violations, damaged stocks, sales returns, fund flow and other areas identified.

7. Budgets and Variance Analysis • Compiling and preparing annual budget • Monthly variance analysis and reporting • Discussion with functional heads to attack negative variance. • Sales variance • Region wise profitability comparison • Region / brand product wise profitability

8. Other Activities • Treasury Operations • Set up required working capital limits for each of the divisions • Arrange Long Term funds if it is necessary • Deploy short term funds • Induct bankers for Cash Management Services (CMS) • Insurance:- • The Finance & Accounts department negotiates with insurance companies for adequate coverage of at minimum cost with exhaustive coverage risks of • Godown • Stock in transit cash at chest & cash in transit. • For employees and family members of CavinKare.

9. Other Activities contd… • Sales Rate Updation:- • Accounts department calculates the setting rate of various products based on the schemes offered and updates the setting price for each batch of the product so that commercial can invoice from regions.

10. Banking activity at HO • Finance & Accounts Department analyze the funds required at various points of time • And arrange funds from long term / short term sources. • These would typically be banks or financial institutions. • It also compiles cash flow on a monthly basis to estimate funds required for a month.

11. Employee Related Activities • Reimbursements • Processing the reimbursement claims submitted by each employee against their perquisite basket amount. • Accounts department will collect the reimbursement form on 20th every month • Checks for the genuineness and updates their utilizations and make the payment to employees.

12. Employee Related Activities • Salary • A day before the last day of every month salary will be credited and same will be made available online @ my.cavinkare.com for employee to view along with the allowances. • Both Salary and allowances are credited directly to the employee account. • CKPL has tie up with the ICICI bank for the salary account.

13. Employee Related Activities • Taxation • Accounts department circulates the investment plan form to employees for the tax planning. • Based on the employees investment plan tax will be deducted on a uniform basis. • In the month of March, Accounts check for the proof of investment of employees based on the investment plan given • Ensure that the tax deducted from salary is adequate to cover the liability of the employee salary taxation. • Form 16 will be distributed after March for employee tax returns