Finance

1
Finance Accounts
2
Functions of the Department

• Providing funds _at_ 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 _at_ 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