Finance Manager

Company Description

Prasanna Packaging Machinery Pvt. Ltd. specializes in manufacturing high-quality Filling and Sealing Machines, Tube Filling Machines, and Cartoning Machines. The company is committed to delivering reliable and innovative packaging solutions tailored to meet the unique needs of businesses. Recognized for precision and durability, their state-of-the-art equipment supports efficient and streamlined packaging processes. With a strong focus on quality, the company serves a variety of industries, ensuring customer satisfaction and operational excellence.

Position: Finance Manager

Department: Finance & Accounts

Reporting To: CFO / Finance Director

Location: Rabale, Navi Mumbai

 # Role Purpose

To manage financial planning, reporting, cost control, compliance, and working capital for a capital machinery manufacturing business, ensuring profitability, project cost efficiency, and strong financial governance.

 # Key Responsibilities

 1. Financial Planning & Analysis (FP&A)

·        Prepare annual budgets, rolling forecasts, and long-term financial plans

·        Analyze variance between budget vs actuals (especially project costing)

·        Provide insights on margins, pricing, and cost optimization

 2. Costing & Project Accounting

·        Develop and monitor job costing / project costing systems

·        Track machine-wise and order-wise profitability

·        Analyze material, labor, and overhead variances

·        Support pricing decisions for tenders and quotations

 3. Working Capital Management

·        Manage receivables, payables, and inventory cycles

·        Monitor cash flow, liquidity, and fund utilization

·        Optimize debtor days (especially milestone-based billing in machinery projects)

 4. Financial Reporting

·        Prepare monthly, quarterly, and annual financial statements

·        Ensure accurate revenue recognition (percentage-of-completion method, if applicable)

·        MIS reporting to management with actionable insights

 5. Compliance & Controls

·        Ensure compliance with accounting standards, tax laws (GST, Income Tax)

·        Handle internal and statutory audits

·        Strengthen internal financial controls and SOPs

 6. Capex & Asset Management

·        Evaluate capital expenditure proposals

·        Track ROI and utilization of machinery/assets

·        Maintain fixed asset register and depreciation schedules

 7. Team Management

·        Lead and mentor finance & accounts team

·        Coordinate with production, procurement, and sales teams

 8. Banking & Funding

·        Manage banking relationships, working capital limits (CC/OD)

·        Handle project financing, term loans, and documentation

 # Key Result Areas (KRAs) – Finance Manager

 1. Budgeting & Forecast Accuracy

·        Budget variance within ±5–10%

·        Timely submission of budgets and forecasts

 2. Project Profitability

·        Accurate job costing for 100% of projects

·        Improvement in gross margin %

·        Identification and reduction of cost overruns

 3. Working Capital Efficiency

·        Reduction in:

-            Debtor Days (DSO)

-           Inventory Holding Days

·        Improvement in cash conversion cycle

 4. Cash Flow Management

·        Weekly/monthly cash flow forecasting accuracy

·        Zero cash crunch situations

·        Optimal utilization of credit limits

 5. Financial Reporting & MIS

·        Timely MIS (within 5–7 days of month close)

·        High accuracy in financial statements

·        Actionable insights for management decisions

 6. Compliance & Audit

·        Zero major audit qualifications

·        100% statutory compliance (GST, TDS, Income Tax)

·        Timely audit closure

 7. Cost Control

·        Reduction in production and overhead costs

·        Monitoring BOM vs actual consumption

·        Scrap and wastage control metrics

 8. Capex Efficiency

·        ROI tracking for all capital investments

·        Payback period adherence

·        Asset utilization improvement

 9. Process Improvements

·        Implementation of ERP / automation in finance processes

·        Strengthening internal controls

·        Reduction in manual errors

 10. Team Performance

·        Team productivity and accuracy

·        Training and development initiatives

·        Low attrition in finance team

 # Preferred Qualifications & Skills

·        CA / CMA / MBA (Finance)

·        6–12+ years experience in manufacturing / capital goods / heavy engineering

·        Strong knowledge of:

-         Project costing

-         ERP systems (SAP, Oracle, etc.)

-         GST & taxation

·        Analytical mindset with business partnering ability

# Industry-Specific Add-ons (Important for Capital Machinery Companies)

·        Experience in long-cycle projects (6–18 months)

·        Understanding of milestone billing & retention money

·        Exposure to export finance / LC / BG

• ·        Knowledge of import costing (for machinery components)