Financial Controller

POSITION SUMMARY

The Financial Controller is a key strategic role responsible for overseeing all accounting and financial operations at Ocean Lifespaces Pvt Ltd. This position manages day-to-day financial management, accounting functions, internal controls, compliance, and financial reporting for the organization. The Controller serves as the operational financial leader, ensuring accuracy, accountability, and strategic alignment with the company's long-term objectives while maintaining full compliance with all regulatory requirements including GST, VAT, and construction-specific accounting standards.

The Financial Controller will work closely with the CFO on strategic initiatives, project financial oversight, risk management, and ensure that financial systems and processes support the company's rapid growth in the construction and real estate development sectors across India and UAE markets.

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 KEY RESPONSIBILITIES

 ACCOUNTING OPERATIONS & FINANCIAL MANAGEMENT

- Oversee all accounting functions including accounts payable, accounts receivable, payroll, general ledger management, and bank reconciliations

- Implement and maintain robust accounting procedures, policies, and processes aligned with Indian GAAP and construction industry best practices

- Direct and supervise the accounting team, including hiring, training, and performance management of finance staff

- Maintain accurate and timely financial records for all projects and the organization as a whole

- Ensure all financial transactions are recorded properly in the ERP system with supporting documentation

- Reconcile all subsidiary ledgers (AP, AR, payroll) to the general ledger on a monthly basis

- Design and implement internal controls to prevent fraud and ensure financial accuracy

 CONSTRUCTION ACCOUNTING & PROJECT COST MANAGEMENT

- Establish and maintain robust job costing systems for all construction projects, ensuring accurate cost tracking and allocation

- Prepare and monitor Work-in-Progress (WIP) schedules, reports, and accounting adjustments for all active projects

- Manage and analyze construction costs across projects including labor, materials, subcontractor costs, equipment rental, permits, and overhead allocation

- Monitor project profitability through variance analysis comparing budgeted costs against actual expenses

- Ensure proper revenue recognition in accordance with construction accounting standards and contract terms

- Manage cost budgets, forecasts, and provide regular variance analysis to project managers and senior management

- Review and process construction draws, billing applications, and payment requisitions from contractors and subcontractors

- Maintain detailed documentation of cost codes, budget structures, and project accounting hierarchies

 FINANCIAL REPORTING & ANALYSIS

- Prepare monthly, quarterly, and annual financial statements in accordance with Indian GAAP standards

- Develop and present comprehensive monthly financial reports including income statements, balance sheets, cash flow statements, and variance analyses

- Prepare board-level financial reports and quarterly reporting packages for internal stakeholders

- Perform financial analysis and ratio analysis to assess company performance and financial health

- Monitor and analyze key financial performance indicators (KPIs) including:

  - Days Sales Outstanding (DSO)

  - Accounts Receivable and Payable turnover ratios

  - Gross profit margins by project

  - Cash flow metrics

  - Backlog-to-Working-Capital ratio

  - Cost Performance Index (CPI) and Schedule Performance Index (SPI)

- Provide forecasting and trend analysis to support management decision-making

- Identify cost-saving opportunities and operational efficiencies

- Prepare financial information for management presentations and board meetings

 COMPLIANCE & REGULATORY REQUIREMENTS

- Ensure compliance with all financial regulations and statutory requirements including GST, VAT, income tax, TDS, and other applicable taxes

- Manage GST compliance including registration, filing of GSTR returns (GSTR-1, GSTR-3B, GSTR-9), and audit trail maintenance

- Coordinate UAE VAT compliance for international operations and ensure adherence to local regulations

- Oversee tax filings and coordinate with external CPA/tax advisors for income tax returns and corporate tax compliance

- Maintain compliance with Construction Industry development regulations and project-specific compliance requirements

- Ensure proper maintenance of statutory records and audit trails

- Monitor changes in tax laws and accounting standards and implement necessary adjustments

- Prepare compliance documentation for external audits and regulatory inspections

- Maintain all required financial records and supporting documentation for audit purposes

 CASH FLOW & TREASURY MANAGEMENT

- Implement and manage cash flow forecasting models to predict cash requirements and ensure liquidity

- Monitor daily cash position and manage payment schedules to optimize cash flow

- Maintain and reconcile all bank accounts and investment accounts

- Manage banking relationships and coordinate with financial institutions

- Develop strategies to improve cash conversion cycles, particularly in the construction context where payment delays are common

- Negotiate favorable payment terms with suppliers and subcontractors to enhance cash flow

- Manage working capital optimization including receivables collection and payables management

- Prepare weekly/monthly cash flow reports for management review

- Coordinate with banks regarding credit facilities, guarantees, and loan disbursements

 RISK MANAGEMENT & INTERNAL CONTROLS

- Design, implement, and maintain effective internal control systems to safeguard company assets

- Identify, assess, and mitigate financial risks specific to construction industry operations

- Monitor compliance with internal control procedures and undertake regular reviews

- Coordinate risk management activities including insurance, surety bonds, and contract risk assessment

- Implement fraud prevention measures and whistleblower procedures

- Ensure data integrity and system security across all financial systems and databases

- Maintain documentation of all control procedures and perform periodic testing of controls

- Coordinate with external auditors on risk assessments and internal control evaluations

 ERP SYSTEMS & FINANCIAL TECHNOLOGY

- Oversee the selection, implementation, and optimization of accounting and ERP systems (e.g., Odoo, Zoho, SAP, IFS)

- Configure accounting modules including GL, AP, AR, inventory, and job costing functionality

- Ensure proper integration of financial systems with project management and operational systems

- Maintain data integrity and system security with appropriate user access controls

- Lead system training and provide ongoing support to finance and accounting teams

- Evaluate and recommend financial software solutions to improve reporting efficiency and reduce manual processes

- Manage system upgrades, patches, and maintenance in coordination with IT

- Develop standardized chart of accounts and reporting structures for consistent financial management

 STAKEHOLDER COMMUNICATION & REPORTING

- Prepare and present financial information to company management, board of directors, and external stakeholders

- Communicate financial performance, risks, and recommendations to the CFO and executive team

- Interact with external auditors, tax advisors, and other financial professionals

- Provide financial data and analysis to support strategic decision-making by senior management

- Maintain clear communication with project managers regarding project financial performance

- Prepare responses to financial inquiries from lenders, investors, and regulatory agencies

- Develop and maintain financial policies and procedure documentation

 TEAM MANAGEMENT & DEPARTMENTAL EFFICIENCY

- Recruit, hire, train, and develop accounting department staff

- Establish performance standards and manage performance appraisals for accounting team members

- Foster a culture of accuracy, accountability, and continuous improvement within the accounting function

- Delegate tasks appropriately and mentor junior accounting staff

- Implement process improvements to enhance accounting department efficiency and productivity

- Reduce manual processes through automation and system optimization

- Manage accounting department budget and resources

- Coordinate cross-functional initiatives involving accounting and other departments

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 REQUIRED QUALIFICATIONS

 EDUCATION

- Bachelor's degree in Commerce/Accounting, Finance, or related field (mandatory)

- Master's degree in Business Administration (MBA) or Master's in Accounting/Finance (preferred)

- Relevant professional certification such as Chartered Accountant (CA), Certified Public Accountant (CPA), or Certified Management Accountant (CMA) (preferred)

 EXPERIENCE

- **Minimum 8-12 years of progressive accounting and finance experience**, with at least 5-7 years in construction, real estate, or project-based industries

- Minimum 3-4 years in a supervisory or management role in accounting/finance department

- Demonstrated experience in job costing and construction accounting

- Prior experience with GST and VAT compliance management

- Experience with ERP systems implementation and management (Odoo, Zoho, SAP, IFS, or similar platforms)

- Background in financial planning, budgeting, and cash flow management

- Experience preparing financial statements and working with external auditors

- Track record of successful team management and accounting staff development

 TECHNICAL SKILLS

- Advanced proficiency in accounting software and ERP systems

- Strong expertise in Microsoft Excel including advanced functions, pivot tables, and financial modeling

- Working knowledge of construction accounting principles and project-based costing methodologies

- Proficiency in accounting software such as Tally, Zoho Books, Odoo, SAP, or IFS

- Experience with data analysis and reporting tools

- Familiarity with GSTR filing systems and GST/VAT compliance platforms

- Technical knowledge of financial reporting requirements and accounting standards

 CORE COMPETENCIES & SOFT SKILLS

- **Financial Acumen:** Deep understanding of accounting principles, cost accounting, financial analysis, budgeting, and risk management

- **Attention to Detail:** Exceptional accuracy and precision in financial record-keeping and reporting

- **Leadership & Management:** Proven ability to lead, develop, and motivate finance teams

- **Communication:** Excellent verbal and written communication skills; ability to translate complex financial data into actionable insights

- **Problem-Solving:** Strong analytical and critical thinking skills to address complex financial challenges

- **Strategic Thinking:** Ability to align financial operations with organizational strategy and contribute to long-term planning

- **Organization & Time Management:** Ability to manage multiple priorities and meet tight deadlines

- **Integrity & Confidentiality:** High ethical standards and trustworthiness in handling sensitive financial information

- **Adaptability:** Willingness to learn and adapt to changing business needs and regulatory requirements

- **Stakeholder Management:** Ability to work effectively with diverse stakeholders across departments and external parties

 REGULATORY & COMPLIANCE KNOWLEDGE

- In-depth knowledge of Indian Goods and Services Tax (GST) and VAT regulations

- Understanding of Indian tax laws including income tax, TDS, and corporate taxation

- Familiarity with construction industry regulations and compliance requirements

- Knowledge of UAE VAT regulations and international tax considerations (preferred)

- Understanding of audit requirements and external reporting standards

- Knowledge of statutory compliance and regulatory bodies in India

 INDUSTRY-SPECIFIC KNOWLEDGE

- Strong understanding of construction industry project financing and working capital management

- Knowledge of construction project management practices and terminology

- Familiarity with construction project billing cycles and payment terms

- Understanding of real estate development financing and project accounting

- Knowledge of construction KPIs and performance metrics

- Industry awareness of typical construction financial challenges and solutions

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 KNOWLEDGE, SKILLS & ABILITIES

1. **Accounting & Finance:** Proficiency in generally accepted accounting principles (GAAP), financial analysis, budgeting, forecasting, and internal controls

2. **Industry Expertise:** Deep knowledge of construction and real estate industry accounting practices and challenges

3. **ERP & Systems:** Hands-on experience with modern ERP systems and ability to optimize system configurations

4. **Tax Compliance:** Expertise in GST, VAT, and Indian tax compliance

5. **Team Leadership:** Ability to recruit, manage, and develop high-performing accounting teams

6. **Project Cost Management:** Strong capability in job costing, project accounting, and cost controls

7. **Cash Flow Management:** Expertise in working capital management and cash flow optimization

8. **Risk Management:** Ability to identify financial risks and implement effective mitigation strategies

9. **Communication:** Strong presentation and communication skills for internal and external stakeholders

10. **Analytical Skills:** Advanced financial analysis and interpretation of complex financial data

11. **Process Improvement:** Ability to identify inefficiencies and implement process improvements

12. **Strategic Planning:** Ability to contribute to financial strategy and long-term planning

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 PERFORMANCE INDICATORS & SUCCESS METRICS

The Financial Controller's performance will be evaluated based on:

- **Accuracy & Timeliness:** 100% accuracy in financial records; monthly reports delivered on schedule

- **Compliance:** Zero compliance violations; 100% adherence to GST/VAT filing deadlines

- **KPI Management:** Monthly variance analysis completion; financial KPI dashboards maintained and current

- **Cash Flow:** Improved cash flow forecasting accuracy; maintenance of healthy liquidity ratios

- **Team Development:** Successful recruitment and retention of accounting staff; team member skill development

- **Cost Management:** Year-over-year cost reductions or optimizations identified; project budget accuracy

- **System Efficiency:** Reduced manual processes; improved accounting system utilization

- **Audit Results:** Clean audit reports with minimal adjustments; positive auditor feedback

- **Process Improvements:** Number of process improvements implemented; efficiency gains achieved

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 WORKING CONDITIONS

- Office-based role with potential site visits to construction projects

- Standard business hours (may require flexibility during financial close periods)

- May need to work extended hours during month-end, quarter-end, and year-end close cycles

- Potential travel to project sites and office locations across India and UAE

- Exposure to construction site environments during periodic visits

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 COMPENSATION & BENEFITS

- **Competitive salary package** commensurate with experience and qualifications

- **Provident Fund (PF)** as per statutory requirements

- **Health Insurance** for employee and family

- **Leave entitlements** including paid annual leave, sick leave, and casual leave

- **Professional development** and training opportunities

- **Performance bonuses** based on organizational and individual performance

- **Other statutory benefits** as per employment laws

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 REPORTING RELATIONSHIP

| Position | Relationship |

|----------|--------------|

| Chief Financial Officer (CFO) | Direct Reporting Manager |

| Accounting Manager(s) | Direct Reports |

| Finance Team Members | Indirect Reports |

| CEO/Board of Directors | Periodic Reporting |

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 KEY INTERFACES

- **Internal:** CFO, CEO, Project Managers, Operations Team, HR Department, IT Department, All Department Heads

- **External:** External Auditors, Tax Consultants/CPA Firms, Banks and Financial Institutions, Government Agencies (GST, Income Tax), Contractors and Vendors, Clients and Stakeholders

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 ADDITIONAL INFORMATION

 Physical Requirements

- Ability to sit for extended periods

- Ability to review documents and use computer systems

- Ability to travel to project sites as needed

 Language Requirements

- Fluent in English (read, write, speak)

- Hindi or Tamil proficiency preferred

- Familiarity with local language documentation beneficial

 Certifications

Preferred certifications:

- Chartered Accountant (CA - India)

- Certified Public Accountant (CPA)

- Certified Management Accountant (CMA)

- Certified Internal Auditor (CIA)