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Finance perspective<br />3rd May 2011<br />
ask to eoy: reality check<br />
Evolution of function - mozambique<br />Centralized Function<br />(3 Entry Operators, 2 Supervisors & 1 FM)<br />Decentral...
F&A tools for better control<br />Use i-olam<br />Demand daily update into system by Supervisory staff<br />OMIS usage for...
F&A – internal expectations<br /><ul><li>MIS ON TIME (monthly, M2M, BRM, audit pack)
100% adherence to accounting policy
Focus on WC productivity, zero controllable losses and capex tracking
Monthly focus / tracking of LP
Clean chit from IA
Timely completion of E&Y audit with no qualifications
Development of strong second level structure
Systems & process definition for new businesses</li></li></ul><li>F&A – external expectations<br /><ul><li>Engaging with b...
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Country meet april 2011

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Transcript of "Country meet april 2011"

  1. 1. Finance perspective<br />3rd May 2011<br />
  2. 2. ask to eoy: reality check<br />
  3. 3. Evolution of function - mozambique<br />Centralized Function<br />(3 Entry Operators, 2 Supervisors & 1 FM)<br />Decentralized Function<br />(7 Branch operator/supervisors, 2 HO executives FM + FC<br />
  4. 4. F&A tools for better control<br />Use i-olam<br />Demand daily update into system by Supervisory staff<br />OMIS usage for monthly control over field assets (Stocks, Debtors, LBAs, cash)<br />Ensure correct entry into i-olam to avoid mindless reconciliations<br />Devote half day every week to ensure system is on track<br />Seek clarity rather than accept current practise<br />
  5. 5. F&A – internal expectations<br /><ul><li>MIS ON TIME (monthly, M2M, BRM, audit pack)
  6. 6. 100% adherence to accounting policy
  7. 7. Focus on WC productivity, zero controllable losses and capex tracking
  8. 8. Monthly focus / tracking of LP
  9. 9. Clean chit from IA
  10. 10. Timely completion of E&Y audit with no qualifications
  11. 11. Development of strong second level structure
  12. 12. Systems & process definition for new businesses</li></li></ul><li>F&A – external expectations<br /><ul><li>Engaging with banks / consultants to scout for M&A opportunities, Purchase of Govt Debts etc
  13. 13. Engaging with Statutory authorities for arrangement of preferential tax structure, timely and cost effective settlement of Tax assessments
  14. 14. Networking with Peers in Competition / Other Economic bodies for getting updated on latest developments in the country impacting our business</li></li></ul><li>The Changing Role of Country Finance Controller<br />Shared Responsibility – Partner Country Head<br />Decision Support & Risk Management 50%<br />Decision Support 10%<br />Role Transformation<br />Controls 30%<br />Controls <br />20%<br />Process Redesign<br />Reporting 20%<br />Reporting <br />10%<br />Value Added Services<br />Transaction Processing 40%<br />Transaction Processing20% <br />Integrated Systems& Shared Services<br />Efficiency / Effectiveness<br />
  15. 15. F&A: Top 10 current challenges<br />PFB: Timely primavera information (without manual intervention)<br />Cotton: Timely Funding<br />Cotton: Input stocks recon<br />Imports: Contracts and debt acknowledgment with 100% parties (Currently 150 plus parties)<br />Imports: Accurate monthly stock reports<br />Timber: Ensuring compliance with changing regulations<br />Timber: Tracking processing efficiencies<br />Cashew: Plant payroll automation<br />Institutionalizing monthly review process<br />Correct booking of costs at input level in branches<br />Unlock value through Government engagement<br />General: Effective replacement of Chief Accountant<br />General: Weekly discipline of document updation<br />
  16. 16. F&a: top 10 future challenges<br />Providing IT support across the country<br />Creating a mark for the function in the global context<br />System implementation for farming businesses with SSO support<br />System implementation for Cotton business (Outgrowers, ginning, PRODEA)<br />Business support for implementation of Palm Oil factory in Beira<br />Extensive usage of OMIS within Mozambique<br />Continuous training of Operation managers on critical control issues<br />IFRS adoption by Olam Mozambique<br />Stabilize decentralized team for effective delivery<br />Unlock value through preferential tax rates<br />
  17. 17. Authorization matrix<br />Expenses (In normal course of business)<br />DC<br />ID<br />Expenses (abnormal nature)<br />Capex<br />Business related<br />Admin Assets<br />Asset Disposal<br />LBA Advances / Trade Debtors<br />Contractual Commitments<br />Tax payments<br />
  18. 18. Authorization matrix – some imperatives<br />Cash Payments:<br />No self authorization<br />No post payout approvals<br />Every signature with a date<br />Lack of supporting dox should be an exception and not a rule<br />Bank payments:<br />Dual signatory<br />Bank Account wise limits?<br />Senior national staff as second signatory?<br />
  19. 19. Thank You<br />
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