Job Description
Sub-K’s management is focusing on development and execution of strategies to increase customer uptake in existing BCOs, expand outreach and improve BC profitability. Each strategic action will need to be analysed financially for its viability and sustainability, and this will be a primary responsibility of the CFO. In addition, the CFO is expected to maintain financial integrity at Sub-K and will be an active member of the Senior Management team.
Specific Activities
Strategy:
- As a true business partner to the CEO and other Business Unit leaders, assess organizational performance against both the annual budget and the company’s long-term strategy.
- Develop tools and systems to provide critical financial and operational information to the CEO, and make actionable recommendations on both strategy and operations, based on financial analysis.
- Engage the board finance & audit committees around issues, trends, and changes in the revenue model(s), cost structure and operational delivery.
- Assist in establishing yearly objectives and meeting agendas, and selecting and engaging outside consultants (auditors, investment advisors).
- Oversee long-term budgetary planning and costs management in alignment with company strategic plan, especially as the organization considers partnerships and collaborations with external organizations.
Executive Management:
- Serve as a member of executive leadership team
- Participate in key decisions pertaining to strategic initiatives, operating model and operational execution
Financial Planning and Analysis:
- Prepare and maintain regular financial planning reports; monthly profit and loss forecast by product (vs. budget); and weekly ecash flow forecast.
- Complete analysis of financial results.
- Develop recommendations (strategic and tactical) based on financial analyses.
- Produce financial analyses of various business initiatives and strategic questions (e.g., costing of products and services, revenue sharing arrangements with partners, asset acquisition, new service launches).
- The CFO will have accountability for producing authoritative analyses and opinions upon which negotiations with business partners and investors can proceed. He/she will be expected to sign off on all such deals.
- Develop and maintain capital budget.
- Lead development of financial planning and analysis exercises/reports.
- Participate in calls with lenders.
Finance:
- Oversee cash flow planning and ensure availability of needed funds.
- Oversee cash, investment, and asset management.
- Oversee financing strategies and activities, as well as banking relationships.
- Participate as a key member of teams engaged in capital raising for Sub-K, including production of supporting analyses and negotiation with banks and investors.
- Develop and utilize forward-looking, predictive models and activity-based financial analyses to provide insight into the organization’s operations and business plans.
Planning, Policy and Investor Relations
- Coordinate the development and monitoring of budgets.
- Develop financial business plans and forecasts.
- Participate in corporate policy development as a member of the senior management team.
- Engage the finance committee of the board of directors to develop short-, medium-, and long-term financial plans and projections.
- Represent the company to financial partners, including financial institutions, investors, executives, auditors, public officials, etc.
- Remain up to date on audit best practices and recent statutes.
Accounting and Administration:
- Oversee the accounting department to ensure proper maintenance of all accounting systems and function; supervise company finance, accounting and internal audit staff.
- Ensure maintenance of appropriate internal controls and financial procedures.
- Ensure timeliness, accuracy, and usefulness of financial and management reporting for board of directors and business unit heads; oversee the preparation and communication of monthly and annual financial statements.
- Coordinate audits and proper filing of tax returns.
- Ensure legal and regulatory compliance regarding all financial functions.
Accounting Activites:
- Oversee preparation of month-end, quarter-end and year-end financial statements
- Review all month-end closing activities including general ledger maintenance, balance sheet reconciliations and corporate/overhead cost allocation
- Enhance and implement financial and accounting systems, processes, tools and control systems
- Serve as final point of escalation for Accounts Receivable/Accounts Payable issues
- Develop and manage accounting staff
- Serve as a key point of contact for external auditors; manage preparation and support of all external audits
Cash Management
- Oversee weekly cash management; approve weekly payables; execute check signing
- Oversee AR management and provide support to collections activities
Reporting
CFO will be a member of the Senior Management team at Sub-K and will report to the CEO and Advisory Council at Sub-K.
Required Qualifications
- Only Chartered Accountants are eligible for consideration
- 10-12 years’ experience in financial management, preferably in banking or financial services environments
- Hands-on style and ability to deal with details as well as strategic questions; willingness to roll up sleeves and dive in to solve problems and drive development of a young and growing company
- Outstanding analytical capabilities with a management accounting orientation; ability to produce sophisticated financial analyses to drive business decision-making
- Skilled at coaching, team-building, staff- and organizational development with an ability to bridge between senior management and a fairly junior workforce, and to help develop future leaders of Sub-K
- Ability and inclination to build and implement new systems and processes for better efficiency, performance and decision-making
- Demonstrated competency in Activity Based Costing
- Strategic orientation and ability to participate on an active basis as an integral member of the senior management team
- Must be based in Hyderabad, or be willing to permanently relocate there
- Must already have the permanent legal right to work in India
- Must be fluent in English, Telugu and Hindi
Preferred Qualifications
- Experience in debt raising and associated negotiations and relationship management
- Valuation expertise
- MBA or other management degree, in addition to chartered accountant status
- Proven track record in managing compliance for a financial services company
Salary: INR 300,000 per month
About the Organization
ShoreBank International Ltd (SBI) advises financial institutions and their funders in emerging and transitional economies in small business, micro and housing finance. Since 1988, SBI has delivered services to over 200 financial institutions in 76 countries, thereby extending access to capital for un(der)served individuals, households and entrepreneurs globally.
SBi is working with Sub-K to build its agent banking business. Sub-K addresses financial exclusion by providing distribution, reliability, and availability of cash in/cash out on demand, as well as accessibility, safety and security of financial transactions when done through agency banking. Sub-K, which means “for everyone” in Hindi, has special emphasis on the symbolism of “K”: it enables transactions under Rs 1000 (or $22, which are low amounts previously not allowed by banks); aims to place the Business Correspondent Outlets (BCOs) within 1000 meters of the customer; and costs 1000 paisa (Rs 10, or $0.22) per transaction.
Sub-K is already working with four banks and over 1,200 outlets in different regions of the country. Sub-K has the ability to work with all types of banks across the sector, whether they are public, private, or cooperative. However, as the company embarks on a plan to aggressively expand its network and penetrate not only rural India but also targeted urban centers, it will need assistance in network development, increasing customer uptake, and aligning its model and strategy with that of various financial institutions
