Fianance Manager

 1. PROJECT FINANCE & COST MANAGEMENT

The Finance Manager oversees all financial aspects of ongoing and upcoming construction projects, ensuring budgets are maintained and financial risks are controlled.

■ Project Budgeting & Estimation

✦    Prepare and finalize project-wise budgets in coordination with the Project Manager and estimation team.

✦    Review Bills of Quantities (BOQ) and ensure cost estimates are financially viable.

✦    Track and control project expenditure against approved budgets throughout the project lifecycle.

✦    Prepare project-specific cash flow projections and ensure adequate funding availability.

■ Work-In-Progress (WIP) Accounting

✦    Maintain WIP schedules and ensure accurate recognition of revenue and costs as per project completion.

✦    Monitor contract billing milestones and follow up on progress payment certifications.

✦    Reconcile WIP accounts monthly and report variations to management.

■ Subcontractor & Vendor Financial Management

✦    Review and process subcontractor bills, verifying measurements, retention money deductions, and LD clauses.

✦    Maintain vendor ledgers and ensure timely settlement of dues as per contract payment terms.

✦    Manage retention money accounts and ensure release upon project completion and defect liability period.

■ Machinery & Equipment Finance

✦    Track hire charges, depreciation, and running costs of owned plant and machinery.

✦    Evaluate lease vs. buy decisions for equipment procurement.

✦    Maintain fixed asset registers for construction equipment and site assets.

 2. FINANCIAL ACCOUNTING

■ Books of Accounts

✦    Maintain complete books of accounts in tally and ReqVise including Journal, Ledger, Trial Balance and subsidiary books.

✦    Ensure proper recording of all income, expenses, assets, liabilities and capital transactions.

✦    Conduct month-end and year-end closing procedures with proper provisions and accruals.

■ Financial Statements

✦    Prepare monthly Profit & Loss Account (P&L) and Balance Sheet for management review.

✦    Prepare annual Standalone and Consolidated Financial Statements as per applicable accounting standards.

✦    Prepare Cash Flow Statements and ensure accuracy of fund positions.

■ Construction-Specific Accounting

✦    Apply percentage-of-completion or completed-contract method for revenue recognition as applicable.

✦    Maintain project-wise profit and loss accounts to track individual project profitability.

✦    Account for mobilization advances, security deposits, and performance guarantees.

 3. TAXATION & STATUTORY COMPLIANCE

■ GST Compliance

✦    Handle GST compliance for construction services including works contracts, sub-contracts and material supply.

✦    Ensure the GST on Advance Receipts accounted

✦    Ensure correct GST rates are applied based on the nature of work and contract type.

✦    File GSTR-1, GSTR-3B and annual returns on time; perform GST reconciliation with 2B.

✦    Manage Input Tax Credit (ITC) reversals on exempt supplies and blocked credits.

✦    Handle GST notices, audits and assessments in coordination with tax consultants.

✦    Ensure that Material movement is backed by E-waybill, Invoice and Delivery Notes

■ Income Tax & TDS

✦    Ensure deduction of TDS on contractor payments (Section 194C), rent, professional fees and other applicable sections.

✦    File quarterly TDS returns (Form 24Q, 26Q) and issue TDS certificates within prescribed timelines.

✦    Compute and deposit advance tax instalments and ensure timely filing of income tax returns.

✦    Handle tax assessments, appeals and liaising with income tax authorities.

■ Other Statutory Compliance

✦    Ensure compliance with the Companies Act including ROC filings, annual returns and MCA forms.

✦    Comply with Labour Welfare Fund, ESI, EPF and Professional Tax obligations.

✦    Maintain proper statutory registers, records and documentation as required by law.

✦    Ensure compliance with RERA provisions for real estate and residential construction projects.

 4. ACCOUNTS PAYABLE & RECEIVABLE

■ Accounts Receivable — Client Billings

✦    Raise Running Account (RA) bills and final bills to clients as per contract milestones and measurement sheets.

✦    Follow up on certified bills and ensure timely collection of receivables from clients.

✦    Maintain client-wise ageing analysis and report overdue receivables to management.

✦    Reconcile client accounts regularly and resolve billing disputes.

■ Accounts Payable — Vendor & Subcontractor

✦    Review and approve vendor invoices and subcontractor bills before payment processing.

✦    Ensure proper documentation including work completion certificates, measurement books and approval notes.

✦    Monitor payment due dates and maintain a payment schedule to avoid late payment penalties.

✦    Maintain vendor-wise ageing reports and manage dispute resolution.

✦    Maintain Flow of Approvals

 5. BUDGETING, FORECASTING & COST CONTROL

■ Annual Budgets & Forecasts

✦    Prepare the company's annual operating budget in coordination with department heads and project teams.

✦    Develop quarterly financial forecasts and revise projections based on project progress and market conditions.

✦    Prepare 13-week rolling cash flow forecasts to ensure short-term liquidity.

■ Variance Analysis & Cost Control

✦    Conduct monthly budget-vs-actual variance analysis for all projects and corporate overheads.

✦    Identify cost overruns and implement corrective measures with department heads.

✦    Analyse material consumption, labour productivity and equipment utilization for cost optimization.

✦    Monitor site expenses and implement controls to prevent wastage and pilferage.

 6. BANKING & TREASURY MANAGEMENT

■ Bank & Cash Management

✦    Manage all banking relationships including current accounts, overdraft facilities and term loans.

✦    Perform daily bank reconciliations and monitor fund positions across multiple accounts.

✦    Manage cash flow at project sites and ensure proper petty cash controls.

■ Working Capital & Fund Management

✦    Negotiate and manage working capital limits (CC/OD), bank guarantees and letters of credit.

✦    Ensure compliance with loan covenants and submit required financial statements to lenders.

✦    Monitor fund utilization and arrange timely transfer of funds to project accounts.

 7. FINANCIAL REPORTING & MANAGEMENT INFORMATION

■ Management Reports (MIS)

✦    Prepare and present monthly MIS reports covering revenue, cost, EBITDA and cash flows to senior management.

✦    Provide project-wise profitability reports highlighting margins and cost performance.

✦    Prepare dashboards and financial KPIs to support strategic decision-making.

■ Stakeholder Reporting

✦    Prepare financial reports for investors, lenders, joint venture partners and board members.

✦    Assist in preparation of presentations for board meetings and annual general meetings.

✦    Provide financial data and analysis for tender submissions and pre-qualification documents.

 8. AUDIT COORDINATION & INTERNAL CONTROLS

■ Statutory & Internal Audit

✦    Coordinate with statutory auditors for year-end audit and ensure timely completion of financial statements.

✦    Liaise with internal auditors, provide records and implement audit recommendations.

✦    Support tax audits, cost audits and any regulatory inspections.

■ Internal Controls & SOPs

✦    Design and implement Standard Operating Procedures (SOPs) for financial processes and approvals.

✦    Establish financial controls including authorization matrices, payment approval workflows and segregation of duties.

✦    Conduct periodic internal reviews of accounts payable, receivable and procurement functions.

✦    Ensure anti-fraud measures and robust financial governance across all business units.

 9. CONTRACT REVIEW & COMMERCIAL SUPPORT

✦    Review and provide financial inputs on construction contracts, JV agreements and vendor contracts.

✦    Analyse contractual payment terms, escalation clauses, LD provisions and retention conditions.

✦    Provide financial due diligence support for new project tenders and bids.

✦    Evaluate the financial impact of contract variations, claims and change orders.

✦    Support negotiations with clients, subcontractors and suppliers on financial and payment matters.

 10. TEAM MANAGEMENT & DEVELOPMENT

■ Team Supervision

✦    Supervise and guide the Finance & Accounts team including accountants, billing executives and finance officers.

✦    Allocate responsibilities, set performance targets and conduct regular performance reviews.

✦    Ensure the team meets all statutory filing and reporting deadlines without exception.

■ Training & Capacity Building

✦    Train junior staff on construction accounting practices, project costing and compliance requirements.

✦    Conduct workshops on ERP system usage, financial SOPs and updated tax regulations.

✦    Develop a second-line of finance leadership for succession planning.