Ritesh Jain

Experience

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  Priyanka Garg & Associates

  Jan 2007 - Jan 2011

  Article Trainee

  Focus areas:* Company Law related filings* Statutory and internal audit of manufacturing entities* Concurrent audit of Banks* Direct and indirect tax advisory and filings

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  ITC Limited

  May 2012 - Feb 2018

  Led a team of 8 people in preparation of standalone and consolidated financial statements by constantly interacting with 13 verticals of ITC Limited and 33 group companies. Financial Reporting• Implementation of Ind AS (IFRS) for ITC Limited and 33 group entities including changes in SAP and Hyperion (HFM) package. Drafting the first Ind AS financials and exposure to share based payment schemes cost calculations• Assisted in implementation of Integrated Reporting Framework of IIRC.• Filing of eXtensible Business Reporting Language (XBRL) with MCA.• Preparation and updation of Internal Control Financial Framework (ICFR) for Corporate Division and guiding other verticals of ITC Limited.• Monthly closing for Corporate Division including variance analysis.• Budgeting for 13 corporate departments and report-back against the same.Operational, Compliance and IT• GST implementation for Corporate Division, review of GST returns and suitable changes in SAP.• Overseeing of Banking, Payments & Fixed Assets areas and monitoring of budgets.• Preparation and review of Standard Operating Procedures.• Managed in house developed IT systems on Travel Expense, Related Party Transactions, ESOP, Inter-division accounting systems. Show less Risk Management assignments across diverse verticals of ITC limited thereby gaining exposure to world class financials processes across diverse industries such as FMCG – Cigarettes, personal care, foods; manufacturing; marketing; hotels; printing and packaging and treasury. Had exposure to factory, marketing, production, logistics and tax.• Identifying process / system gaps and advising and discussing with top management about ways to improve the same. • Led a team of 4-5 CAs. Management by guiding them in their respective areas of work and experience sharing.• Data analytics via use of Audit Command Language (ACL) scripts in various areas like procurement, sales, production, inventory management and logistics.• Added value to organisation by improving processes or highlighting revenue leakages in areas of export incentives, logistics, scrap sale etc.• Process Mapping through Flowcharts and Control Notes, reviewing existing Standard Operating Procedures (SOP). Show less

  • Financial Accountant

    Aug 2015 - Feb 2018

  • Asst. Manager, Finance

    May 2012 - Jul 2015
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  International Travel House Limited

  Mar 2018 - now

  Head of Finance

  I have been deputed from ITC Limited to ITH, BSE listed co. (₹ 900 Crs billing), having 28 offices & 15 hotel counters across India. Acting as Head-Finance with direct reporting to CFO. Having 10 direct & 20 (dotted) (branch controllers) reportees. Currently, leading ERP implementation.Business Partnering• Collaborating with Business Heads for new business models (reduction of chauffeurs cost by 30%) and cost saving initiatives (savings of 3 Crs) based on data analytics to drive business strategy and improve efficiency• Working closely with CFO to formulate decks related to the business plans & strategies through deep dives, Porter’s 5 Force Analysis, Break Even Analysis and competition benchmarking• Assisted CFO in a detailed review & optimization of finance structure through digitalization, automation and centralization• Working with CapGemini to devise the revised Target Operating Model for Finance Function• Developed new business partners to meet business requirement• Developing new IT interfaces / products to meet business needs & automating processesControllership & FP&A• Leading annual planning / budgeting process, monthly forecast / outlook, P&L management.• Monthly and ad-hoc business performance reporting and commentary on fixed costs.• Leveraging finance expertise to identify cost saving opportunities and savings ~ 1.3 crores.• Monitoring cash flows & taking measures to manage working capital leading to zero borrowings for 2 yrs.Financial Reporting, Treasury & Insurance• Evaluated and implementing a new ERP• Finalise Ind AS accounts; driving stat & internal audit; ICFR• Driving various automation projects• Managing investment portfolio (~ 50 Crs) for return optimization. Higher income by 30 L• Liaising with banking partner for credit line of 60 Crs and lower interest rate by 1.5%• Insurance: Adequate coverage; new partners; value savings ~ ₹ 40 lakh• Direct & Indirect tax compliance Show less