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ADITYA BAGALKAR -134294 CA Professional Achiever: Engineering & Capital Goods Sector CA Professional Achiever: Engineering & Capital Goods Sector ASSISTANT.

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Presentation on theme: "ADITYA BAGALKAR -134294 CA Professional Achiever: Engineering & Capital Goods Sector CA Professional Achiever: Engineering & Capital Goods Sector ASSISTANT."— Presentation transcript:

1 ADITYA BAGALKAR CA Professional Achiever: Engineering & Capital Goods Sector CA Professional Achiever: Engineering & Capital Goods Sector ASSISTANT MANAGER – LARSEN & TOUBRO LIMITED

2 Turnover (Sales) of the Company in Rupees: Rs. 64,960 Cr Turnover (Sales) of the Company in Rupees: Rs. 64,960 Cr Net worth of the Company: Net worth of the Company: Rs. 29,387 Cr Market Capitalization of the Organization: Market Capitalization of the Organization: –Rs. 80,031 Cr – March12 –Rs. 98,010 Cr – September12

3 KEY ROLE IN THE ORGANIZATION Handling Accounts Payable section in charge of vendor payments of Hydrocarbon division of L&T. Handling Accounts Payable section in charge of vendor payments of Hydrocarbon division of L&T. Verification of purchase orders, vendor ledger scrutiny, review of Standard Operating Procedures, accounts closing team member. Verification of purchase orders, vendor ledger scrutiny, review of Standard Operating Procedures, accounts closing team member. Preparation & submission of Monthly Information Report for Accounts Payable section. Preparation & submission of Monthly Information Report for Accounts Payable section. Ensuring statutory compliances with respect to TDS provisions, MSMED etc. Ensuring statutory compliances with respect to TDS provisions, MSMED etc. Creating awareness amongst business & finance department for developments related to statutory provisions & new SAP system configuration. Creating awareness amongst business & finance department for developments related to statutory provisions & new SAP system configuration.

4 MAJOR ACHIEVEMENTS Process Improvements The bill payment cycle was reviewed & following developments were made: The bill payment cycle was reviewed & following developments were made: Effective monitoring of payment cycle in F&A through introduction of new field Invoice receipt date & thereby ensuring avoidance in delays in payments to vendor. Effective monitoring of payment cycle in F&A through introduction of new field Invoice receipt date & thereby ensuring avoidance in delays in payments to vendor. Further segregation of duties between invoice processing & payment through use of auto run function. Further segregation of duties between invoice processing & payment through use of auto run function. Enhanced system control & accuracy through system based calculation of retention & liquidated damages amount. Enhanced system control & accuracy through system based calculation of retention & liquidated damages amount. Improved role clarity in F&A. Improved role clarity in F&A. Handling Tax Survey Was involved in handling Income Tax Survey effectively. We were able to convince the officer on various issues to deduct TDS under correct section towards subcontracting charges, equipments & restrict the demand notice to Rs 2 cr. instead of possible Rs 60 cr. Was involved in handling Income Tax Survey effectively. We were able to convince the officer on various issues to deduct TDS under correct section towards subcontracting charges, equipments & restrict the demand notice to Rs 2 cr. instead of possible Rs 60 cr.

5 MAJOR ACHIEVEMENTS Internal Control Developments Developed Internal Control Questionnaire for 14 critical areas. Developed Internal Control Questionnaire for 14 critical areas. Instrumental for development, review & update of Standard Operating Procedures for accounts payable section. Instrumental for development, review & update of Standard Operating Procedures for accounts payable section. System Developments Developed a new SAP transaction code for passing of TDS rectification JV through TDS module thereby capturing all the TDS related entries in the module & enabling us to prepare TDS return data timely & accurately. Developed a new SAP transaction code for passing of TDS rectification JV through TDS module thereby capturing all the TDS related entries in the module & enabling us to prepare TDS return data timely & accurately. Developed a new Trading partner function in SAP to capture the related party transactions directly from the SAP instead of tedious calculation done earlier for backward calculation of expense amount. Developed a new Trading partner function in SAP to capture the related party transactions directly from the SAP instead of tedious calculation done earlier for backward calculation of expense amount. Other Achievements Provided support for obtaining tax refund for foreign vendors & onward remittance to L&T as the same is borne by L&T. Provided support for obtaining tax refund for foreign vendors & onward remittance to L&T as the same is borne by L&T.


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