United Biscuits (UB), now part of Pladis, boasts a complex and robust finance function vital for managing the operations of a globally recognized snack food manufacturer. Its finance department plays a central role in ensuring profitability, sustainable growth, and compliance with financial regulations. The department’s responsibilities span a wide array of functions, from traditional accounting and reporting to more strategic activities like financial planning, risk management, and investor relations. One of the core functions is financial reporting and control. The finance team is responsible for accurately recording and reporting the company’s financial performance, adhering to international accounting standards (IAS) and relevant local regulations in each market where UB operates. This involves preparing consolidated financial statements, managing the general ledger, and overseeing the accounts payable and receivable processes. Rigorous internal controls are crucial to safeguarding assets, preventing fraud, and ensuring the reliability of financial data. Financial planning and analysis (FP&A) is another critical area. This function focuses on forecasting future financial performance, developing annual budgets, and analyzing variances against those budgets. The FP&A team provides valuable insights into trends, risks, and opportunities, enabling management to make informed decisions about resource allocation, pricing strategies, and investment opportunities. They analyze key performance indicators (KPIs) to monitor the health of the business and identify areas for improvement in operational efficiency and cost management. Supply chain finance is also a significant element, given the complexities of sourcing ingredients, manufacturing, and distributing biscuits across various regions. The finance department works closely with the supply chain team to optimize working capital, manage inventory levels, and negotiate favorable payment terms with suppliers. They analyze transportation costs, storage fees, and raw material prices to identify cost-saving opportunities and minimize the impact of supply chain disruptions. Tax compliance is a vital function. UB must adhere to tax regulations in multiple jurisdictions, which requires expertise in international tax laws, transfer pricing, and VAT. The finance team is responsible for preparing and filing tax returns, ensuring compliance with tax regulations, and managing tax audits. They also work to identify tax planning opportunities to minimize the company’s tax burden. Risk management is increasingly important, given the volatility of commodity prices, exchange rates, and geopolitical events. The finance department plays a crucial role in identifying, assessing, and mitigating financial risks. This includes hedging against currency fluctuations, managing credit risk, and ensuring adequate insurance coverage. Investor relations are handled, especially before the acquisition by Pladis, by the finance team. Communicating financial performance and outlook to shareholders and other stakeholders helps maintain investor confidence and attract investment. This includes preparing quarterly earnings releases, hosting investor calls, and participating in investor conferences. The finance team ensures that investors have access to accurate and timely information about the company’s financial performance. Finally, internal audit provides independent assurance that the company’s internal controls are effective and that its financial reporting is reliable. The internal audit team conducts regular audits of various departments and processes, identifies weaknesses in internal controls, and makes recommendations for improvement. The team reports directly to the audit committee of the board of directors, ensuring independence and objectivity. In essence, United Biscuits’ finance function is a complex and multifaceted operation critical to the company’s success. By accurately reporting financial performance, providing strategic financial planning, managing risk, and ensuring compliance, the finance team contributes significantly to UB’s profitability and sustainable growth.
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