Finance: Driving Operational Excellence For The Business
Driving Operational Excellence For the Business
In an industry leading move, we are among the first retail companies to implement a cloud based system that unites all our financial practices. Keeping our customers at the core of what we do through modern and collaborative ways of working.
Tesco Bengaluru’s Finance Team plays a pivotal role in ensuring that the processing, accounting and reporting of all financial transactions for United Kingdom, Republic of Ireland, Central Europe and India businesses is done accurately and completely. The team works by embedding control activities and hence ensuring compliance with the applicable statutory norms and with Tesco’s Accounting Standards, which are aligned to the International Financial Reporting Standards (IFRS). The team also supports the Tax and Treasury Centres of Excellence.
Case Study: Our Finance Goods For Resale (GFR) team improves on-time supplier payments
Our GFR team in Finance Transaction Services is responsible for paying our suppliers on-time and accurately for both UK and ROI. Keeping few regulations in mind, our team changed its ways of working for the UK in Period 3 of FY 2016-17 and the ROI team followed suit in Period 11 of the same year but decided to go a step further by closely tracking non-food supplier payments as well.
As a result, the insights indicated that we were paying our suppliers right. However, through the team's renewed focus on the invoice fallouts and after engaging suppliers in proactive discussions, they managed to raise the bar with on-time payment accuracy food suppliers as well as other suppliers combined! A phenomenal milestone.