HSC FINANCE Newsletter_August 2012

7/28/2019 HSC FINANCE Newsletter_August 2012

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August 2012

HSC FINANCE

NewsletterA Newspaper that has more News than Paper.

HEAD lines

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minuteswith...

Our CEO answers THE ONENewspapers quick fire questions

Philip Clarke

What would be your ideal Tesco

desert-island dish?

(Dont tell anyone) Tesco two custard slices.

Let me share two very good pieces of news with you-

The latest retail industry data reports that Tesco in UK was the fastest growing of the'big four' supermarkets in the four weeks to August 5th. This is seen as evidence that

the 1bn investment plan in the UK is starting to have an effect. Fantastic news for our

business!!!!!

And the 2nd good news is - I introduce you to our very latest and very chic Newsletter -One with more news and less paper!!!!

Hopefully you find the new look and feel refreshing, easy to read, informative, and just kinda nice toflip through. Please let me know your thoughts and any feedback you might have to make thenewsletter better suite your needs.

The editorial team has worked very hard to put the concept together and the result is a fantasticnewsletter that's full of what is happening around us in Tesco.

I would also like to put out a call for short articles, thought pieces, point-counterpoint articles, etc. tobe included in upcoming issues. I'd like to make the newsletter more informative and something worthlooking forward to. If you have any ideas, please pass them along.

Enjoy the read, and if you pass by one of the editorial team members, do stop to say Thank you.

- Amit Soni


2/13

HSC FINANCE

Newsletter2

The latest

Market Share Data You may be familiar with Kantar data which looks at our performance compared to the market, themedia often uses this measure to compare our performance against our competitors. The data is basedon a panel of 30,000 consumers who provide information about the products they are buying byscanning the items and submitting their till receipts when they get home.

The latest data was released this week and for our Grocery business it is an encouraging indicator that

we're getting back to a winning position - ahead of Sainsbury's and Morrisons, and closing the gap withAsda.We're working hard to Build a Better Tesco in the UK and this should give us confidence in our plans aswe improve our business for our customers. Thank you for your hard work and continued effort.

David HobbsUK Operations Strategy and Business Planning Director

Christmas in JulySee a sneak preview of what we have planned for Christmas 2012Part 1I know it is the middle of what is meant to be summer, but across the business we have been busyplanning our ranges for Christmas for months to make sure we give our customers the very best offerthis year.

And just last week we unveiled our ranges at 'Christmas in July,' an eventwhich showcases our most innovative products to journalists and teamsfrom around the business.

It was great to see Christmas brought to life with toys, food and gifts allon display. And now you can have a sneak preview of what we think will

be popular for Christmas 2012.

The film is in two parts, starting with our 'top toys'.Watch the video and look out for the second part.

Great quality food is at the heart of our business, so although its onlyJuly we have been busy planning for Christmas making sure we provide

our customers with a fantastic range of food to make their Christmasextra special.

From ready-dressed turkey, to Grocer Award winning smoked salmon toEveryday Value Christmas cake, weve got it covered for all our customers,however they choose to celebrate this year.

To see for yourself what we have planned, watch the second part of ourrecent Christmas in July event video aside.

Part 2

Neela MukherjeeUK General Merchandise Director

Andrew YaxleyCommercial Director
http://info.hub.tesco.org/sites/Checkout/Lockbox/Christmas%20in%20July%20Food.wmvhttp://info.hub.tesco.org/sites/Checkout/Lockbox/Christmas%20in%20July%20-Toy%20Story.wmv


3/13

HSC FINANCE

Newsletter Clicks

and

Bricks

Were

BuildingaBette

rTesco

With the summer break upon us, Im excited to let you know about our latest innovation to

ensure busy holiday makers can come home to a full fridge.This is part of our Clicks and Bricks plan.

Building on our virtual store in Korea last year, today were launching the UKs firstinteractive virtual grocery store in Gatwicks North Terminal. It will be open duringthe two busiest weeks of the year, until 19 August.

The virtual store is made up of interactive digital displays on large virtual fridges.The average passenger has more than an hour of down time while they wait for flights.Now they can use this time to browse a range of everyday products, shop, book ahome delivery for when they get home so its very convenient.

Customers use the Tesco app to scan the barcodes of the products they wantwith their smartphone and then add items to their basket, book a delivery slotand checkout. You can book a delivery slot up to three weeks in advance.

The virtual store at Gatwick is a trial and were looking forward to hearing what customersmake of the technology. As a modern and innovative company were always looking fornew ways to help our customers shop with us anywhere, any time and any how.

Our interactive fridges provide a fun and practical solution for busy families while also helping to make shopping one less thing to worry about before going away.

Keep an eye out for our video showing you the virtual store later this week, andif youre flying from Gatwick over the next two weeks, make sure you go and have a look!

Were launching the UKs

First Virtual Store at

Gatwick Airport

Our new virtual store opened in Gatwick Airports North Terminal yesterday,and so far were seeing lots of excitement around it from passengers and the media.

Around 30,000 people depart from the terminal each day and the average passengerhas more than an hour of down time while they wait for flights.

They can now use this time to visit our virtual store and use theirsmartphone to buy products so they come home from holiday to afull fridge. They can browse a range of everyday products, shop, and

book a home delivery for when they get home so its very convenient.

See whats happening in

Our two week trial is a way to seehow customers respond to thetechnology and is a great

opportunity to show what we can offer.

Click here to see a film showing ourexciting new virtual store...

Ken TowleInternet Retailing Director

OUR VIRTUAL STORE

3
http://info.hub.tesco.org/sites/Checkout/Lockbox/Gatwick.wmv


4/13

HSC FINANCE

Newsletter

2010

1997 2011

2012

BankMortgageslaunch todayToday we have launchedTesco Bank Mortgages in the UK.

Typically, the biggest financialcommitment anyone will make isbuying their own home, so Imdelighted we are now able to addmortgages to our strong core ofbanking products. Tesco BankMortgages have been designed tomeet the needs of Tesco customers.They combine great rates andcompetitive fees, and are deliveredin a modern and convenient way.

They also uniquely reward ourcustomers loyalty throughClubcard points for repayments a simple thank you for choosingTesco Bank.

You can find out more informationon Tesco Bank mortgages byclicking here to watch the video.

Why not take a look for yourselves at the mortgages we offer and let your friends and family know too. We have products forthose buying a new home and for re-mortgaging, and offer a choice of fixed rate or variable rates. Feel free to drop me anemail and let me know what you think.

The media widely reported the launch of Tesco Bank Mortgages over the weekend, and I was pleased to read the coveragewelcoming our entry into the mortgage market. There was some commentary about the interest rates we are offering. On thisI am clear; we begin as we intend to continue offering good prices, straightforward products and transparent fees.Todays announcement is a sign of further progress for Tesco Bank in what has been a key year for us. In May, we completedthe transfer of the remaining customers from RBS systems to our own. The task of building Tesco Bank has been amonumental one. Todays launch is a landmark moment and underlines our determination to serve more Tesco customers inmore ways now and for generations to come.

Finally, I would like to thank everyone involved at Tesco Bank, and those in the widerTesco group who have given us terrific support, for their collaborative efforts whichhave allowed us to offer a great range of mortgages to Tesco customers.

Benny HigginsTesco Bank Chief Executive

4
http://info.hub.tesco.org/sites/Checkout/LockBox/Tesco%20Bank%20Mortgages.wmv


5/13

HSC FINANCE

Newsletter

Spot Light of the Month

FINANCIAL CONTROL IS OUR No.1 PRIORITY- Controls & Compliance

5

The finance are working on completing series ofself assessments and this has helped us introduceseveral key controls. Some of them are enlisted below:

1. Controls such as independent verification of supplierexistence, tax ID & bank account details along with anindependent maker-checker control have now beenintroduced in the Supplier set up process (Goods for resale).

2. Review and control over access rights on variousfinance systems is now in place (Goods for resale).

3. Phase-wise action plan is formulated to ensure supplierbalances are confirmed annually (Goods for resale).

4. An exception report is now in place through an ITupgrade to track the tenants who have not been invoiced(Property finance).

5. Formal and approved debt collection policy is now inplace (Property finance).

1. In Finance we reconcile nearly 4000 balance sheet accounts every period.2. As part of 'Faster close' project, C&C now publishes the UK Trial Balance on Week 1 Friday which was

earlier Week 2 Monday.3. Self Assessment status board is displayed on the FS floors which is updated every week.4. Group Journal policy training will shortly be available on an e-learning module.

Status of Self Assessment for UK & Ireland

Assessments Completed

Purchase and payables (Goods for resale)Mall revenue & receivablesCommercial IncomeStore sales

Assessments Currently in ProgressInventory and Cost of goods sold

Purchase and Payables (Goods / services not for resale)Cash & Banking

General Ledger ControlProvisions & Contingent Liabilities/ Assets

Intercompany

New Group Journal PolicyWhat impacts you:

Other highlights:

1. All manual journals need to be approved ideallybefore posting to the General Ledger, by a WL2 orabove2. Review and approval of the Manual Journal Log(in new format) by a person other than the initialapprover of the journal3. Reconciliation between the Manual Journal Logand the System Journal Log is now required.

1. All new allocation journals or changes to existingallocation journals to be approved by WL4 on anannual basis2. New KPIs have been introduced to analysenumber & type of journals through UK FLT B/Spack

Did you know?

Peer Review - An Introduction by Rajaganesh S. & Rashmi R.As part of our plan to strengthen financial control at HSC, we have launched peer review andco-signing of balance sheets from period 5.

a) Peer review relates to review of critical balance sheet accounts by a WL2 outsidethe team to enable fresh pair of eyes looking at the reconciliation in a collaborativemanner.

b) Co-signing of balance sheet accounts is a model where there is a jointaccountability of Balance Sheet review on the account reviewer as well as theprocess owner. Example Accounts Payable liability account will now be reviewedand signed off by Balance reviewer as well as Accounts Payable manager.

As per the plan for period 5, 25 accounts will be peer reviewed and 213 accountswill be co-signed. The output will be periodically reviewed and shared with UK FLT.


6/13

was previously working for Ernst &Young & has joined Cash Reports Team in Operations Finance.

He has a great passiontowards cricket.

Ajay joins us as an Analyst from

Oracle to the C&C Team.He enjoys longdrives onhis bike &is keen onlearning newthings.

Shreyas

joins us as anAccounts Executive from

Capgemini into PropertyFinance & her all timefavourite is music.

Vandana joins us as an AccountsExecutive from AirtelEnterprise Solution intoProperty Finance. Heenjoys traveling,trekking & tastingdifferent cuisines.

Dilip Vishaljoins us as an AccountsExecutive from HP toOperations Finance -Stock Accountingteam and loves to playbasketball.

joins us into SRS Business

Support as an AccountsExecutive from IBM. She

holds interest inlistening to music andtheatre. She is a statelevel basket ball player.

Meenajoins us as an officer to Property

Finance, a fresher fromManipal Institute of Mgt.

His hobbies are playingcricket, listening to music& travelling.

Pramodhjoins us into Property Finance

as an Accounts Executivefrom Accenture. He holdsinterest in listening tomusic and is a part ofSamrudhi, performing

plays(Skit).

Nischal

joins us into US Financeas Senior Accounts

Executive from Aditya

Birla Minacs. He holdsinterest watchingmovies & playingcricket.

Pawanjoins us into Accounts

Payables as an SeniorOfficer from Accenture.

He holds interest inlistening to music,playing cricket,carrom and reading.

Govindraj joins us into IT Finance as aTeam Lead with previous

experience from EXLServices Pvt Ltd. He

holds interest incooking, music,playing Table-TennisChess & Cricket.

Sulabh

joins us into C&C as amanager with previousexperiences fromVividha Home Fashions,

KPMG (Dubai) &Deloitte. She is

passionate aboutrunning Marathons.

Rupali

joins us as a Team Leadfrom IBM Daksh into India

Tax and holds interests in

cooking, reading anddrawing.

Ramyajoins us as an Accounts

Executive to Sales Ledger, afresher from Seshadripuram

College and holds interestsin drawing & swimming.

Akshay

HSC FINANCE

Newsletter6

Welcomeon

Board

Until July, we have on boarded 42 employees externally into Finance.We welcome the above New Starters who joined us in the month of June & July &wish them a good future in Tesco.


7/13

HSC FINANCE

Newsletter

An Opportunity to Get On

Vikram SinghJoining Tesco in 2006 from Infosys, Vikram was involved in a successful knowledge

transfer and process transitions He was also extensively involved in Due Diligenceactivity/Feasibility study for Payroll & HR processes and published feasibilityreports for Central and Eastern European countries such as Hungary, Poland,

Czech Republic and Slovak. He spends a considerable amount of time on social networking sites andhas a good sense of humour & a fun person to hang out with.

Process Lead to Team Lead

Senior Accounts Executive to Process Lead

Worked on a big piece of work when a large issue arose within the fresh category.Successfully transitioned a vital Marketing role from UK to HSC in a span of 2 weeks.Provided detailed analysis on one of the biggest category BWS to the business which hashelped to a great extend in avoiding over charges, double payments & TPNDs been set on

NBS. She is known for having a smiling faceall the time and enjoys pop music.

Karishma Amarlal

Exclusively handled all the complex processing& analysis for the entire commercial accounting area, streamlined the retro process.

Also handled process efficiently and closed process gaps. He loves traveling andvisiting various places.

Rudresh Siddappa

Accounts Executive to Senior Accounts Executive

has been one of the best team members of AP; he was called the batsman of the AP team ashe would hit high numbers while processing invoices. Very dependable, great team player,

very accommodating, a Go to person, very calm and composed, never cribs about work,always rearing to go. Timid by nature, but once you get talking to him, he will have you insplits. He writes poems, likes bike riding, likes playing cricket and likes to go on long rides.

Santhosh Basavaraju

Jentile BhutoriaJentile will shortly be completing 7yrs in Tesco. He worked with Payroll & Benefits

team in Business Services before he moved in Ireland Finance. He now moves to managethe Head Office Reporting with UK Commercial Finance. He has stabilized Ireland Payrolland Accounts Receivables processes. Very recently worked on the Control FrameworkSelf Assessment for GSNFR. Enjoys traveling and spends maximum time with hisfamily when he is not at work and is a fitness freak.

Team Lead to Assistant Manager

7

In our endeavor to provide a good career to all, we have so far touched 34 employees this year(excluding the May promotion cycle). Please join us in wishing all the colleagues a very GoodLuck for their new roles, who moved with Promotion / Lateral in the month of June & July.

Promotional Movements


8/13

HSC FINANCE

Newsletter

An Opportunity to Get On

has completed 2 years in which he has made significant progress in learning and meetingthe stake holder expectations across Accounting and Reporting roles; also winning theconfidence of Packaged Finance team in UK. He is Bright, Intelligent and Enthusiastic and

has a passion to hit deadlines and defeat all barriers. He likes traveling and exploring newplaces.

Abhishek Pradeepkumar

has successfully completed 2 yearsin which she has made significant progress in learning and meeting the stake holder

expectations across Accounting and Reporting roles; also winning the confidence of

General Merchandise Finance team in UK. She is positive, very willing, independent andproactive in whatever she does. She is a trained Kathak Dancer, reading and cookingare her best hobbies.

Ramya Aswath

His work approach and analytical skills were recognized and appreciated by Stakeholdersin FA review calls. He has been instrumental in ensuring FA to GCS reconciliations aredelivered to stake holders expectation and ahead of deadline. His quick and organizedprocess learning is much appreciated. His interest include Travelling and Playing snooker.

Pavan Kashyap

is a quick learner and has an excellentcommitment towards work. She took up additional projects along with her

usual work. She was involved in re-designing the reports to suit customer's requirements.She likes organizing team activities and is an active member of the Ops Fin fun committee.

Anisha Lawrence

joined Tesco in May 2010 since then worked with the AP team.A Commerce graduate from Christ College. Her hobbies includeDancing and listening to Music. She is a good performer and hasreceived many appreciations for handling difficult situations in

her process.

Swetha Sundar

has done an outstanding job on Accounts Receivable Period closeactivity in the absence of AR process owner. He is very flexible in adapting to new roles andresponsibilities. He has learnt both AR and GL activities in a short span of time, switches

between rolls very fluently. Never hesitates to help. His hobbies are watching movies onFirst day first show and Playing cricket on weekends.

Someshwar Rao P

8


9/13

HSC FINANCE

Newsletter

An Opportunity to Get OnLateral Movements

Deepak SalariaJoined Tesco in May,2011 with Finance Services as Assistant Manager for Stock

accounting, Central Europe. He is a Commerce Graduate with IFRS certs.Hobbiesincludes photography, cooking, travelling, watching informative channels(Dicovery, history etc) and likes making friends.

Abdul SamadJoined Tesco in Dec 2008 with Business services as Officer Written

Correspondence. He is a Commerce Graduate and his hobbies include readingfor personal enrichment, besides Swimming. He is kind at heart and helpful.

He has now joined Sale Ledger Team in Commercial Finance.

Charu TakJoined Tesco in Aug, 2009 with Financial services in Ops finance team as

Accounts Executive in Lottery Process. B.COM(HONS.) graduate with MBA in finance.Her hobbies includes watching Tv and dancing. Very cheerful and loved by all.She now moves into Operations Finance - Reporting team to look atImmature Capital & Pre-opening Reporting.

Assistant Manager

Accounts Executive

Senior Accounts Executive

Nayana ChirbhiAccounts ExecutiveJoined Tesco in Oct 2010 with Business services as a payroll officer.A Commerce Graduate with an MBA and also CWA Inter. Hobbies include reading

comics and browsing. She likes to make new friends and always has a smile.She has moved into Dotcom reporting team.

Vineet Vishaljoined Tesco almost 5 years back and was working as a Deployment Analyst in IT until a

year back when he moved into Finance. In the last one year, despite coming from a non-Finance background has done a great job in leading Pharmacy Project and supporting

the Faster Close project and working with Philip Bens in UK. After completing boththese projects successfully, Vinit now moves into a new role into

Group Commercial as Group Insight Manager.

Manager

Shiva BalakrishnanProcess LeadCompleting 4 yrs in Tesco, Shiva has handeled F&E project and successfully

implemented NO PO NO PAY project across all departments. One of the majorachievements was implementing Dataloader for Purchase order processing. Hobbiesare having lots of fun with friends, loves travelling and listening to light music. Hehas now moved to Central Europe Finance team to manage invoice matching process for Turkey.

9

He now moves as Assistant Manager in US Finance.


10/13

HSC FINANCE

Newsletter

An Opportunity to Get On0

Arun Kumar GAssistant Manager

Samrat ChakrabortyManagerSamrat joined Tesco in May 2011 and came with a rich experience of Accounts

Payable process to lead and manage Tesco Banks AP process. Under hisexpertise and leadership, the processes have been stabilised in Tesco Bankand now he is moving laterally into Group Commercial Finance to manage

Tesco Internal Sourcing project.

Saugat SarkarAssistant ManagerCompleting 2yrs & 9months in Tesco, Saugath has stablised Ireland Reporting

processes and strong second line leadership. Created and launched the StoreProfit report for Ireland. He enjoys music and likes playing instruments.His Team is his biggest strength. He nowo moves toGroup Commercial Finance Team.

Completing 4.9yrs in Tesco, Arun provided key solutions to the post transitionchallenges of Sales ledger and Commercial Accounting process. He played key role in

strengthening the Balance Sheet Reconciliations and adherence of C&C best practiceshe Served as Oracle AR champion and was part of New Buying System project and won a

team award for Cross-functional team in 2009 and Best Team of the quarter in June2011 as a part of Indirect tax team. Also gained appreciation from Uk stakeholders

for reengineering the process and accurate indirect tax payments. His hobbies include watching movies,reading books and listening to music and has talent to impersonate people. He now movesinto Group Commercial Finance Team.

Anikendra BhattacharyaTeam Lead Anikendra joined Treasury team approx 2 years ago fromYle Services (an equity research company). At Treasury he was mainly responsible forthe Group Cash & Debt reporting, Working capital funding to international countries,helping UK with base calculations to monitor Tesco credit ratings. He has moved to a

role of Central Reporting in Group Commercial Finance Team.

Ranjith Prabhakaran ManagerCompleting 6yrs in Tesco, Ranjith Has established the Query Management teams

within HSC and was instrumental in transition of key processes from UK. He notonly managed operations in the CIP team but also contributed significantly tosome key initiatives of establishing a Supplier Satisfaction framework andimproving the First Time Match rate. He also played a key role in implementingthe first Group Control Framework assessment for Goods for Resale.


11/13

HSC FINANCE

Newsletter

Monsoon Outing...

Stock&SRSTeam-OPSFinance21stJune,EAGLEEYE,Chikmagalu

r

CommercialFinance

Accounting&Reporting

26thJuly2012,ELIMRe

sorts,Bangalore

GLControllership15thJune,MANGOMIST,Bangalore

Monsoon Outing...

PrimaryDistribution&

Reporting-OPSFinan

ce

19thJuly,EAGLEEYE,

Chikmagalur

IrelandFinance

16thJune,VARCALEPALMS,

Goa

Telecoms,GMO,GroceryOnline-RetailingServices

20thJuly,COFFEEGUDDA,Chikmagalur

1


12/13

HSC FINANCE

Newsletter

This year we plan on focussing more on volunteer based activities along with fundraising activities we had last year.

Community

thThe first activity was held on 30 June 2012, wherein we visited a school inBommanahalli and was organized by an NGO named Dream a Dream.

thThe day stated with a lunch with students of 9 grade followed by some games.

The main activity for the day was Colour-A-T; in which each of us had a team of 3kids and then we helped the kids paint their dreams on a tee-shirt.

We were presented some wonderful hand painted tee-shirts by the kids and wehave plans around that which will be communicated shortly!!!

2


13/13

HSC FINANCE

Newsletter

The

Nithin

Vasanth

sampada

mayur

arun

leonard

Lakshmikanth

anula

Bhavika

Crew

3

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