Finance Manager
Middle East Development Co.
Total years of experience :26 years, 1 Months
Key Responsibilities
• Manage operations of the finance department, supervise and guide finance and accounting team, ensure proper finance and accounting practices are duly followed in the department.
• Oversee Accounts Receivable as per company policy, ensure that the team follows-up with customers for acquiring payments within the decided credit period.
• Evaluate credit worthiness of existing and potential customers, check their credit history for approval of credit sales; take decisions on credit policy and credit limit to be extended.
• Carry out aging analysis for accounts receivable, create and execute a plan to acquire payments from aging accounts and reduce delinquent accounts.
• Lead budget preparation activity of the branch, allocate funds as per operational needs, identify variances and implement measures to bridge the gap between budgeted and actual figures.
• Supervise cash sales at the branch, ensure all cash collected is accurately accounted for and that branch cash collection targets are met.
• Oversee preparation of financial statements, analyze financial data to determine financial position and provide information to the management for review and decision making.
• Ensure that accounting procedures are in adherence to GAAP and that internal controls are in place so that financial reporting is carried out reliably and in compliance with regulations.
• Manage general ledger accounting, balance the general ledger to ensure that all statements derived from it are accurate.
• Use tools like ratio analysis and present findings to branch management to aid decision making, provide details of branch performance through reports and presentations.
• Coordinate with insurance companies for insuring branch assets and verifying adequate cover is provided; evaluate various insurance options and select the ones that suit company requirements.
• Additional functions handled include fixed assets accounting, treatment of sundry receivables and prepaid expenses, long term receivables monitoring.
• Oversee cash flow position, monitor available funds and ensure sufficient and timely availability of funds to meet operational needs and capital investment requirements.
• Hire and train staff in the department, review their performance constantly, and provide concrete suggestions to enable staff to meet job performance expectations.
Key Responsibilities
• Supervised the operations of the accounting department, assigned tasks to a team of accountants and finance executives, ensured proper accounting processes were followed by the team.
• Oversaw preparation of trial balance and exhibited control over P&L accounts; ensured accuracy in account postings, accounts reconciliation, monthly finalization of accounts and closure of accounts.
• Responsible for preparation of pay sheets after calculating salary of employees, transfer of payments to salary accounts, and resolved employee queries.
• Responsible for maintaining internal controls, participated in developing internal control policies and framework, and ensured compliance with the company’s financial policies and procedures; assessed effectiveness of control procedures.
• Participated in the annual budget preparation, compiled and consolidated monthly financial statements, and submitted reports as per compliance requirements.
• Administered treasury by managing credit, currency and interest rate risks, and liaised with banks for obtaining Letters of Credit and Letters of Guarantee.
• Coordinated with the company’s insurers to insure assets, renewal of policies and availing new policies that would benefit the company.
• Managed accounts payable by scrutinizing invoices, verified accuracy, and released payments as per contractual terms with service providers and vendors.
• Coordinated with external auditors to finalize audit schedules, provided documentation support and answered all queries raised; noted points of non-conformance and initiated measures to rectify those.
Key Responsibilities
• Maintained the General Ledger and supervised GL accounting transactions, monthly closing, and reconciled all fixed assets.
• Carried out bank accounts by verifying that entries in company’s account books matched those in the bank statements, identified and investigated mismatches and discrepancies, and corrected the same.
• Analyzed balance sheet, determined financial health of the company, calculated ratios, compared assets and liabilities to evaluate growth made by the business.
• Supervised the process of inter-branch accounting and reconciled inter-branch accounts to facilitate preparation of consolidated statements, and correctness of the income statement.
• Responsible for maintaining the fixed assets register, applying deprecation, recording any new assets acquired or old ones sold/dissolved during the accounting period.
• In conjunction with top management, planned and monitored capital expenditure; provided estimates to management regarding CAPEX.
• Prepared and presented monthly financial statement to the management for decision making, ensured that the financial position of the company was accurately reflected in the statements.
• Identified reasons for budgetary variances and implemented measures to bring these down; controlled costs and expenditure.
• Assisted external auditors in deciding schedules and provided information to them on company procedures and documents.
• Part of the team that implemented the new accounting system, and trained the accounting staff on using the system.
Key Responsibilities
• Managed daily accounting transactions, verified all entries in the books of accounts and ledger postings; prepared trial balance and was responsible for finalization of accounts.
• Maintained and updated the Fixed Assets Register to track details of all fixed assets owned by the company; depicted value, cost, nature (fixed or movable), depreciation, and date of purchase.
• Reviewed accounting information, supervised preparation of P&L account and balance sheet; finalized financial statements and reconciled bank statements.
• Verified and posted sales invoices; communicated with customers and made follow-ups to ensure payments were received by the company in time.
• Scrutinized expense vouchers submitted by employees, computed and authorized disbursal of vacation entitlements of employees as per their hierarchy in the organization, calculated and completed all procedures for releasing end of service settlements.
• Developed cost sheet displaying costs like direct and indirect material costs, direct and indirect labour costs, inventory costs, admin and office expenses.
• Managed inventory of spare parts, placed orders with suppliers as per reorder level and reduced inventory costs; maintained stationery stock.
• Responsible for managing accounts payable, reviewing invoices, posting entries in subsidiary ledgers and realizing payments to vendors and suppliers.
• Oversaw monthly, quarterly, half-yearly and annual accounts closing, and submitted reports to stakeholders for review.
Previous Assignments
• 1 Year 6 Months, Sales Coordinator (Central State), Agip (Sudan) Ltd, Khartoum, Sudan
• 2 Years, Salesman, International Tyres Manufacturing Ltd (ITMD), Khartoum, Sudan