Manager Financial Operations
Ruba Sez Group
Total years of experience :6 years, 10 Months
Major responsibilities in this role cover the following facets:
• Optimization of working capital cycle by effectively managing receivables, payables and inventory level
• Heading the trade finance function including handling LC opening, conversion to FATR or FIM, retirement on maturity in liaison with commercial department and banks
• Cash flow management
• Preparation and presentation of information required by banks for new facilities or restructuring of existing liabilities
• Reviewing the consolidated and standalone financial statements of group companies and presenting key financial results to the BOD
Achievements
● Reduction in average collection period from 40 days to 30 days
● Identification of slow moving inventory to the tune of PKR 28 M and spearheading the subsequent disposal activity
● Initiated the development of an effective material resource planning module leading to reduction in inventory levels by 40%
Haleeb Foods Limited is one of the oldest dairy processing company in Pakistan. It has a diverse portfolio of products and the distribution network covers the entire country. It has an annual turnover of over PKR 12 billion and is operating at impressive profit level after a complete corporate turnaround in the beginning of the Year 2012.
My responsibilities as the Manager Financial Reporting included the following:
• Ensuring timely preparation of Trial Balance, and Financial Statements in accordance with the requirements of International Financial Reporting Standards (IFRS) and local statutory requirements
• Planning, execution, review, preparation of financial statements, and reporting of noted significant matters
• Ensuring Timely data entries, Reconciliation and availability of proper supports with checks and balances
• Ensuring timely reporting and closing of monthly, quarterly and annual accounts as per the agreed time frame
• Preparation of critical management reports like geographical/product-wise profitability, aging analysis, cost enter wise expenses, variance analysis
• Pinpointing potential areas for improvement and suggesting cost reduction measures after analysing departmental operations and existing practices
• Ensuring compliance with the agreed Standard Operating Procedures (SOPs), Company Policies as well as legal and statutory requirements
• Financial Budgeting involving forecasting and projection of future profits and preparation of projected financial statements of the company in the light of various management decisions and ensuring compliance to those Budgets
• Acting as the focal person for the purpose of external audit of the Company's financial statements
Achievements
● Designed KPI’s at departmental level in consultation with relevant heads
● Implemented a proper procedure/system for financial closing on monthly basis leading to reduction in monthly financial closing time from 5 to 3 days
● Worked with applications development department to design various financial and operational reports in Oracle EBS
● Developed a comprehensive ABC model for absorbing overheads at product level leading to correct determination of contribution margins and facilitating price setting
Dada Group is a family owned business engaged in leather processing and corporate dairy farming. Here I was given the responsibility for setting up an internal audit department including formation of audit committee and define strategic and operational objectives in order to embed internal audit processes across the whole group.
A brief of major responsibilities are presented below:
• Adopting risk-based audit methodology in preparation of Annual audit plan and the Audit Work Programs
• Evaluating group's business activities and functions to identify business/operational risks and to ensure that system of internal controls is adequate to achieve established objectives including efficiency of resource utilization;
• Leading Internal audits (financial and operational audits), special assignments and fraud investigations as directed by the Board Audit Committee, and conducting follow-up reviews and preparing follow-up audit reports
• Coordination with auditee departments to ensure smooth conduct of audit and closure of audit issues
• Preparation of Board Audit Committee working papers, and ‘presentation of audit performance on quarterly basis.
• Evaluating information systems and recommending controls to ensure system reliability, business continuity, data security and integrity;
• Conducting in-house training sessions and providing constant professional support to sub-ordinates.
Achievements
● Establishment of an internal audit department and designed internal controls for all major business processes
● Pioneering the improvement of the in-house ERP system leading to enhanced reporting capabilities and increase in effectiveness/efficiency of operations
During my stay at EY I was engaged in Audit & Assurance, Risk Advisory and Tax. A brief description of the tasks performed are given below:
• Performance of external audits of various entities in line with applicable laws, EY global guidelines and International Auditing standards
• Preparation and discussion on Deliverable for Assurance Engagements i.e. Audit Reports, Management Letter (ML)
• Planning and execution of Internal Audit as per Ernst & Young Internal Audit Methodology i.e. Transaction Flow diagrams (TFR), Risk and Control Evaluation (RACE), Test of controls (TOC) of different operational and Financial Processes
• Risk assessment of processes and controls, diagnosing and implementing control enhancements, aligning control around client`s risk universe to enhance business performance and process improvement.
• System Documentation, Business Process Re-engineering, Internal Control Review and Analysis relating to various business processes including Procure to Pay (Procurement, Invoicing & Payment function), Order to Cash (Ordering, Dispatch, Revenue recognition & Receivables Management), Financial Reporting (Financial Statement Closing Process), Inventory management, Production, Capital Expenditure (CAPEX), Review of Segregation of Duties and Human resource (HR) etc
• Evaluation, Review and Gap Analysis of the existing business processes and identification of gaps/improvement opportunities leading to value addition
• Understanding and documentation of organization’s strategy, business objectives and performance management system
• Entity-wide risk assessment and evaluation of entity level controls in relation to the client’s risk universe
• Effective Resource Management through study of organizational structure and analysing the appropriateness of Job Descriptions and deployment of Human Resources
CA is a premium qualification in accounting. I had the privilege of clearing all papers in first attempt to become a qualified CA member in 2011
Got straight A's in A levels (Conducted by Cambridge University)