Asif Shahzad (APA/ACMA) (CIMA Adv. Diploma in Mgmt Accounting), Accounting Supervisor

Asif Shahzad (APA/ACMA) (CIMA Adv. Diploma in Mgmt Accounting)

Accounting Supervisor

Baker Hughes Incorporated

Location
Saudi Arabia - Eastern Province
Education
Diploma, CIMA Advanced Diploma in Management Accounting
Experience
28 years, 7 months

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Work Experience

Total years of experience :28 years, 7 months

Accounting Supervisor at Baker Hughes Incorporated
  • Saudi Arabia - Eastern Province
  • My current job since May 2008

Supervising day-to-day accounting operations of the Middle East North Operational Area comprising drilling operations for Saudi, Qatar, Kuwait, Iraq & Bahrain.
Analysing Statutory results on a monthly basis & calculating the Joint Venture profit shares to report the Minority Interest Liability in the consolidated Baker Hughes Asia Pacific Management books.Liaise with the Saudi Joint Venture Partner on the Statutory reporting profits & forecast results.
Supervising & reviewing weekly Cash flows in order to ensure effectively utilization of funds. Recommending action to the Area Finance Manager.
Supporting the business managers in the development of quarterly forecast and the Annual Budget and validate consistency and accuracy of their financial projections.
Leading the consolidation of the monthly Reporting Tempos (Balance Sheet, P&L and Cash Flow Statement & other analytical reports) in Hyperion Financial Management (HFM) agree the analysis with the Area Team and submit to the Regional Headquarter and consolidation team.
Providing necessary support to internal controls improvement effort and playing an active role in delivering the year end External Audit requirements
Effectively managing/coordinating/developing a team of Accountants, determining clear roles & responsibilities, identifying and actioning development needs to ensure superior finance business support.
Prepare and Analyse Financial Statements in accordance with US GAAP and reconciling Statutory to GAAP reported Accounts balances including analysis and break up of all Topside entries. No longer a requirement after convergence of Norwalk Agreement.
Monthly/Quarterly Reconciliations of accounts and ensure action on reconciling items.
Preparing the quarterly Controls Self Assessment (CSA) as required by corporate in order to be compliant with the SOX 404 requirments.
Coordinating Internal and external Audits & timely submission of WHT Return and Tax/Stat Returns.

Senior Manufacturing Accountant at Baker Hughes Incorporated
  • Saudi Arabia - Eastern Province
  • June 2006 to April 2008

Accurate & timely completion of monthly reporting tempos in Hyperion.
Successfully completed three consecutive parallel closes on Hyperion Enterprise & HFM with no issues.
Preparation of accurate & timely Month-end reports including but not limited to Production by type/Sizes, Absorption of Overheads, Capex Plan, Capital Internal Order review & Mfg spend.
Preparation of Monthly Var Payrol expenses for the Mfg team.
Time to time support to the Manufacturing Manager in discharge of his day to day responsibilities whilst remaining compliant to the HCC/BHI policies/procedures.
Actual vs Plan analysis for management in Belfast, Ireland including analysis of actual vs. budgeted - expenses, Production, Standard Hours etc.
Bridging the variances between Plan & Actual Spend by using Four-Variance method ie.Volume, Mix, Productivity & Spend variances contributing to the overall variances & recommending actions to minimize them in future.
Preparing commentary on the performance of the MFG unit at each month end to help the management understand math/reasons for amounts reported in the tempos.
Preparation & presentation of Quarterly/Annual Operating Plans for the Saudi Manufacturing unit.
Ensuring accurate recording and reporting of expenses by cost / responsibility centre. Preparation of Quarter pack for the Manufacturing Unit.
Preparation of Monthly Gross Profit in Inventory (GPI) Reconciliations. Analysing the GPI Pass from HQ & calculation of the subsequent pass on to the Marketing Finance
Analysing G/Ledger from time to time & taking corrective actions to ensure that all line items are correctly stated /reported.
Helping the team to remain fully SOX compliant.
Working in close coordination with the Inventory/Finance Team to ensure adequate cohesion between departments.
Coordination with the External/SOX Auditors in Finalization of Audits of the company.

Management Accountant / Cost Controller at Inma Technologies Company Ltd.
  • Saudi Arabia
  • August 2004 to May 2006

As a Cost Controller my first assignment was to build up foundations for the establishment of a Project Costs Monitoring System with the assurance to the staff that the system was being introduced to achieve operational effectiveness & efficiencies and that everyone was assuming an important role in the same.
Preparation of Monthly Cost Variance Analysis of the invoiced & under completion projects to help the management review the actual & estimated gross margin for each job whilst reasons for any variances in the same.
Preparation of Operation’s Quarterly & Annual Budget & the cost allocation to different Solution Groups in consultation with the Operations Manager.
Providing support to the Financial Manager for Annual Operating Plan, Quarterly Forecasts & monthly outlooks.
Refined the purchasing process of the company by defining & fine-tuning the policies thereby helping the company achieving economies of scale.
Quarterly & yearly review & calculation of hourly Departmental Labour Cost Absorption Rates for incorporating into ERP & Estimation Sheets (Project Business Case).
Updating the Weekly Current Working View (Invoicing Road Map) to attend the session every week with the top management.
Preparation of Feasibility reports & Sensitivity analysis to assist the management in decision-making process.
Established a month-by-month forecast system with new planning models together with the improvements in the existing ones to provide efficient decision support system to the management.
Played a key role in developing consensus for strategic planning among all departments.
Scrutinizing the Export L/Cs from the customer to ensure that the terms & conditions for payments are reasonable & will lead to smooth cash recoveries from the client.
Preparation of Letter of Guarantees (L/G) & L/C’s for the suppliers, as per terms of payment.
Finalizing the Annual Audit & Zakat Schedules as per statutory requirements in liaison with the Auditors & Tax Consultants.

Management Accountant / Cost Controller at Inma Woodworks Factory Company Ltd.
  • Saudi Arabia
  • September 2002 to July 2004

I was hired as a Managment Accountant assisting & reporting to the Financial Manager, but got promoted as Cost Controller in February 2004. My responsibilities & Assignments include:

Preparation of Annual Budgets & Monthly/Quarterly reivews.

Preparation of Feasibility reports & sensitivity analysis to assist the management in Decision making process.

Preparation of Monthly management report for Board of Directors consisting information regarding analysis of actual vs budgeted income, expenses, performance variance, A/R summary and Analysis of Financial Statements.

Handling of Import & export letter of credit with independent correspondence with different banks & monitoring of charges for L/Gs & L/Cs.

Assistance to the Financial Manager in Liasion & negotiation with the banks for Loans Financing & L/cs refinancing.

Calculation of Departmental Hourly rates for Labor & Overheads for production costing.

Controlling the activities of the staff accountants ensuring accurate recording & reporting of expenses by cost/ responsility centre.

Ensure accurate and speedy month end closing & financial statements presentation to the top management together with the analysis of variances.

Coordination with the Auditors in finalization of audit of the company.

Preparation & submission of Zakat schedules as per requirement of DZIT.

Senior Finance Executive at Trade Masters (Pvt.) Ltd.
  • Pakistan
  • April 2000 to June 2002

Assisted the CFO/FD in preparation of Financial Statements in CIS environment complying with international Accounting & Auditing Standards. Preparation of Budgets & Reports describing trends and recormmendations for improvements. Interpretation & Analysis of Financial Data. Prepration of Cash Flow & other Financial reports/ analysis of revenue and expenses for management review. Assistance in the restructuring and redesigning of Financial Reporting & MIS of the company. Liasion with the Financial institutions, Auditors, SECP etc. Assistting the CFO in managing Corporate Affairs of the Company.

Assistant Manager Accounts at Trade Masters (Pvt.) Ltd.
  • Pakistan
  • February 1996 to March 2000

I joined the company as an Accountant & got promoted as Assistant Manager Accounts in August, 1998.

Major responsibilites & achievements include:

Recording day-to-day accounting transactions.

Journalizing the month end closing & adjusting entries & prepration of trial balance.

Preparation of L/c documents for improt of goods from Italy.

Handling correspondence & dealing with the tax authorities.

Liasion with the internal & external auditors.

Ensuring accurate book keeping.

Education

Diploma, CIMA Advanced Diploma in Management Accounting
  • at Chartered Institute of Management Accountants
  • July 2011

Completed the Managerial Level of CIMA UK. (CIMA Finalist)

Diploma, Accounting & Finance
  • at Association of Chartered Certified Accountant - ACCA
  • February 2005

Completed upto Paper Part-II of the certification & pursuing the higher stages.

Diploma, Accounting, Finance & Economics
  • at Institute of Cost & Management Accountants of Pakistan
  • January 2001

Associate Cost & Management Accountant - Fully Qualified

Diploma, MIS
  • at University of the Punjab
  • December 1995

Post Graduate Diploma in Administrative Sciences with specialization in Management Information System & Computer Programming Techniques

Bachelor's degree, Accounts
  • at Univeristy of the Punjab
  • June 1994

Bachelor of Commerce (B-Com.)

Specialties & Skills

Accounting
Management
Annual Budgets
Preparation
Month End
ms-office, ms-word, ms-excel, ms-power point, fox pro, oracle & sql, pascal, basic, c++ (cpluzpluz), baan (erp)
Baan (ERP) - Got on the job Training of the BaaN Enterprise Resource Planning System.
SAP (ERP) - Working on the G/L, Accounts Payable & Inventory Modules

Languages

English
Intermediate
Arabic
Intermediate
Urdu
Expert

Memberships

Pakistan Institute of Public Finance Accountants
  • No. APA 2674
  • August 2003
Association of Finance & Management Professionals
  • Member
  • May 1999
Associate Cost & Management Accountants (ACMA)
  • Member A-3231
  • February 2006