Financial Manager
LUSH Fresh Handmade Cosmetics
Total years of experience :22 years, 3 Months
Accomplishments
⁻ Involved in setting up the organization in Saudi Arabia from accounts perspective
⁻ Played key role in setting up retail system and new account system Sage
⁻ Significant contributor to setting up structure for HR department/ Saudi business and releasing GOSI on time
⁻ Assist the managing director & the CFO in evaluating supplier contracts, identifying contractual exposure and ensuring contractual compliance. Participate in audit with PWC
Responsibilities
⁻ Involved in preparing monthly and annual financial statements in compliance to organizational policies and IFRS parameters
⁻ Prepare financial reports as well as detailed budgets based on the group’s financial calendar
⁻ Implement effective remedial measures based on budget variances and expenditures
⁻ Generate awareness on various financial regulations & controls amongst team members for implementing the same in day to day business transactions
⁻ Coordinate day to day financial accounting functions till finalization of management, statutory reporting and intercompany accounting
⁻ Conduct day to day review of working capital utilization, cash flow and supplier’s credit for maintaining organizational bottom lines
⁻ Manage monthly reconciliations & clearance of issues including clients, suppliers, banks and intercompany accounts
⁻ Set up/ test internal controls based on operational and statutory requirements
⁻ Spearhead team efforts in setting up new retail system as well as structure for Saudi business
⁻ Conduct training sessions for shop Managers in KSA on the new system (Sage) including additional training for accomplishing organizational goals
⁻ Update business status to the senior management & other stakeholders using detailed reports/ presentations to enable effective decision making
⁻ Coordinated activities related to evaluating/ entering payment to accurate standards
⁻ Prepared monthly bank/ supplier reconciliation for tallying respective outstanding balances
⁻ Enhanced operational efficiency by consistently streamlining and improving on the financial accounting processes
⁻ Participate in monthly closing activities (accruals, capitalization, reconciliation) based on business requirements
⁻ Resolved accounting discrepancies. Prepared weekly clients and suppliers statements
⁻ Updated & assisted the finance manager in delivering monthly financial reports to the General Manager
⁻ Followed up with customers and the collections team in maintaining collection targets for minimizing bad debts
⁻ Coordinated with various support teams in depreciating fixed assets, updating entries related to salaries, petty cash
⁻ Evaluated/ entered payments to accurate standards including issuance/ renewal of maintenance & service contracts
⁻ Prepared monthly bank/ supplier reconciliation for tallying respective outstanding balances
⁻ Enhanced operational efficiency by consistently streamlining and improving on the financial accounting processes
⁻ Participate in monthly closing activities (accruals, capitalization, reconciliation based on business requirements
⁻ Assessed employees expenses Vs budget/ forecast including budget/ forecast results for ascertaining P/L
⁻ Spearheaded team efforts in preparing monthly, quarterly and annual budgets, financial forecasts, core financial planning and analysis, proposal rates, profit plans and schedules
⁻ Set up/ maintained other plans & control procedures followed by reporting variances to local management
⁻ Coordinated with various support teams in depreciating fixed assets, updating entries related to salaries, petty cash
⁻ Managed activities related to accounting, payroll, cash management through a team of associated accounting personnel within the finance department
⁻ Followed up with customers and the collections team in maintaining collection targets for minimizing bad debts
⁻ Involved in processing account receivable actions including preparing/ sending invoices to customers by mail and/or e-mail
⁻ Prepared forms (invoices, checks, correspondences and reports) pertaining to account receivable
⁻ Guided team members in preparing primary books of accounts & ledgers for statutory & internal audit. Compiled trial balance
⁻ Evaluated/ entered payments to accurate standards including issuance/ renewal of maintenance & service contracts
⁻ Prepared monthly supplier reconciliation for tallying respective outstanding balances
⁻ Enhanced operational efficiency by consistently streamlining and improving on the financial accounting processes
⁻ Participate in monthly closing activities (accruals, capitalization, reconciliation based on business requirements
⁻ Prepared/ updated list of contract / VO’s / insurances for contractors & consultants
⁻ Generated audit schedules for auditors (internal & external) and rendered support during the audit period
⁻ Guided team members in preparing financial statements, primary books of accounts & ledgers for statutory & internal audit as well as compiling trial balance
Role: Senior Accountant (Suppliers Services)
⁻ Involved in receipt/ sorting of delivery orders and invoices. Participated in supplier negotiations
⁻ Collaborated with various sites for processing bills and preparing supplier payments
Role: Accountant (Purchase)
⁻ Prepared/ tracked LPOs in the Oracle based purchase system
⁻ Interacted with engineers & site foreman across various sites based on material requirements prior to preparing material procurement plans
⁻ Compared/ finalized quotations based on random enquiry generation
⁻ Identified & developed vendors pertaining to cost effective supply of required materials
⁻ Generated weekly quality control reports to minimize material damages / rejection cost
⁻ Audited suppliers credibility, supply commitment and delivery schedules
Role: Accountant (Credit & Collection)
⁻ Participated in negotiations related to payment arrangements and settlements with customers, agencies, attorneys
⁻ Implemented strategies and processes set by the head of department to enhance collection percentages and minimize customer’s churn
⁻ Prepared aging report of customers and minimized total debts of old customers
Generating new and innovative work-related ideas special in HR department (job application forms, performance appraisal, job contracts.)
Preparing invoices, credit note and transfer notes, collecting orders and checks
Incoming and out going stock controlling
Initiating and following up customer service questionnaires to monitoring and improving customer satisfaction levels as well as assisting in building up customer loyalty.
Managing the sales consultants effectively
To introduce and implement new techniques for achieving the target
Interaction with customers and understanding their needs
Maintaining existing customers data and following up frequently
Corporate customer visits
Applying knowledge of accounting principles in real terms
Working with computerized accounting systems
Data entry and auditing work for partial accounts.
Preparing for CMA Exam Part 1