Finance Manager
Mostafa Bin Abdullatif LLC
Total years of experience :18 years, 3 Months
The Group manages a rich and diversified portfolio of real estate, marketable securities and trading divisions thereby representing and distributing world-class brands such as Braun, NCR, Chubb Safes, Isgus, Modulex, Brand-Rex, Austin Hughes, ABB, Pentair Thermal Controls, Leifheit, etc.
External Financial Reporting and Consultancy.
- Oversees the production of the Group’s annual audited consolidated financial statements and annual report.
- Liaises with the Group’s external auditors on both the six month review and full year audit
- Ensures that all financial statements produced and reported to the market are per IFRS and company law compliant.
- Proactively provides analysis and assessment of changes in International Financial Reporting Standards and company law on the Group’s business and financial statements in multiple jurisdictions.
- Manages and enhances the application of financial consolidation tools to the Group’s financial consolidation and reporting processes.
- Due Diligence, Support the Commercial, Legal and Finance teams for all financial due diligence activity.
- Company valuation
Internal Financial Control and Management reporting
- Implement and maintain effective financial controls within the business and ensure that the company’s financial accounting functions operates to the highest standards and are compliant with international reporting standards, local reporting requirements and group policies. Delivering accurate monthly financial reporting with appropriate analysis and commentary.
- Oversee and manage all financial duties/activities in support of Financial Reporting, Accounts Receivable, Accounts Payable, Treasury and Purchasing departments
- Ensure compliance with all statutory, legal, taxation and Internal control requirements,
- Signing off day to day petty cash requirements.
- Develop the forecasting process to ensure timely and accurate Profit and Loss Account projections can be produced,
- Upload the monthly packs for financial reporting and forecasts,
- Overviewing daily bank reconciliation and managing cash flow, Cash flow monitoring - submit accurate fortnightly cash flow statements, including cash in/cash out reports,
- Preparing and analyzing the monthly Profit & Loss statement and reporting to Senior Management,
- Preparing the budget by liaising with the departments and Asset Managers to deliver the expected results, Conduct monthly variance analysis of actual to budget, providing commentary and follow up on outstanding actions
- Track business performance on all tactical decisions and highlighting issues and areas of concern to influence corrective actions,
- Regular reviews of business performance using benchmarks and KPIs to highlight and suggest improvements to overall effectiveness,
- Meeting with the owner's on a monthly basis to discuss and present results and any other matters,
- Develop business plans for potential new investments,
- Ensuring healthy team spirit in the department and responsible for the growth of the direct reports,
- Preparing yearend Financial Statements,
- Reviewing Monthly Balance Sheet to ensure relevant entries are held,
- Monitor the month-end and year-end closing process,
- Reviewing all control processes and finance directives and make sure all in compliance.
New Projects under development
- Works with operators to ensure that financial reporting systems introduced into new operations are appropriate for the Group’s needs and facilitate the consolidation of quality, timely financial information.
- Oversees the production of the Group’s annual audited consolidated financial statements and annual report.
- Liaises with the Group’s external auditors on both the six month review and full year audit
- Ensures that all financial statements produced and reported to the market are per IFRS and company law compliant.
- Due Diligence, Support the Commercial, Legal and Finance teams for all financial due diligence activity.
- Oversee and manage all financial duties/activities in support of Financial Reporting, Accounts Receivable, Accounts Payable, Treasury and Purchasing departments
- Track business performance on all tactical decisions and highlighting issues and areas of concern to influence corrective actions
- Meeting with the owner's on a monthly basis to discuss and present results and any other matters
- Develop business plans for potential new investments
- Managing the activities for ensuring completion of various types of audits within the time & cost parameters. Communicate and coordinate budget preparation timelines and other deadlines.
- Forming audit plan and approach.
- Team formation, manage, develop, train and mentor the audit team, ensuring all team members acquire and retain appropriate skills and knowledge, and can accurately achieve multiple KPI goals to tight deadlines.
- Determining the level of audit risk and forming the matrix; evaluating the control risk within an organization’s accounting system.
- Evaluating Internal Control Systems / procedures, preparing audit reports with a view to highlight the shortcomings and implementing necessary recommendations.
- Preparation of Profit and Loss Variation Analysis and Balance Sheet Movement Analysis.
- Preparing audit programs for all functional areas (for e.g. Revenue, COS, Payroll, Inventory, Capital Assets, Receivables and Payables), scope for audit and responsible for delegation of work to subordinates, and review of work done.
- Reviewing and evaluating Internal Control, suggesting various measures to improve Internal Control System.
- Review the monthly financial statements and prepare management information.
- Drafting reports after discussion with managers of departments concerned.
- Advising departments for ensuring better internal control system & compliance of legal requirements.
- Supervise teams and performance of assignments.
- Performing SOX compliance audit.
- Evaluating the evidence collected for a statutory audit.
- Coordinating with IT audit team and reviewing reports on the ERP Systems generated; preparing time and cost estimates as part of team briefing meetings.
- Prepare financials and other statements and accounts ( as per IFRS).
- Prepare and submit necessary financial regulatory returns to the DFSA.
- Advising on the findings and implications and preparing a Formal Audit Report.
Team Management
- Managing Team functions viz. training, performance appraisal, etc.
- Leading, mentoring & monitoring the performance of team members to ensure efficiency in process operations and meeting of individual & group targets.
- Coordinating and ensuring meetings / feedback sessions happen on a regular & consistent manner, skill based & refresher trainings happen regularly.
Senior Accountant at Louis Vuitton UAE/Bahrain and Qatar (Part of Chaloub Group) from July 2010 to Feb 2011
Accounts Planning & Control
- Implementing accounting systems & procedures; supervising the timely preparation of statutory books of accounts and finalization & consolidation of group accounts.
- Monitoring and ensuring preparation of Bank Reconciliation Statements for reconciling Cash & Bank balances involving active coordination with bank authorities.
- Reviewing revenue summary statements with status of reconciliations.
- Reviewing the GL reconciliations, Accruals and Provision calculations.
- Preparing and conducting Analytical Review of Financial Statements, Variance Analysis of Profit and Loss Account and Balance Sheet.
- Assessing the company’s accounting policies and audit if they are as per the local standards.
- Managing the preparation & maintenance of accounting systems & financial statements including Ledgers, Journals, Cash Flow Statements, Schedules, P&L Account and Balance Sheet, ensuring conformance to time, accuracy and statutory norms.
- Analyzing financial statements, Bank Reconciliation Statements & preparing reports on performance of company.
- Handling financial matters including working capital management, ratio analysis, and capital budgeting & cash flow analysis.
- Determining the accounts payable position for making timely payments to creditors and the accounts receivable position for receiving timely payments from debtors.
- Supervising the preparation of MIS reports to provide feedback to top management on financial performance, viz. fund management, credit control, profitability, etc.
- Formulating effective collection mechanisms and ensuring timely receipt of money from clients & recovery of bad debts. Compiling Debtors and Creditors balances and other group company transactions.
- Rendering regular feedback to the collections team on the portfolio performance, quality of sourcing, turnaround and market trends.
- Providing accurate and timely financial information. Preparing Monthly financial pack to be submitted to the Finance manager.
- Timely closure of books for month end reporting (Cyrus Package- for reporting).
- Submit complete and accurate monthly, quarterly and annual reporting packages as required, in accordance with international standards and reporting deadlines.
- Controls the year end closing process and activities.
- Managing the activities for ensuring completion of various types of audits within the time & cost parameters.
- Evaluating Internal Control Systems / procedures, preparing audit reports with a view to highlight the shortcomings and implementing necessary recommendations.
- Preparation of Profit and Loss Variation Analysis and Balance Sheet Movement Analysis
- Preparing audit programs for all functional areas (for e.g. Revenue, COS, Payroll, Inventory, Capital Assets, Receivables and Payables), scope for audit and responsible for delegation of work to subordinates, and review of work done.
- Drafting reports after discussion with managers of departments concerned.
- Advising departments for ensuring better internal control system & compliance of legal requirements.
- Reviewing and evaluating Internal Control, suggesting various measures to improve Internal Control System.
- Review the monthly financial statements and prepare management information.
- Forming audit plan and approach.
- Performing SOX compliance audit.
- Determining the level of audit risk and forming the matrix; evaluating the control risk within an organization’s accounting system.
- Evaluating the evidence collected for a statutory audit.
- Coordinating with IT audit team and reviewing reports on the ERP Systems generated; preparing time and cost estimates as part of team briefing meetings.
- Prepare financials and other statements and accounts ( as per IFRS)
- Advising on the findings and implications and preparing a Formal Audit Report
