Head Of Finance
Spacemaker (Byrne Group)
Total years of experience :13 years, 2 Months
Major Responsibilities:
• Provide effective leadership and management of finance function of entity and contribution to Group's strategic management in line with broad group level KPIs.
• Participate in future planning and effective daily life of the organization and related corporate activities including, business planning, policy making, financial forecasting and strategic decisions.
• Maintain effective stakeholder communication and engagement.
• Manage company's financial affairs from a strategic perspective, financial control aspects and liquidity.
• Develop and implement an organization's overall financial strategy and have effective overall management and control of all capital and income budget to ensure financial resilience.
• Responsible for the financial aspects of any strategic projects and participate in M&A.
• Assure that appropriate financial and operational controls are in place for support of cost and income control, and for procedures to be followed, a comprehensive overview of all departments' activities and budgets must be maintained
• Oversee all accounting functions across UAE and KSA.
• Support ERP implementation.
• Restructure the financial department, including re-engineering of balance sheets
• Maintain strong relationships and governance with banks and negotiate financing deals
• Maintain a current understanding of financial, tax, administration, and operational best practices and ensure that the organization complies with all legal and statutory requirements.
Major Responsibilities:
• Responsible and managing the Financial Accounting, MIS Reporting, Budgeting and Forecasting at group level (UAE, Oman, KSA and Kuwait entities and their consolidation) and presentation of the Financials to the management to evaluate company’s performance and take timely business decision.
• Strategic support to the Operational and Leadership Team by providing various financial and commercial analysis, strategic reports, capital and operating expenditures, business evaluations and other adhoc projects.
• Controlling the working capital and ensuring the cash conversion cycle (days) are kept as per agreed norms.
• Critically review the existing accounting process and recommend the improvements / changes in the respective areas and ensure the strict compliance to the process as devised including the adherence to the Chart of Authority.
• Managing the financial risk of all entities in terms of exchange risk, liquidity risk, price risk (by way of hedging) and successful reduce the products cost and exchange variances.
• Responsible for managing Taxation which include Value Added Tax, Excise Tax, Income Tax and Zakat of UAE, KSA and Oman.
• Lead the execution and finalization of the external audit of UAE, Kuwait, Oman and KSA entities and their consolidation.
• Responsible for the accurate and error free processing of transactions in ERP Systems, integrity of data & reports and ensuring timely and accurate month end closing of all modules.
• Complete oversight over the P2P process of the standalone and group entities.
• Controlling the manufacturing accounting of the different unit and ensure the correct costing of all products and comprehensive analysis of variances.
Key Contributions:
• Successful completion and submission of management reporting and reduced the reporting time from 10th to 4th of every month.
• Completion of statutory audit (final and interim) with clean auditors’ report within the agreed time with Board.
• Successfully reduce the working capital days and bring the cash inflow in the business and reduced the finance cost.
• Successful implementation and compliance of existing and new IFRS along with development of critical accounting policies and procedures.
• Devise and implement the comprehensive product costing structure.
• Successful completion of Zakat and Income Tax assessment with tax authorities of KSA and Oman.
• Efficiency enhancement of existing ERP system by development of new reports and automation of existing processes.
• Successful registration of Designated Zone with Tax Authorities and compliance as per law.
• Automation of Procure to Pay (P2P) process which resulted in cost reduction and supplier’s satisfaction.
Oversaw accounting duties related to reporting, variance analysis, budgeting, and forecasting and developed robust relationship with group and financial institutions. Gathered and composed accurate information regarding financial status and performance as well as took corrective actions for improving financial strength and security. Collaborated with department heads and corporate to develop and arrange budgets on annual basis. Delivered financial services, regarding revenue generation, cash flow management, and capital projections. Planned project funding, enhanced project growth through preparation of feasibility reports or management of CAPEX and OPEX as per company’s rules.
Key Contributions:
• Drafted and documented management reports based on P&L, balance sheet, cash flows, product margins, stocks, debtors & creditors, working capital, CAPEX, HRMS and forwarded final outcomes to Board of Directors.
• Recognised for successful contribution in gaining approval and authorisation for acquisition of new plant and machinery proposal and promoted new product line.
• Enabled the attainment of bottom-line results and fulfilment of management targets through execution of product costing structure and development of ERP/ prime cost controlling system.
• Sustained product margins, utilised material/resources, and upgraded cost folder to regulate overall pricing and margins reporting at broad product categories.
• Contributed strong group business excellence relations, marketing, and business skills to achieve increased revenue growth year after year and maximise standard policy.
Led sales, accounting, and finance functions, such as account receivable, credit management, and cost controlling of Oil and Industrial Fats Division. Created extensive reports encompassing business evaluation, profitability analysis, and expense forecasting and delivered to management. Determined and estimated upcoming cash flow for working capital management and retained working capital in accordance with corporate terms and conductions. Addressed the inadequacies and executed financial recommendations by designing ERP system. Formulated internal growth business plans and originated ad-hoc incentive initiatives on monthly basis. Steered efforts to execute and handle projects to save cost of Supply Chain Department (SCM).
Key Contributions:
• Managed and grew AR portfolio of US$ 105-115M for the company by leading finance operations.
• Developed new initiatives, long-term visions, and strategic plans that decreased overdue amount of account receivables from 40% to 15%.
• Ensured the timely delivery and completion of AR module in ERP as well as controlled customers’ Master Date.
• Moderated risk and retained overdue amounts within acceptable level through assessment and evaluation of account receivable risk areas.
• Checked and measured credit worth of customers by arranging random market visits, fostering productive relationship with sales team, and designing customers’ credit policy.
Chartered Accountant