Senior Finance Manager
Souq Group
Total years of experience :25 years, 11 months
Budgeting, Forecasting and Analysis
Primary responsibility to facilitate the identification of business goals, strategies, and initiatives through the annual business planning process.
Assist BU’s in formalizing the yearly revenue targets, budgets and operating plans.
Create & maintain a financial/business-planning model that supports the organization's mission and plans based on an internal (teams) and external (investors) needs assessment.
Management/Investors’ Reporting
Management of monthly scorecards/reporting/dashboards preparation. Responsible for coordinating operational lead contributions, reviewing and understanding actual versus forecast analysis provided and assisting in ensuring clear messaging communicated to the Board.
Progressively improve the business performance reporting with key analysis & recommendations.
Covering the FP&A Manager on the monthly forecast assumptions and performance to the Board.
Contributing to the production of Board presentations and various other communications to external stakeholders/investors.
Build internal reporting packages
Full revenue & COGS schedules including the provisions with the help of the BU accounting teams.
Building the full line OPEX schedules on various expense heads to have a close FP&A control.
Benchmarking internally and externally (competitors) on key expense ratios/trends/efficiency parameters etc. and also ensuring correct definitions are being used at the time of budget preparation.
Financial Review—Souq Group
Oversee the Accounting Department for the group to ensure proper maintenance of all accounting systems.
Supervision of Annual Budgets and project Cost Analysis, Management Reports, evaluating performance of Budgetary Targets and recommending improvements.
Maintenance of appropriate Internal Controls and Financial Procedures to support the business processes.
Prepare Country Wise/Consolidated Financial Statements for the Group in Middle East in accordance with IAS and IFRS.
Report financial results to the CEO, Board of Directors and Investors.
Maintain relations with external auditors and investigate their findings and recommendations.
Other Projects
Preparing the variance analysis for CAPEX i.e. Actual spends vs. the budgeted spends. Understanding the variance if any.
ROI Analysis for any new or existing investment/OPEX vs CAPEX. Lease Vs buying etc.
Working on the budgetary policies and implementing budgetary control over expenses and OPEX.
Review and recommendation of cost saving initiatives working with stake holders. Identify and implement projects for cost saving initiatives with the collaboration of the BU functional management.
Review of MRP (Material Requirement planning with category and supply chain management)
I am primarily accountable for the Financial, Credit, Administrative and Risk Management operations of the group. Key assignments include following; -
Planning
Assist in formulating the group’s future direction and supporting tactical initiatives.
Monitor and direct the implementation of strategic business plans.
Develop financial & business strategies.
Develop performance measures that support the group’s strategic direction.
Operations
Participate in key decisions as a member of the Financial Management team.
Manage the Accounting, Investor relations, Legal, and other Business Units.
Oversee the financial operations of subsidiary companies and foreign operations.
Oversee the group’s transaction processing systems.
Financial Information
Oversee the Accounting Department to ensure proper maintenance of all accounting systems.
Supervision of Annual Budgets and project Cost Analysis, Management Reports, evaluating performance of Budgetary Targets and recommending improvements.
Develop Activity based financial analyses to provide insight into the group’s operations and Business Plans.
Maintenance of appropriate Internal Controls and Financial Procedures to support the business processes.
Prepare Consolidated Financial Statements for the Group in Middle East in accordance with IAS and IFRS.
Report financial results to the Chairman and Board of Directors.
Maintain relations with external auditors and investigate their findings and recommendations.
Risk Management
Understand and mitigate key elements of the group’s risk profile.
Monitor all open customer related legal issues.
Maintain appropriate insurance coverage.
Ensure that the group complies with legal and regulatory requirements.
Report risk issues to the audit committee of the Board of Directors
Funding
Monitor cash balances and cash forecasts.
Liaise with Banks / Financial Institutions to arrange for financing & for business requirements.
Credit Risk Management & Control
Perform independent risk assessment of all the customers of the group on a periodic basis. This also includes Approval of credit limit(s) of the customers based on their financial stability & credit worthiness.
Periodic review of Receivables with Aging analysis and Recovery / Collection progress.
Provide quality support & advice to Business Units on all documentation & credit related matters.
Identify & Monitor Early Warning Signals & Risks. Oversee reports that include the degree of risk involved in extending credit.
Responsible for handling a portfolio of around 40 clients including Real Estate Companies, Construction Companies, Oil & Gas and NGOs.
Clients included in my portfolio are ETA Group of Companies, Belhasa Group of Companies, Aramex Group (local entities), Peeraj group, Victory heights Golf and Residential Development Company LLC, Saba real Estate, Falcon City of Wonders LLC etc
Directing the consulting works provided to different entities i.e. JAFZA (Basis for allocation of common expenses among the companies’ group entities) and Dubai World Trade Centre LLC (preparation of group reporting pack issued from ICD in accordance with IAS and IFRS).
Developed the complete set of financial statements and related schedules in accordance with the International Financial Reporting Standards, Companies Ordinance and relevant provisions of the insurance ordinances & rules.
Handled consolidation of trial balances, schedules of branches and other cost centers prior to the preparation of complete set of financial statement as per IFRS.
Ensured filing of income tax returns as per various sections of Income Tax Ordinance 2001.
Prepared annual budget for premium revenue, claims, commission and all types of management & general expenses and monthly variance analysis report.
Generated monthly cash flows & management account.
Evaluated MIS for expenses branch wise and reconciled the same at head office level.
Served as custodian for the fixed assets as well as the employees Gratuity & Provident Fund.
Liaised with external & internal auditors for the year end audit and special assignments.
Constant coordination with Securities & Exchange Commission of Pakistan (SECP), Income Tax Authorities & State Bank of Pakistan (SBP) regulatory issues and for various reporting.
Communicated with the banks in relation to web based payments, fund management and investments of provident & gratuity fund. Also liaised with Credit Rating Company for yearly surveillance of the company’s rating.
Worked as project leader for the installation and implementation of Oracle Software at head office and all the branches
Performed various audit & special assignments to different sectors of economy including: Chemicals & Petrochemicals - Eli Lilly Gohar Pvt. Ltd., Zagro National Pesticides Corp. Pvt. Ltd., Artistic Denim Ltd., Artistics Milliners, Envicrete Pakistan Ltd., & National Fibres Ltd.; Oil & Gas - National Refinery Ltd., Banks - First Women Bank & ABN Amro Bank; Financial Institutions - Pakistan Emerging Ventures Ltd., Ventures Capital Fund Management Ltd., Investment Corporation of Pakistan, Investment Corporation of Pakistan - Mutual Fund, First Women Bank Ltd., & National Investment Trust Ltd.; Insurance - Adamjee Insurance Co. Ltd. & Alpha Insurance Co. Ltd.; Service - Tourism Promotion Services Ltd, State Petroleum Refining Petrochemical Corp. Pvt. Ltd, Petroman, Talent Factory Pvt. Ltd. and Shezan Pvt. Ltd.