Finance manager
Methode Electronics
Total years of experience :17 years, 4 months
Key Responsibilities: -
Accounting & Finance
•Lead Weekly, Monthly & Quarterly business reviews along with the country manager, as well as planning and forecasting cycles.
•leading internal Monthly & Quarterly Business Reviews with different category leads, Advising on investment activities and providing strategies that the company should take, and assisting the country manager in presentations to regional leadership.
•Collaborate with management to develop schedules, procedures, and systems to enable the timely and informative accumulation, adjustment, and reporting of financial data.
•Optimizes and oversees the implementation of the Accounting policies and procedures ensuring compliance of all associates to maintain and strengthen internal controls.
•Ensures accurate and appropriate recording and analysis of revenues and expenses Assist in auditing activities by providing necessary information and preparing requested documentations (Liaise with auditors to ensure appropriate monitoring of company finances is maintained).
•Directs all aspects of accounting operations pertaining; accounts payable, accounts receivable, billing, general ledger entries, bank reconciliation, expense reconciliation, cash applications, collections, incentives & payroll to verify the accuracy of the financial operations.
•Driving vendor and customer issues to resolution enabling a virtuous cycle of opportunity for the greater business.
•Oversees all tax operations and audits ensuing their compliance with local tax laws through a series of systems and system controls that ensure accurate and timely planning, calculation, filing, reviewing, and reporting as well as to fulfilling all legal obligations.
•Implement the new ERP system with all required chart of accounts, accounting cycles, closing entries and proper migration from the old system to the new one.
•Responsible for supervising and developing processes for the accounts receivable and accounts payable functions. Includes activities such as the timely payment of vendor invoices and expense vouchers or the billing and receiving/posting cash receipts.
•Provide financial reports and interpret financial information to managerial staff while recommending further courses of action.
•Analyze costs, pricing, variable contributions, sales results and the company’s actual performance compared to the business plans.
People Management Accountabilities
• Supervise and coaches team members, as well as identifies their individual training needs and monitors their development to support achieving the department’s strategies and plans.
•Agrees on KPIs with members of their team and conducts performance reviews for direct subordinates; provides them feedback and monitors their performance to ensure highest level of performance is achieved by each team member.
MEMF is the market leader in the field of metering in KSA. A well-known manufacturer of electrical devices mainly in the field of KWH Meter, Digital Meter, Meter Box, MCCB, MCB, Current Transformer, J&T, Feeder Pillar, DB Panel Board.
Achievements:
• Reduced paperwork 80% by converting most of accounting procedures to an electronic form.
• Implemented corrective measures for ensuring that minor accounting discrepancies do not transpire.
Key Responsibilities:-
Accounting & Finance
•Direct the recording of transactions in the journal, entries posted to the ledger, reconciliation of accounts and ensure accurate monthly closure of books of accounts and prepare profit & loss statement.
•Prepare accurate, monthly/weekly fund requirements. Further monitoring actual expenditure against the approved communicated payment plan.
•Verification of the supplier invoices and other invoices with the PO and GRN, Maintenance of due dates for supplier and service providers invoices and issuance of the payment to them on timely basis.
•Recording landed costs for shipments and applying them to products allocate indirect costs such as freight, insurance, customs and duties incurred in the purchase of products.
•Responsible for Treasury functions for banking loans creation, settlement and refinances.
•Send/Obtain and verify monthly Intercompany balances confirmations and ensure accuracy.
•Monitor the accounts receivable and accounts payable function, calculate lead times of closure, track progress and submit AR and AP efficiency reports to the management.
•Reconcile customers' accounts on monthly basis and resolve any invoicing or discount issues to avoid late payment.
•Compile and analyze financial information to prepare entries to accounts, such as, general ledger accounts, documenting business transactions and completing corresponding reconciliations.
VAT/Zakat/Tax
•Compile, prepare and submit monthly VAT and withholding tax return within deadline.
•Communicate internally all tax inquires or other information received from GAZT.
•Arrange with treasury for necessary funds in Sadad account to settle the VAT/Zakat/Tax liabilities within deadline.
•Coordination with respective VAT teams in each functions to receive the required information, compile and analyze the data.
Fixed Assets
•Reconciles the balance in the fixed asset subsidiary ledger to the summary-level account in the general ledger.
•Records fixed asset transactions in ERP, including set-up of capital expenditures, transfer of expenditures from CWIP to in-service asset records and processing fixed asset disposals, Organizing and overseeing fixed assets physical verification.
Audit
•Liaise with Internal Audit and assist the auditors in completing audits as per the schedule.
•Implement action plans along with Line Manager for audit findings and interact internally and externally to ensure all the audit findings are worked on and successfully dealt.
•Regularly conduct department-wise internal audits and verify compliance with company policy and operational procedures.
Administration
•Supervision of the reconciliation of all bank accounts and cash account.
•Prepare a monthly report on the major issues facing the collection process and to find solutions with the concerned parties.
•Liaise with banks and financial institutions to facilitate finance sourcing procedures, handle fund transfers, letters of credit, and letters of guarantee, overdraft and deposits.
• Prepare / review monthly MIS reports on key performance indicators for Senior Management.
•Oversee petty cash reimbursement, approving daily expense claims.
Designation Chronology:
•Senior Accountant, May 2012 - August 2015
•General Accountant, July 2010 - May 2012
Achievements:
•Responsibly managing wide-ranging activities in HR & administration, payroll, costing, legal support tasks along with accounting and financial management.
•Designed and implemented computerized accounting systems customized to meet specific business requirements.
Key Responsibilities:-
Accounting & Finance :-
•Direct the recording of transactions in the journal, entries posted to the ledger, reconciliation of accounts and ensure accurate monthly closure of books of accounts and prepare profit & loss statement.
•Analyze cost information, prepare reports in compliance with cost accounting guidelines, assess cost behavior, cost-volume-revenue proportion and suggest modifications to improve performance.
•Prepare cost sheets to ascertain raw material procurement costs, overhead & administration charges and final cost of production to arrive at accurate profit margins and check if profitability targets for a given period are realized.
•Exercise effective internal control through strict adherence to accounting principles & procedures and defined parameters on income-expenditure balance, invoicing and cost control.
•Verify all financial information processed by the accounting team, examine finalized books of accounts and supervise the generation of accounting reports for management presentation.
•Verification of the supplier invoices and other invoices with the PO and GRN, Maintenance of due dates for supplier and service providers invoices and issuance of the payment to them on timely basis.
•Preparation and generation of invoices to customers as per agreed terms and conditions of the Contract.
•Supervise entries made in automated accounting and financial management software.
Budgeting:-
•Prepare departmental and functional budgets based on the study of operational requirement forecasts, analyze cash flows, historical trends and finalize provisions.
•Evaluate capital expenditure requirements as approved by the management and decide sources of fund-raising, cost of services & budgetary allocations.
•Implement the budget for specific periods, verify accuracy and record deviations in the post-budget review phase.
Audit:-
•Manage external audits, prepare audit documentation, evaluate status of and reasons for non-conformities identified, liaise with external audit teams, issue Zakat certificates and respond to accounting queries raised by auditors during audits.
•Record audit proceedings and recommendations issued by external auditors, implement modifications to systems and procedures required to eliminate deviations and rectify discrepancies and submit reports to the management.
•Regularly conduct department-wise internal audits and verify compliance with company policy and operational procedures.
Administration:-
•Supervision of the reconciliation of all bank accounts and cash account.
•Monitor the accounts receivable and accounts payable function, calculate lead times of closure, track progress and submit AR and AP efficiency reports to the management.
•Liaise with banks and financial institutions to facilitate finance sourcing procedures, handle fund transfers, letters of credit, and letters of guarantee, overdraft and deposits.
•Organizing and overseeing fixed assets physical verification.
•Handle employee payroll, direct the calculation of attendance / leaves, preparation of salary statements and transfer salaries to employee accounts and record transactions
•Credit approval and control and debt collection, ensuring that Bad Debt reserves are in accordance with Company policies.
•Responsible for the integrity of invoices issued to customers and all payments (Ensuring appropriate signatories and approvals are in place according with company policies, etc).
Designation Chronology:
• Financial Accountant, November 2007 - July 2010
• Management Accountant in HR Department, December 2006 -November 2007
Achievements:
• Received promotion on account of exceptional performance as Management Accountant in the HR Department handling the financial aspect of HR activities, recruitment budgeting, CTC computation, leave & remuneration policy formulation and employee benefits & perquisites planning.
• Implemented a centralized cash management and liquidity control system working in close collaboration with senior management personnel.
Key Responsibilities:
• Liaised with vendors and suppliers, assessed capacities, researched new cost-effective vendor solutions and assisted in contract finalization / renewal processes.
• Drafted contracts to work with labor contractors, material providers and white-collared construction professionals and experts, evaluated terms and conditions and monitored compliance with defined contractual stipulations.
• Handled cash outflows, processed vendor and service provider payments including manpower agencies, material suppliers and recorded the transactions in the internal accounting system.
• Assisted the procurement department, prepared lead time reports and cost sheets, assessed raw material sourcing options available and prepared performance evaluation reports.
• Exercised effective expenditure control through spend analysis and budget provision review and monitored adherence to the costing system to safeguard financial objectives.
• Prepared MIS and presented reports for senior management review & decision-making and ensured the implementation of guidelines issued.
Duration : - 4 years / 8 semesters . Core majors Accounting, Business Analytics , Business Information Systems, Commercial Law, Econometrics, Economics, Finance, Industrial Relations and Human Resource Management, International Business, Management, and Marketing.
Duration : 2 years /4 semesters . Core majors :- Accounting, Finance, Business Information Systems And Management .
