Accountng Manager
Dubai Offshore Sailing Club
Total years of experience :26 years, 4 months
DOSC was born in 1974 as a result of the extreme generosity and support of His Highness Sheikh Rashid bin Saeed al Maktoum, Ruler of Dubai and Vice President of the UAE, who granted land along the coastline to the DOSC founders for the purpose of sailing. Today, DOSC has excellent facilities enjoyed by over 700 members, a marina with 152 berths, a welcoming Clubhouse and a busy social calendar. The line of revenue included, Food and Beverages, Membership fees, Boat Berthing fees, Boat Parking fee, Boat Cleaning fee, Club Gate fee, Dinghy and Cruiser Boat lessons, Boat Hires and other collections associated with membership and registrations.
Being an Accounting Manager, my responsibilities are as under:
Financial Reporting: Independently preparation of Balance sheet & Profit and loss with explanatory notes, and reconciliation of all the accounts for month end review. Liaise effectively with finance constituents on financial accounting and reporting deliverables, issues and process improvements.
Debtors: Accurate processing of invoices, in line with agreed payment terms, close monitoring of profit margin & compliance with all agreed terms and rates of each invoice before dispatch of deliveries. Analyze and review AR Aging reports and chase with Cashiers/Bar man for timely collections & follow-up overdue balances to meet the monthly cash flow requirements.
Creditors: Accurate processing of supplier inoices, in line ith agreed pament terms, reie endors inoices & Letter of Guarantee for accuracy and completeness and match all purchase orders with invoices. Processing and reconciliation of vendor payments, after internal department approvals and statement of account from vendor. Liaising with other internal departments and suppliers to timely resolve queries or disputes.
Budgeting: Monitor financial performance versus the budget so that the business is aware of anticipated costs/ revenues, and areas of unsatisfactory performance are identified, rectified promptly and potential performance improvement can be adopted.
Business Analysis: Analysis of Business revenue and costs and trends with respect to historical data and market for future revenue & projects.
Monitoring Stock reports and obtained quarterly physical stock reports from the storekeeper and accountant for verification of physical stock with records. Manage obsolete and damaged stock for return.
VAT : Filing of vat returns and reconciliation of record.
Payroll: Responsible for timely and accurate processing of payroll for employees includes processing employee salary changes, status
changes (new hires and terminations), leave settlements, deductions, advances etc.
Reconciliation(B/S): Perform Balance Sheet reconciliations on a monthly basis to ensure accuracy and integrity of financial data, and manage all other reconciliations.
Month end Closing: Close of books month end after signoff financial statement by the directors.
Policies: Implement Firms Accounting Policies and interpret guidance regarding accounting transactions.
Audit: Work with internal and external auditors
Statutory Compliance: Conduct statutory reconciliation and reporting requirements to ensure compliance with local laws.
Concord Distribution & Gen Trading(CD) established in 2000 engaged in trading of Perfumes, Deodorants under various brands manufactured by Parent company M/s Swiss Perfume FZE Hamriya Free Zone Sharjah. I have been involved in the following activities
1-Financial Reporting: Preparation of Balance sheet &
Profit and loss with explanatory notes, and
reconciliation of all the accounts for month end review.
2-Debtors: Accurate processing of customers’ invoices,
in line with agreed terms, close monitoring of profit
margin & compliance with all agreed terms of each
invoice before dispatch of deliveries. Analyze and
review AR Aging reports and follow-up with sales
department for timely collections of overdue balances
to meet the monthly cash flow requirements.
3-Creditors: Accurate processing of supplier invoices, in
line with agreed terms, review vendors’ invoices &
Letter of Guarantee for accuracy and completeness,
and match all purchase orders with invoices.Liaising
with vendors for timely resolve queries or disputes.
4-Bank & Cash: Deals with banks for monthly
reconciliation and maintain schedule of term loans
and facilities, PDC issued and received for close
monitoring of bank a/c through online access.
5-Budgeting: Monitor financial performance versus the
budget so that the business is aware of anticipated
costs/ revenues, and areas of unsatisfactory
performance are identified, rectified promptly and
potential performance improvement can be adopted.
6-Cash Flow: Prepare & monitor company’s cash flow
forecasts on daily & weekly basis to meet routine
payments & collections.
7-Inventory: Monitoring Stock reports in comparison
with monthly physical stock counts sheets from
accountant for verification with records.
8-Payroll: Responsible for timely and accurate
processing of payroll for employees through WPS at
CD; includes processing employee salary changes,
status changes (new hires and terminations), leave
settlements, deductions, advances etc. Coordinate
with HR on employee clearance and follow up on final
settlement issues.
9-Reconciliation(B/S): Perform Balance Sheet
reconciliations on a monthly basis to insure accuracy
and integrity of financial data, and manage all others
reconciliations (banks, AR, AP, payroll, fixed-assets,
insurances)
10-Trade Finance: Deals with banks for Cheque
discounting, LC discounting, Murabaha Contracts,
Loan Against Invoice & TR. Follow-up with
relationship managers for renewal of facilities & full fill
bank requirements including, in-house financials
/Audited accounts, Stock reports, and all other related
documents. Liaison with banks’ auditors for their
routine visits of warehouse for verification of
accounting records and stock.
11-Petty Cash: Ensure petty cash re-imbursements are
properly authorized with supporting documentation
and is in line with the company’s agreed procedures
and practices. Reconciling petty cash on month basis.
12-Month end Closing: Close of books month end after
signoff financial statement by the directors.
13-Policies: Implement Firm’s Accounting Policies and
interpret guidance in regards to accounting
transactions.
14-Fixed Assets: Related depreciation, Amortization,
Disposals, Impairments & reconciliation.
15-Internal Controls: Ensuring internal controls are
maintained at the highest level .
16-Audit: Work with internal and external auditors
during reviews and audits to ensure full cooperation
from accounting staff and compliance with all qualified
requests.
17-Export Documentation: Preparation of all export
shipments related documents in accordance with LC
under UCP and follow-up with importers for funds.
18-Record & Confidentiality: Filling records with high
level of confidentiality.
Manage all accounting and audit clients with a team of 06 associate accountants and auditors.
Develop an accounting system for the clients from chart of account to reporting requirements of the clients according to International
financial reporting standards and GAAP.
Mentor and develop finance team, managing work allocation, training, problem resolution, performance evaluation and the building of
an effective team dynamics.
Delegate jobs to accounting and auditing staff for monthly accounting, audit and follow up their progress on regularly visiting the
clients and in house work to meet the reporting requirements of the clients and dates.
Participate in the development of policies and procedures of the company with the management.
Supervising preparation of monthly financial reports. Analysis of financial results on the basis of financial reports and development of
recommendations on the basis of analysis for clients.
Actively participating in the process improvements and in developing procedures to enhance control over company assets and
productivity of the clients.
Review of accounting reports & monthly financial statements with staff before delivery to the clients.
Prepare quarterly / monthly financial statement analysis, final accounts and discuss with clients for effective decision making.
Coordinate with the Business development staff for new clients and their fee.
Follow up outstanding invoices for timely settlements.
Review monthly meeting of staff and management to discuss progress of the jobs and related issues.
Efficiently conducted external and internal audits and other related assignments of reputed Multinational and local organizations.
Provided requisite support and guidance to audit team members in order to complete various audit tasks.
Effectively liaised with the client's senior management to discuss audit issues and their settlement.
Prepared and finalized financial statements along with the audit report thereon.
Authorized by the management to approve leaves and release of passports and all allied matters regarding labor related matters.
Prepare annual staff appraisal reports for the review of the management for increments and promotions
Financial Statement & Management Reporting: Preparation of Balance sheet & Profit and loss with explanatory notes for
fluctuations, and reconciliation of all the accounts for management review.
Foreign Reporting to Management in France Paris on monthly basis as per their reporting format
Inventory: Physical stock count & reconciliation with ledgers identify slow moving and obsolete item.
Bank & Cash: Dealing with banks for realization of export bills submission of export shipments documents to the banks according to
the requirements of LC/DA/CAD.
Debtors & Creditors Reporting: Preparing Aging Reports Related to bad debts, outstanding, comparatives, highlighting the weaker
areas in the field and relevant accountabilities,
Payroll: Supervise preparation of salaries and wages of 110 staff & workers & disbursement through banks.
Cash Flow: Prepare & monitor company’s various cash flow forecasts on daily & weekly basis.
Internal Controls: Ensuring internal controls are maintained at the highest level and suggestion to the management for effective
controls on activities.
Annual Audit: Facilitate interim and annual audits (external, government and internal) through advance preparation and planning of
audit requirements.
Budgeting: Preparation of annual budget and variance analysis.
Employees Gratuity fund: Maintenance of employees gratuity fund trust for incoming and outgoing employees & yearly audit.
Taxation: Monthly, quarterly & annual returns for income tax & Sales Tax using E-filling.
Corporate filling: Annual filling with register of companies as per time frame given in company law.
Fixed Assets valuation: Related depreciation, Amortization, impairments & reconciliation
Export documentation: Supervised all export related documents on L/C, CAD & DA basis as per UCP rules 600/700.Company authorized me to sign all documents on management’s behalf.
I have been involved in smoothly running of finance/accounts/corporate departments including hiring of subordinates and accounting software, preparation of chart of account and classification of financial heads of accounts, MIS reporting to CEO, finalization of statutory accounts & tax returns, liaison with regulators/auditors. Preparation and disbursement of staff salary, PF & Gratuity Fund accounting preparation of minutes of meeting of BOD/arranging meeting of BOD/quarterly and annual corporate compliance.
During the course of my Articleship Training with Rao & Co. Chartered Accountants managed to grow independently from audit assistant to audit senior. I learnt and developed my skills in accounting and auditing, with special emphasis on Audit, Taxation, & Corporate.My major area of work has been Manufacturing, Trading & Service Sector. A summarized list of the work carried out during this period is as follow:
Obtained specialized skills in audit and monitoring
compliance with statutory requirements and
compliance to Audit Manual of firm.
Carried out and statutory compliance reviews of
organizations.
Planned assignments to execute them in effective and
efficient manner by assessing systems to evaluate risk
Involved at business, financial and operational level.
Delegation of work to assistants and review.
Understanding, evaluation and recommendations for
improvement in Accounting and Internal Control
Systems.
Preparation of financial statements including
consolidated financial statements of groups in
compliance with the financial reporting framework.
Time management and completing work within
apportioned time while marinating adequate standards
of Quality.
Discussing audit strategy and plan and its
implementation with the audit manager for the effective
conduct of the engagement.
Ensuring adherence to the regulatory and ISA
requirements in the conduct of audit.
Assessment and evaluations of the organization’s
accounting and internal control system.
Ensuring proper accounting treatment for each financial
statement area in accordance with the IFRS and
statutory requirements
Including employee benefits, foreign exchange,
consolidation, taxation etc.
Liaison with the client’s personnel and team manager.
B.COM