Chief Accountant
Albdah Oud Company
Total years of experience :16 years, 4 Months
o Created the financial reports to the CEO, board of directors, and lenders.
o Developed and implemented financial policies and procedures to improve efficiency and accuracy.
o Implemented ERP System (Odoo).
o Managed cost analysis and breakeven point.
o Developed and updated forecasting models and financial ratios.
o Implemented risk management and internal control procedures.
o Ensured monthly general ledger account reconciliations and analyses have been done in a timely manner and verified the accuracy of the ledger.
o Ensured proper cash management, short-term cash flow forecast and availability of funds.
o Managed the monthly financial closing and statutory accounting process in accordance with IFRS, ensured all costs incurred have been properly recorded, reviewed unusual transactions and journal entries, accounts reconciliations, and reports preparation.
o Verified supplier payments with supporting invoices, POs, etc. and expense reimbursement with supporting documents.
o Ensured fixed asset addition, capitalization, disposal, write-off, etc. is recorded under the accounting standards and in compliance with company policies and procedures.
o Implemented inventory control and developed best practices.
o Explored possibilities for prepayment discounts and took the necessary action.
o Ensured compliance with Bank covenants.
o Reviewed the end of service benefits and allocated appropriate provisions.
o Managed tax compliance requirements provided analysis for inspections, and prepared documentation and proof of payments for tax authorities.
o Reviewed payroll activity, ensuring correct allocations, deductions, and benefits.
o Consulted with external auditors, provided all supporting documents, and data needed for the completion of their audit assignments and resolved any outstanding audit queries.
o Ensured that all accounting jobs’ deadlines for other employees have been met.
o Reviewed Companies’ monthly financial reporting information including balance sheet, income statement, cash flow statement and relevant supplemental information.
o Develop and implement financial policies and procedures tailored for the business operating model.
o Create cash flow projection reports to determine cash position, and ensured the due payment requirements are met.
o Provide timely and accurate financial reporting to stakeholders.
o Provided advice to executive management on financial matters.
o Prepare required periodic and ad-hoc analysis and variance analysis.
o Report abnormal variance promptly.
o Review of annual financial statements and ensure the financial statements are in accordance with statutory requirements and available to various stakeholders on a timely basis.
o Ensure all finance records are kept accurately and securely and in line with Saudi Arabian and IFRS legislative requirements.
o Review and approve expenses payments and settled claims before the employee exits.
o Monitor compliance of financial data with IFRS and Group reporting requirements.
o Lead the monthly financial closing activities and regular review of the ledger reconciliation.
o Lead the accountants in day-to-day accounting operations.
o Collaborated with other teams to achieve shared goals.
o Managed and developed a team of accountants, provided guidance and support as needed.
o Designed and implemented financial processes and controls.
o Oversaw the company's compliance with tax regulations (from ZATCA)
o Identified the cost drivers and cost cutting strategies.
o Ensured compliance with company’s internal rules and guidelines.
o Managed the yearly preliminary and final audit processes.
o Prepared Financial Statements Consolidated & Standalone, in accordance with IFRS.
o Oversaw the quarterly, monthly, and year-end closing processes, ensuring compliance with Group deadlines and IFRS/Tax requirements.
o Provided all stakeholders with advice, and timely and accurate information regarding financial position and financial status, and financial risks analysis.
o Implemented ERP Systems (Scribes & Resort).
o Reviewed and authorized intercompany reconciliations.
o Ensured adherence to the local regulations and internal policies.
o Collaborated with the department heads to develop and manage department budgets.
o Managed and oversaw the day-to-day operations of the accounting department.
o Oversaw transitory accounts, reconciled inventory, reviewed fixed asset schedules, and managed liabilities, including payments to vendors and contingent workers.
o Maintained relationships with banks and issued related documents.
o Managed bookkeeping for shared service center (SSC) functions, including accounts payable (AP), accounts receivable (AR), and intercompany accounts.
o Monitored the operational and capital expenditure to ensure adherence to the budget limits.
o Ensure statutory financials are prepared and audited/reviewed by external auditors as per regulatory timelines.
• Coordinated with the Saudi Industrial Development Fund (SIDF) for fund flow for each phase of construction.
• Coordinated with the Bank for the bridge loan process.
• Managed Equipment Suppliers & civil work contractors' accounts reconciliation and released payments as per their contractual payment terms.
• Coordinated with a customs broker, Shipping agents, insurance agents, and cleared the imported equipment.
• Prepared monthly, quarterly, and annual financial statements.
• Performed monthly closing and reporting and Bank Reconciliation.
• Reviewed, approved, and posted the JVs and the PVs.
• Ensured continuous follow-up of accounts payable.
• Completed year-end closing processes with controllers and external auditors (EY).
• Prepared periodic reports for the project’s cost, operational activities, and performance indicators.
• Prepared the monthly bills for the projects.
• Compared the estimated cost VS, the actual cost of projects and determined the deviations.
• Calculated the indirect operational cost and allocated it to appropriate Cost centers.
• Ensured the continuous follow-up of accounts receivable & periodic aged report.
• Prepared journal entries and performed accounting on an accrual basis.
• Prepared fixed assets register.
• Prepared monthly payroll sheet including deductions & incentives.
• Prepared the annual leave settlements & final leave settlements based on Saudi Labor Low with necessary entries.
• Reviewed the branch's petty cash invoices, compared to the budget and made the necessary entries into the accounts system.
• Cross-checked the accuracy of the monthly systematic transactions like provisions and depreciation.
• Assist in preparing the annual expenses budget.
• Participated in implementation and testing of a new ERP system.
• Performed standardized tests to check processes and adequacy of internal control structure.
• Developed audit programs.
• Tested the transactions supporting documents and checked calculations, approvals, classification, & recording.
• Checked the accounts to test if the generally accepted accounting principles (GAAP) were followed.
• Checked the balance confirmation of AR/AP & banks.
• Attended the year-end inventory and signed the inventory report.
• Calculated the actual cost of finished goods, raw materials, and WIP for manufacturing companies to determine the inventory value and cost of goods sold.
• Drafted findings, recommendations and conclusions into detailed reports.
Bachelor's degree in accounting