C.F.O
Al-Tanmia Modern Investments, DIB
Total years of experience :35 years, 3 Months
• Overall management and development of the financial performance, tactics and financial strategic planning of the business.
• Direct responsibilities include accounting, finance, forecasting, strategic planning, job costing, property management, deal analysis and negotiations, compliance and institutional financing.
• Develop and manage governance, controls, management dashboards, assurance, and compliance frameworks.
• Develop risk management methodology, including but not limited to Treasury, insurance and commodity risk management. Manage internal/ external audit. Develop financial plans and budgets for the Chairman and Board.
• Develop the structure of the finance department and define the people’s roles and accountabilities to ensure the best financial performance.
• Development of strong financial operation’s structure to support the business.
• Effectively translate specific financial guidelines (US GAAP, STAT, Tax regulations) into practical business solutions.
• Develop and implement an audit plan for the evaluation of the adequacy and effectiveness of the organization’s system of internal control and the quality of performance in carrying out assigned responsibilities.
• Examine and evaluate the adequacy and effectiveness of internal control systems and procedures to ensure compliance with exposure and authority limits approved by management.
• Identify risk management issues and internal controls deficiencies, coordinate with heads of the department (as applicable) and discuss audit findings for their respective area including corrective actions and recommendations for implementation to enhance the performance of the group.
• Develop solutions to counter financial weaknesses for business controls, risk assessment and quality controls.
• Create awareness and ensure implementation of controls as well as sound business practices and processes.
• Ensure that finance objectives, goals are met accordance with the shareholders and /or international accounting standards, principles.
• Provides leadership in the development for the continuous evaluation of short and long-term strategic financial objectives.
• Ensure full compliance with Laws and regulations applicable in the respective Country.
• Maintain effective interfaces with corporate, investment and bankers.
• Take hands-on lead position of developing, implementing, and maintaining a comprehensive job cost system.
• Establish budgeting systems that provide controls over all expenditures made to carry out activities such as purchasing, production, maintenance, marketing, to capital expenditure activities.
• Create controllership communication and operating rhythm to drive visibility, reporting and regular.
• Direct and oversee all aspects of the Finance & Accounting functions of the organization.
• Manage processes for financial forecasting, budgets and consolidation and reporting to the Company.
• Provide recommendations to strategically enhance financial performance and business opportunities.
• Ensure that effective internal controls are in place and ensure compliance with GAAP and IFRS and applicable federal, state and local regulatory laws and rules for financial and tax reporting.
• Provide Senior Management and the Board with reports on audit coverage and the results of audit activity, and adjusting audit activity to improve the audit programs and the audit coverage.
• Establish effective Management Financial Reporting System and to continuously develop it to according to the changing business needs.
• Ensure the accuracy of the organization's financial results by recognizing and preventing misrepresentation, concealment or omission of information.
• Develop the people working in the finance team to higher levels to be able to cope-up with the business expansion plans, the future changes and challenges.
• Development of strong financial operation’s structure to support the business.
*Managing and maintaining all financial statements and regular analysis reports supported by diagrams and legal proves.
* Treasury control and Cash flow planning / management.
* Production and sales planning to avoid over stock or less coverage of market queries and deliveries.
* Inventory Control and assure using food storage policy of first in first out.
* Using GAAP security policies to control sales and collections by sales representatives.
* Budgeting and forecasting periodically sales and revenues compared to actual results, and investigating deviations.
* Managed the preparation of the statutory books of accounts.
* Successfully achieved increments of profits, retained earnings within 3 years plan by capital circulating 4 times a year (quarterly).
* Manage a team of accounting. Optimize the workload and responsibilities in order to get the best results.
* Controlling attendance records and over viewing payroll calculations.
* Managed month end closings and over viewing results of financial statements (B/S, P&L).
* Cut off over cost by relating sales expenses / commissions to monthly targets achievements.
* Managing operation cost by controlling deviations in materials recipes and products produced.
* Cut off production over cost by relating production to targets achievements.
* Income tax and withholding tax calculations supported with legal documents to settle with governmental departments.
* Using advanced MS Excel and PowerPoint supported by charts and tables for viewing period results presentations to executive management and BOD.
Achievements:
**Reduced food cost from 47% to reach 24% by customizing materials from different suppliers and controlling wastage by monitoring recipe actual vs ideal and investigate deviations,
**Trained accountants to use ERP systems replacing MS. Excel for day to day posting transactions and monthly reports, and use Excel for analyzing results and tracking tools which saved over 50% from accountants time invested in analyzing reports.
**Advising BOD to add another production line with different products to reduce total cost by adding new investment in market based on market surveys and studies which caused raising sales from 9.1M. To 12.3M annually vs expenses reduction from 42% to 28% during 2014.
**Created CapEx system to track and control fixed assets and depreciation accumulated per equipment and developed the revaluation costing for each of them by coding each asset and posting history in individual registry.
**Used the IFRS Capital and Inventory turning over equations and formulas to analyze stock and sales plan, which affects positively best consumption of purchases and stock storage to reach the capital turnover of 2.7 and stock turn over 71.8 rounds.
**Invested 35% of annual net profits in different external projects like bonds and shares in market to collect best profit % in 5 years plan to double capital investments, which achieved the increment of capital as 39% in first two years till 2014 end.
*Managed and controlled expenses to revenue and achieved exp. Vs revenue ratio less than 1.0% in YTD June, 09.
*Established system controls by using ERP Oracle systems (GPAX, EssBase, JEWEL), which saved posting time and increased reports accuracy above all modules (Banks and Cash management, G/L, A/R, A/P and Inventory).
*Share responsibilities of annual budgeting and monthly Forecasting by using ERP Oracle - General Ledger module to defined budget, creating encumbrance journals, posting, revaluation of currency, defined currency rates, Monthly closing of all modules and year-end closure., monitoring to keep deviations within +/-5.0% as achieved -4.2% in 2008 P&L results.
* Using ERP Oracle System A/R module to defined Customers, following up transactions type, receivable activities, misc. receipts, memo lines & adjustment, and write off receipts.
* Regular and frequent Audit controls to assure all transactions and supported documents are tally with compliance, which passed the last 5 years Internal / External Audit clear with no comments.
* Maintain effective internal controls in most of accounting departments across the region considering SOX procedures, and GAAP standards.
* Managing purchases as per responsibilities of Hierarchy approvals, Defined buyers, creating purchase requisitions, and the auto creation of PR’s, following up RFQ’s and Quotation’s approvals, Quotation analysis, issuing standard / blanked PO’s.
* Retrieving and generating all periodic financial statements, and reconciliations of General /Sub ledgers through ERP Oracle GL module, and full analysis needed and suggest solutions to support management decisions.
* Managing the preparation of the statutory books of accounts.
*Scrutinized inconsistencies between budget / FCST & actual figures through the performance report (P&L).
* Inventory Control on ERP Oracle System to Defined Item definition + attribute, defined categories, arrange Organization accounting, Sub Inventory definition, receiving options, posting receipts +inspection in accordance with PO status, organization internal transfer+ moving issues.
* Conducted an all-encompassing financial & ratio analysis of the year-end financial statements.
* Granted an opportune & accurate full range of (Accounting / Financial) services.
* Posting transactions of A/P & A/R Accruals and payments / Collections on ERP Oracle system cash management module, and reconciliations with bank statements and cash transactions of bank fees, commissions and transfers internally and externally accounts.
* Controlling Fixed Assets on ERP Oracle System through Fixed Assets Module by specifying assets classification and re-classification, defined categories, running mass edition and depreciation, transferring assets, quick addition and running - what if - analytical report.
* Controlling sales and collections, follow manual and auto creation of Invoices, Invoices approvals, following debit and credits invoices, landed cost (Freight and L/C invoices), posting payment transactions with reconciliations, voided cheques, bank reconciliations and supplier’s definitions, by the use of ERP Oracle System A/P module.
*Full Financial Responsibility on the Gulf Distribution Company for both Western & Arabic Movies.
*This Includes Budgeting and Actual Reporting Responsibilities.
*Manage All Treasury Function For Two Companies (Distribution & Cinemas ),
*This Includes Cash Management and Banking Relations.
*Developed the Procedure of Intellectual Property valuation and Amortization, which is applied in our Region and on the Parent Company and its Subsidiaries.
• Compiles and analyzes financial information to prepare entries to accounts, such as general ledger accounts, documenting business transactions.
• Analyzes financial information detailing assets, liabilities, and capital, and prepares balance sheet, profit and loss statement, and other reports to summarize and interpret current and projected company financial position for other managers.
• Reviews, investigates, and corrects errors and inconsistencies in financial entries, documents, and reports.
• Review General Ledger on a monthly basis and analyze expenses and major variations from the budget.
• Completes Inter Company reconciliation on a monthly basis.
• Preparation of audit schedules for internal & annual audits.
• Installs, modifies, documents, and coordinates implementation of accounting systems and accounting control procedures.
• Devises and implements system for general accounting.
• Makes recommendations regarding the accounting of reserves, assets, and expenditures.
• Conducts studies and submits recommendations for improving the organization's accounting operation.
• Collects appropriate data in preparation of the monthly report.
*Achieved cost-volume profit (Breakeven) analysis within the first 2 years.
*Working Out Budget & Financial statements Finishing.
*Reviewing & approving payments For Cash & Cheques for raw materials suppliers. ( Approval Authority Up to 250K ).
*Negotiating with sales department negative and positive deviance than planned budget.
*Cash Flow & Expenses Comparison for days, Weeks, Months of present year verses previous years.
*Reporting Results to higher Management & share holders, advising and recommending the suitable actions.
*Treasury Control Through daily transactions Compared to Bank statements.
*Heading a team of 18 accountants and 3 auditors.
*Directed and reviewed daily cash flow, Expenses, purchasing, journal entries, Transactions.
*Posting and record bank & Cash reconciliations.
*Daily review and comparison of revenues versus targets and discuss deviations with Operations Departments.
*Responsible for reconciling and reviewing balance Sheet, Annual Budget.
*Responsible for 10 full-time staff members.
*Re-Organize company inventory control, costing and tracking systems using computer systems and stock record card system.•
*Personally created an inventory and control system using MS Excel and Access.
*Calculated and prepared payroll, Compensations, overtime and commission payments.
*Follow-up of L/C’s, client and supplier balances.
*Follow-up, posting and settlement of outstanding employee Loans.
*Assist in the preparation of the Annual Budget and Financial Statement sheets
*Posting and controlling daily transactions into general and subsidiary ledgers.
* Controlling and following up balances of A/R, A/P.
* Following up and controlling treasury, (Cheques Collections and Payments Due.
*Controlling and following up inventory records and cost, as per pricing policies of textiles manufacture.
*Posting and recording of daily journals and transactions to subsidiaries ledgeres.
*Assisted in preparation of the monthly & annual financial statements.
*Follow-up of sub-contractors accounts and settlements.
*Holding A/P & A/R For contractors & Suppliers.
* Preparation of monthly payroll as per attendance report of labors and associates.
*Posting Inventory transactions and reconcilling reciept and issue vouchers to closing balance.
*Using cost center of each project, as base of profit or loss of each unit.
Situational Self-Leadership Workshop Decision Making and Prblem Solving Interviewing Skills Supervisory School Workshop GAAP Accounting Standards in US, Reporting, Auditing Systems SOX compliance & Auditing
Internal & External Audits Financial Statements Standards of legal Statotury Measurements Investments financing and Alternatives.
Accounting Economy Auditing