Financial Affairs Manager
Astranova Tarim Ticaret Ve Sanayi A.S.
Total years of experience :13 years, 1 Months
ASTRANOVA Turkey is a subsidiary of ASTRACHEM which is a leading contributor in the horticultural and agricultural sector in the MENA region as member of the Astra Industrial Group (AIG). ASTRANOVA is manufacturing concern producing agrochemicals for the local market as well exporting to 12 countries as of now.
• Management and supervision of the overall functioning of the accounts and finance department.
• Review of monthly, quarterly, and annual financial statements with financial analysis highlighting main drivers of variance with the historical and budgeted figures, etc.
• Preparation of hyperinflationary financials according to IAS-29.
• Ensuring compliance of IFRS-9, for provision assessment of financial assets and amortisation of financial liabilities.
• Review of lease contracts according to IFRS-16, to determine right of use of assets and lease liability accordingly.
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• Calculation of capitalisation values according to the IAS-23 for the ongoing investments.
• Preparation and presentation of quarterly business review reports to the group management.
• Preparation and presentation of the annual budget to the group management.
• Preparation and presentation of periodic reports pertaining to various areas of business enabling local and group management in effective decision making.
• Liaison with our global entities, optimise cashflow and ensure the company meet the obligations while managing risks and payments.
• Managing and controlling costing function (CO closing, internal order settlement, overhead allocation, process order variances, standard activity rate calculations, standard cost run, etc)
• Business modelling: development of complex financial and business models using advanced MS Excel skills and Power BI (cashflow forecasts, strategic planning tools, business plans, valuation tools, etc.)
• Liaison with external & internal stakeholders; management and timely resolutions of related queries.
• Review external party transactions and system functionality to ensure correct reporting processes.
• Supervise the indirect tax & treasury digitalization projects as Business Project Manager.
ACHIEVEMENTS:
• Improvement in responsibility reporting (defining separate cost centres per region to analyse expenses against regional revenue for CPV analysis).
• Gave valuable inputs which resulted in the revision of credit management policy to ensure effective credit management.
• Initiate and supervise digitalization projects for tax filing & treasury with the integration with SAP to increase the efficiency.
Key Responsibilities and Achievements:
• Management and supervision of overall functioning of the accounts department.
• Preparation of monthly, quarterly and annual financial reporting package which includes financial statements, notes to the financial statements, financial analysis highlighting main drivers of variance with the historical and budgeted figures, etc.
• Preparation and presentation of quarterly business review reports to the group management.
• Preparation and presentation annual budget to the group management.
• Preparation of ad-hoc reports pertaining to various areas of business enabling local and group management in effective decision making.
• Feasibility analysis of new products and CAPEX.
• Responsible for treasury function of the company and liaising with banks for matters such as credit financing, operational banking, etc.
• Liaison with insurance companies/brokers for general risk and health policies.
• Management and coordination of external audit and timely compliance of all audit observations.
• Reviewing external party transactions and system functionality to ensure correct reporting processes.
• Achievements:
o Increased GP margin by 15% through a strict pricing policy for sales.
o Decrease receivable days by 21% through reanalyzing credit policies and payment terms for customers.
Key Responsibilities and Achievements:
• Financial analysis of group financial statements and highlighting the main drivers of variance.
• Preparation and presentation of dashboard report to CFO and CEO.
• Preparation of monthly, quarterly and annual budget.
• Preparation of quarterly and annual business review reports.
• Preparation of ad-hoc reports pertaining to various areas of business enabling management in effective decision making.
• Identifying trends of financial performances and providing recommendations for improvements.
• Overseeing the costing function of the company includes costing of materials, analysis of process orders, standard rates of labor and machine hours, the rectification of costing errors, etc.
• Overseeing and monitoring the monthly closing function to support the entire finance team to ensure that the process is carried out in a smooth and timely manner & in adherence to the applicable accounting standards.
• Management and coordination of all types of internal and external audit and on time compliance of all audit observations.
• Part of VAT implementation team on a group level assisted SAP consultants for VAT configuration.
• Achievements:
o Decreased product cost of herbicides by 10% by changing the costing structure from absorption to activity-based costing
o Improved finance team efficiency by reducing the number of cost centers by 30% in SAP
o Decreased the standard machine hour rate by 8% by changing the cost element grouping.
o Received ‘Best Employee’ award in FY 2016.mers.
Key Responsibilities and Achievements:
• Initially appointed as a Management Trainee Officer before being promoted to Assistant Manager within one month.
• Led, trained and mentored a team of 15+ staff in collaboration with the Senior Manager.
• Provided support to the Finance Manager with daily operations, preparing reports for the CEO, preparing and performing variance analysis of budget, and finalizing financial statements.
• Reviewed and confirmed account entries made by clerical staff and dealt with bank-related matters.
• Managed and reconciled bank accounts prepared daily cash flow statements and managed the fund position of the group.
• Achievements:
o Detected a customer fraud of 2 Million PKR by re-reconciling bank accounts of the company.
Key Responsibilities and Achievements:
•Appointed to support the start-up phase of the business with accountability for managing operations and accounts functions.
•Managed and coordinated labour and sales staff to facilitate effective growth of the business.
•Responsible for managing/reconciling company accounts, AP, AR and preparing monthly reports for the business owners.
Awarded 'Cum Laude' Honour
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