financial controller
Yanal Finance Company (formerly Saudi Orix Lewsing Co.)
Total years of experience :18 years, 11 Months
•Ongoing review of operations and departmental activities, suggest logics and controls, with an objective to improve resource efficiency. •Ongoing review of day to day activities with view to improve internal controls and compliance with policies and procedures •Review of monthly schedules for financial reporting.
•Liaising and ensure compliance with ZATCA and SAMA requirements.
•Managing communication with external auditors on Zakat and Tax appealing.
•Coordination with ZATCA and monitoring developments over zakat and tax matters.
•Overseen the filing of Zakat and Tax returns.
•Review and ensuring timely reporting to regulatory and shareholders.
•Coordinating with IA for observations and manual updating. •Review of loan arrangements and cash management.
•Review and approve of finance related payments.
•Coordinate with IT for system improvement.
Designation Chronology:
• Dec 2015 - Jun 2017:Financial Reporting and Control Manager
• Apr 2015 - Dec 2015:Corporate Accounting Manager
Key Responsibilities as Financial Reporting and Control Manager:
Financial Management:
• Direct the finance team with overall control of the company’s accounting and finance function to optimize the company’s financial performance and strategic position.
• Oversee the activities for each department in the organization to ensure the procedures laid down in company’s financial regulations are adhered to.
• Monitor accounting data, maintain accounting records for each transaction, ensure appropriate preparation of general ledgers, trial balance and financial recordsand keep accounting filing system as order.
Financial Analysis:
• Perform a variety of advanced financial analyses to determine financial health of the company; present potential scenarios and outcomes to the senior management.
• Analyze financial information detailing liabilities, assets and capital; prepare balance sheet, profit & loss statement and other reports to interpret company’s financial position.
• Provide timely, relevant and accurate analysis of the results of the company’s performance against historical and budgeted results to facilitate decision-making toward the achievement of the budget and strategic plan.
Financial Reporting:
• Collate required financial information for internal and external audit and coordinate annual audit and quarterly review activities for external auditors.
• Manage communication with external auditors on external financial statements and accounting issues to ensure auditor agreement with company decisions on accounting disclosures, and issues.
• Prepare timely and detailed reports on company’s financial performance on a monthly and annual basis including income statements, balance sheets, reports of annual profits and expenses.
• Develop and implement accounting policies & procedures based on SOCPA standards, IFRS & industry practice; ensure compliance with SOCPA reporting requirements and GAZT filings.
Internal Control:
• Implement and maintain reporting procedures to comply with internal control requirements; support and promote internal control standards to ensure compliance with accounting policies and procedures.
• Conduct and direct audits and ongoing reviews of organization controls, operating procedures, and compliance with policies and regulations.
• Review and appraise the soundness, effectiveness, and proper application of accounting and financial controls, compliance procedures and controls and timeliness of documentation generation.
Key Responsibilities as Corporate Accounting Manager:
• Appointed as Corporate Accounting Manager for JV companies of DIAVERUM including Diaverum Arabia Co. Ltd., Diaverum AB Branch and NAZER Dialysis Co., with the responsibility of developing work processes.
• Monitored all transactions in the accounting department, reviewed accounting data, verified transactions to assess the accuracy of journal entries, scrutinized income-expenditure, maintained all accounting ledgers and performed monthly review of all account reconciliations.
• Supervised the closure of daily and monthly books of accounts; provided timely explanations of variances between actual results and budgets; provide corrective action recommendations to management, where necessary.
• Prepared and provided monthly internal financial reports, including Profit and Loss Statement, Balance Sheet and Statement of Cash Flows, as well as periodic reports to the management in a timely manner.
• Liaised with Finance Director to develop internal controls and evaluated the finance department’s adherence to company`s regulations; advised management on matters of fiscal procedure and importance for the organization.
• Applied accounting principles to transactions and recommended revision in departmental accounting procedures to ensure conformance with applicable policies.
• Coordinated with internal auditors for successful completion of audits and assisted in preparation ofaccurate yearly audit reports; produced quarterly and annual financial statements and ad hoc financial reports.
Designation Chronology:
• May 2014 - Mar 2015:Accounting Manager - SONY Modern Electronics Company (A Subsidiary of Al Faisaliah Group JSC)
• Jun 2010 - May 2014:Accounting Supervisor - Al Faisaliah Group Holding JSC
• Jan 2009 - Jun 2010:Finance Compliance Officer - Al Faisaliah Medical Systems (A Subsidiary of Al Faisaliah Group Holding JSC)
• Feb2008 - Jan 2009:Senior Accountant - Al Faisaliah Medical Systems (A Subsidiary of Al Faisaliah Group Holding JSC)
• Jun 2005 - Dec2007:Accountant, Al Faisaliah Group Holding JSC
Highlights:
• Played a key role in SAP implementation as an integral member of the SAP team focusing on the receivables and sales.
• Consistently hit 100% accuracy on monthly customer’s database reconciliation.
Key Responsibilities:
Financial Accounting:
• Managed daily operations of the department including month- and year-end activities, AP/AR, general ledger, treasury, budgeting, revenue and expenditure variance analysis, capital assets, fixed asset and debt activity, etc.
• Developed annual budget plans, monitored and analyzed budget patterns and compared them with actual cost; performed complex general accounting functions, including account analysis and financials reconciliations.
• Prepared journal entries and reconciles general ledger; monitored, recorded and reconciled company`s assets, liabilities, revenues, operating expenses, amortizations, dividends (payment\income), provisions, and accruals entries and accounts.
• Received, recorded and deposited cash, checks, bank transfers to customer (dealers) accounts, company`s showrooms and service centers; cleared and reconciled monthly accounts receivable of (bank, span, and credit card) transactions, customer (dealers) accounts, showrooms, service centers, and gift vouchers.
• Applied accounting principles to transactions and recommend revision in departmental accounting procedures to ensure conformance with applicable policies.
AR and AP Management:
• Communicated credit limits to customers as per the credit policy of the company; ensured 100% adherence and compliance to the credit control policy.
• Monitored accounts receivable and accounts payable and expedited processing of AR and AP accounts within acceptable deadlines; executed accounts receivable reporting enhancements and reconciliation procedures.
• Recorded AR and AP details, prepared A/P aging report, calculated total outstanding amounts for given accounting periods, authorized credit memos, released debit notes as applicable and trackedaccount settlements.
• Developed an efficient AR team, participated in the review and revamp of AR policy, implemented a comprehensive collection policies and related procedures for the receivables department.
• Personally visited major customers/dealers of the company for outstanding payments (which are due more than 90 days); dealt with problem accounts affectively and identified the root of the problem preventing payment of outstanding invoices.
• Reviewed collection reports for presentation to Head of Finance to determine the status of collections and the amounts of outstanding balances.
Continued From Previous Section..
Key Responsibilities:
Investment Management:
• Managed the company's portfolio of investment, recorded the investment activities, analyzed the possible variances and made the necessary entries in the journals by interacting with portfolio managers.
• Acted as liaison between finance and investment to improve productivity; tracked investment and investment earnings and processed investment transactions for offshore and onshore stock markets.
• Reconciled investments records with monthly bank statements and developed monthly investment reports.
Financial Compliance:
• Developed and implemented compliance policies and procedures in the organization; prepared and submitted detailed reports of misconduct and investigation of alleged violations to the senior management.
• Initiated accessing and communication channels in coordination with compliance officer and built general education principles to company staff; ensure provision of the highest standards of integrity and compliance from the staff.
• Analyzed current business practices, identified and recommended solutions for strengthening internal controls and implemented necessary improvements to accounting policies/procedures and internal business controls to support the corporate priorities, business needs and compliance programs.
Financial Reporting:
• Used SAP financial management system and executed financial reporting on multiple properties using Microsoft Excel and Word in order to create reports and perform account analysis.
• Generated monthly financial statements including monthly revenue & expenditure reports, and distributed to departments; performed numerous ad-hoc financial reports for management.
• Ensured timely and accurate preparation and distribution of monthly, quarterly & annual internal financial reports, including Profit and Loss Statement, Balance Sheet and Statement of Cash Flows, Equity Statement, year-end financial reports, as well as periodic reports to the management to facilitate cost control.
PREVIOUS ASSIGNMENTS:
• Aug 2002 - Apr 2005 (02 Years 09 Months):Assistant Legal Documentation and Portfolio Officer, SAMBA Financial Group, Riyadh, Saudi Arabia
• Feb2002 - Jul 2002 (06 Months):Assistant Accountant, Al Shaya Trading Agencies Est., Riyadh, Saudi Arabia