Head of Finance FMCG Division & Group Financial Analyst ------
SKAB Group
Total years of experience :17 years, 4 Months
Financial Management, Budgeting, Forecasting, Costing
Managing the finance department of the FMCG division by applying effective policies & procedures
Evaluating and developing the financial management strategy with effective risk assessment as well as Risk mitigating strategies to achieve organizational objective
Evaluating & preparing the investment proposals and feasibility studies for projects under consideration with Effective ROI & ROA, Payback period, NPV
Financial planning, budgeting, and forecasting with optimum utilization of resources.
Analyzing actual cost, CAPEX and historical data with the recommendation to efficiently manage cost in various business areas for strategic business development.
Comprehensive financial analysis by applying various analysis approaches and ratio analysis.
Benchmarking the financial and non-financial performance.
Funds / Treasury Management
Planning & arrangement of Credit Facility in term of bank loan, Letter of Credit, bank guarantees, and overdraft
Effectively managing the working capital & Treasury.
Management Reporting
Analysis & Interpretation of financial statements for the top management
Preparing the management reports for the board of directors & top management and reporting to Group CFO & CEO
Management performance Reporting (MPR) with detailed analysis and commentary
Improving the management information & Reporting system by upgrading the current system.
Financial Reporting & External Auditing
Finalizing the individual & consolidated financial statements for statuary audit
Liaising with the auditor and formulating various analysis and other requirements of external auditors.
Participate in various internal audit reviews in the Group
Monthly closing and proper maintenance of accounting books
As Head of Finance Department, coordinating with the accounting Manager & accounting team to
Ensure the Proper monthly closing with the recognition of all Accrual, prepayment, and all adjusting entries, and other closing requirements like bank reconciliation and inventories records updating etc.
Ensure that day to day financial transactions are recognized in compliance with Group policies & procedures, & internal control systems.
Ensure the timely processing of payroll with funds arrangement
Strategic Business Planning
Assessment of Strategic position using Pestel model, Porter 5 forces, porter diamond model, lifecycle model, SWOT analysis
Identification of strategic choices through Ansoff's matrix, etc. and there on evolution.
Implementation of elected strategic choices
Worked as Head of the team for implementing IFRS across the Group and successfully did the project
Upgrading the financial reporting system as per IFRS implication in KSA for the financial statement preparation & to recognize financial transactions
Participate to improve the Group accounting policies and ensure their implementation to subsidies companies
Worked as head of Team for implementing VAT across Group and successfully did the project
Evaluating and assessing Tax, VAT & Zakat computations in compliance with the law
Ensures compliance with corporate directives, regulatory guidelines, and industry practices.
Contributing to sale pricing strategy, sale commission & promotions policies, & CRM
Preparing the financial management policy & system to provide financial direction to business under the monitoring of Chief Financial Officer (CFO)
Forecasting the key financial & other business performance indicators for a defined period with the coordination of Division Heads
Analyzing current cash flows and predicting future trends & projections for cash flow management
Preparing Yearly budget, Projections as well as CAPEX Planning with justifications of spending by the cooperation of the functional departmental head
Oversee budgets and exercise controls to ensure expenditures do not exceed budgetary limits.
Analyzing historical data & actual financial performance against approved Budget along with the investigation of the reasons for the variances and then accordingly reporting & advising significance matters to the top management for strategic decision making
Performing the Project Costing in line with financial policies of the company, then Monitoring and controlling the cost of project activities
Reports Preparation for top Management (monthly, quarterly, etc.) with financial highlights & performance evaluation of (companies & project) along showing the progress towards the company's goals
Reporting to the parent company in the United States of America (USA) for the Subsidiary (EEC) under Group.
Evaluation of financial statements & other accounting reports
Preparing consolidation financial statements collecting data from Subsidiaries under Group in accordance with defined policies and applicable accounting standards under local GAAP.
Finalizing financial statements, Trial Balance, & general ledgers for the yearly audit & Liaising with External Auditor for the statuary audit of Companies under Group
Developing the effective and efficient internal control system to smoothly and effectively run the operations
Providing the training to junior- and mid-level corporate accountants & coordinating with the team to provide an effective financial management service to the companies under Group.
Working capital planning and arrangement
Ensures that debtors are followed in line with the aging analysis to properly run the operating cycle.
Ensures that discounts offer to customers & debtors are in line with the financial strategy
An active role for the implementation of the new ERP system (Enterprise Resource Planning) in the Group.
Maintain the chart of accounts & update it whenever needed.
Participated & Contributed to Committees for Tender Bidding, Restructuring & Improvements System
Preparing Financial Statements (Balance sheet, profit and loss Account, & Cash flow statement) with Meaningful & comprehensive financial Analysis)
Ensures compliance with corporate directives, regulatory guidelines, generally accepted accounting principles, and industry practices.
Budgeting & Forecasting Prepare annual budget for the company including profit & loss statement.
Calculation & Analysis of key financial indicators using different techniques i.e. Ratio Analysis.
Analysis of cash flow statement and explanation of variance with budgeted cash flows
Funds Arrangement by properly handling working capital, & using the bank credit facility
Processing Letter of Credit (LC) applications and communicating with the bank for further proceedings.
Closing monthly accounts by Recording all Accrual (i.e. accrued salaries, accrued purchases, accrued Expenses, accrued sale commission, etc.), Prepayment, all adjusting entries at month-end
Preparing Bank Reconciliations & supplier Account reconciliations
Issuing Customer ledgers to sale Executive to get verification from customers at the end of each Month
Forcing the collection from Debtors in accordance with the aging Analysis and contractual Terms.
Weekly & monthly reporting of sales & collection.
Reconciling the Sale Collection (cash and Tele receipts) with accounting records.
Calculating sale commission as per defined commission policy of Company.
Ensures that collection from debtor has been posted in the appropriate debtor accounts
Monthly & weekly reporting of payables with aging analysis.
Ensures purchases have been recognized in the appropriate accounts to update the creditors.
payroll preparation by initiating computer processing & post payroll entries in the system
Transactions Recording in ERP System:
Prepare and record entries of transactions relevant to revenue, expenses asset, & liability, by compiling and analyzing information.
Reconcile inventory in multiple warehouses and update in the system
AUDIT:
Conducted the internal & external audits of various clients with my Responsibilities as under:
Audit planning, including preparation of audit strategy under the guidance of Audit Manager & Audit Partner
Vouching and checking of internal controls of the organization by specified internal control procedures.
Identifying the loose controls and suggesting recommendations
Vouching & Scrutiny of various ledgers under the supervision of senior Auditor
Physical verification of cash, security items, stock.
Checking of fixed Assets registers and depreciation thereon
Checking the insurance and verifying the details
Verification of various P/L items & balance sheet items.
Checking the applicability of the International accounting standards and applicable law & tax.
Finalization of audit & preparation of management letters & audit reports
Bookkeeping & Preparation Of Accounts And Other Assignments
in chartered accountant firm, worked at computerized & manual book-keeping,
Reviewing various documents i.e. revenue, purchase expenses, and payroll documents
Compiling and analyzing financial information to prepare general entries
Preparation and finalization of Financial Statements
Gained exposure in the practical application of Accounting Standards (IFRS) & advised the client best practices.
Key responsibilities were to
Keep records of transactions and Make journal entries.
Working for Fixed Assets Register
Processing, calculating the payroll
Bank reconciliations and Petty cash calculations & reporting to accounting Manager
Working with accounts manager for the preparation of financial statements and reports
Field of study Financial Management & Corporate Financing Business strategic Decisions With Multi-Scenario Case Studies Costing & Management Accounting Advance Financial Accounting, Reporting & Auditing Business Law & Taxation Professional Ethics & Behaviour
Subjects of Study Business Performance & Financial Management Corporate Analysis & Planning Business Accounting & Reporting Audit& Assurance (International) Governance & Risk Corporate Law & Taxation (U.K)
