Manager Budgeting & Financial Analysis
Dar AlArkan Real Estate Development Co.
Total years of experience :17 years, 3 Months
• Managing quarterly management reporting for the group
• Creating forecasting and budgeting models for different projects and entity as a whole
• Analyzing the financial and operational information and recommending cost reducing solutions and other measures to maintain entitys financial health and to improve the profitability of business
• Cash flows & working capital management and managing & overseeing the companys banking and borrowing arrangements
• Performing feasibility analysis and financial modelling for various projects, ventures and business plans
• Preparation of strategic reports and investor presentations and assisting CFO in the preparation of responses to the Board of Directors and Audit Committee
• Developed the ESG initiatives and formulated the related KPIs to be tracked for improving the Groups sustainability rating
• Effectively drafted the ESG Report to be included in the Groups Annual Report for the last two years
• Coordinating and providing the required information and explanations to External Auditors, Credit Rating Agencies and Valuators.
• Supervision of all financial tasks of the entity and ensuring beneficial use of capital and resources
• Created forecasting and budgeting models for different projects and entity as a whole
• Managed the financial reporting for the organization. This includes monthly financial reporting, budgeting and forecasting, 5-year financial plans and all statutory financial reporting
• Consolidation of group management and statutory financial statements
• Successfully initiated the process of developing monthly management reporting packs that was previously done on quarterly basis only
• Cash flows & working capital management and managing & overseeing the companys banking and borrowing arrangements
• Managing the coordination with external auditors and providing the required assistance to enable the timely and smooth completion of external audit of group
• Management of Zakat and VAT filing for the group and also dealing and assisting tax consultants
• Participated in commercial decision making from tender analysis, margin analysis, pricing analysis
• Overhauled the group management reporting process by setting up integrated dashboards and templates
• Rationalization and value creation in the process of management reporting by adding useful financial and operational insights to assist in decision making process
• Efficiency improvement of monthly closing process by reducing the report issuance timeline by 10 days
• Monitoring of performance indicators, highlighting trends and analyzing causes of unexpected variances
• Developed financial models and business cases to support new investment and strategic initiatives
• Succeeded to manage and complete the process of budget development and finalization 45 days or 40% earlier than previous year through proactive approach, constant involvement and active follow-ups
• Development of operational and financial KPIs and setting up dashboard and other tools and templates to measure performance against defined objectives and targets
• Part of IFRS implementation project and enabled the implementation across the group within 6 months
• Collectively managed to improve working capital position by generating timely collections from customers, minimizing the unbilled revenue and inventory levels thereby reducing the DSO by 15 days (14%) and Cash Conversion Cycle by 20 days (22%).
• Issuance of comprehensive monthly management accounting reporting packs and presentations
• Development of budgets and forecasts for different products, brands, departments and overall entity
• Developed the mechanism for tracking actual sales performance by brand by customer against the budgeted targets in real time within 2 weeks
• Analyze the financial and operational information and results to better understand the group performance and to provide accurate and timely recommendations to finance director for decision making purpose
• Performance of ad-hoc data analysis for different products, brands and customers covering various aspects including marketing, promotion, discounts, margins, price, etc.
• Preparation of initial financial requirements for potential IPO readiness.
• Set up the finance department from scratch including development of policies and procedures, protocols, controls, chart of accounts, reporting templates, tools and software implementation, within 45 days
• Providing an in-depth review of all financial results and trends on a monthly basis, comparing these with forecast and prior year performance in the form of interactive and integrated dashboard
• Developed financial models, business cases and feasibility analysis of numerous new projects/ventures/investments/strategic initiatives that contributed in the growth of company
• Overseeing Zakat and regulatory compliance issues
• Supervision and maintenance of GL recording and bookkeeping function
• Development of budgets, long & short-term plans and forecasts for different projects and organization.
• Successfully managed the assignment for securing the financing from SIDF up to SAR 25 million by ensuring compliance with their requirements
• Issuance of monthly management accounting reports and forecasts for each project and entity.
• Lead and coordinate the team of more than 10 people to effectively deliver the department deliverables
• Participated in Cost-optimization project and our efforts to identify the gaps, inefficiencies and shortcomings in the process delivery resulted in the saving of 20% of overheads.
• Ensured that the Companys business activities are conducted with adequate cost savings and efficiencies
• Closely involved with the treasury team to ensure effective cash flow management function through tracking of material variances and constant adjustment of cash flow projections
• Involvement in defining budgeting process & tools and development of budgets and forecasts for different projects and organization as a whole
• Improved the efficiency of Statutory audited financial statements issuance by 2 months or 33%
Experience as a senior consultant in the Assurance & Advisory group of the firm has exposed me to practical implementation and complexities of the International Standards on Auditing (ISA), International Financial Reporting Standards (IFRS) and best practices in respect of corporate reporting and risk management. Served more than 40 clients across the span of six years, my key responsibilities include:
• Effective planning and co-ordination of assignments to meet stringent deadlines, including the supervision, leadership, training, review and motivation of team members
• Conducting business and audit risk assessment through client meeting, research and analysis and cumulative audit knowledge and documenting the results thereof
• Provision of advisory services including evaluation of internal controls, gap analysis and making recommendations for any deficiencies identified therein
• Developing Policies & Procedures and Standard Operating Procedures (SOPs) for different functions of the entity based on the requirements of the client
• Ensuring compliance with the requirements of ISA, IFRS, SOCPA and other statutory requirements of the Securities and Exchange Commission of Pakistan (SECP) and the Companies Ordinance 1984, etc.
• Application of IFRS, Technical Standards and Generally Accepted Accounting Practices (GAAP)
• Assisting client with the preparation and presentation of financial statements including significant financial statement disclosures, in the light of the relevant reporting framework and ensuring compliance with all applicable reporting requirements
• Preparation of final audit deliverables - the Audit Report, the covering letter to the Board of Directors, the Management Letter, reporting packs and other reports and certificates.