Group Manager Finance & Accounts
Al Mulla Group Holding Company KSCC
Total years of experience :17 years, 0 Months
Highlightsu**
• Successfully implemented IT applications that significantly cut down the time of group financial consolidation.
• Took numerous IT initiatives to cut down on duplications and improved overall efficiency of the system.
• Managed a team of 18 professionally qualified and graduates with cross strata of nationals.
• Played a key role in minimizing duplications and improving overall efficiency of the system by adapting & executing various IT initiatives.
• Recognized and appreciated for reducing Group Financial Consolidation Time from 3 months to 1 month thus leading to faster decision making.
• Established a Cash Management System across 51 Divisions which lead to reduced cash cycle time and eliminated cash handling risk to nil.
• Instrumental in reducing the time to consolidate group financial from 3 months to 1 month by implementing process improvement and by automating the applications/process.
Responsibilitiesu**
Accounting & Financial Management
• Managed the Group’s Finance & Accounts, financial resources & development projects, administration, revenue recognition and general accounting policies and procedures.
• Reconciled bank accounts (around 50 Bank Accounts) in KWD and USD and preparing Bank Reconciliation Statements by checking all the bank accounts on a daily basis.
• Coordinated with the Bankers on financial reporting and liaised with Statutory Auditors.
• Controlled accounting activities through reviews & approvals of balance sheet account reconciliation, bank balances’ reconciliation and by processing monthly payroll & related legal and cost reports (involved more than 7000 employees).
• Ensured adherence of financial policies and IFRS standards and entailed the subsidiaries and associates with finalization and compliance as per IFRS.
• Managed the Group Accounts Consolidation as per IFRS.
Business & Strategic Planning & Management
• Ensured timely clearance of Group's compliance requirement to Statutory Authorities & Financial Institutions, and based on requirements, of Joint Ventures/Associates.
• Conceptualized and implemented competent financial strategies with emphasis on contractual obligations, financial management, systems and procedures to maximize profit, providing periodic reports to the senior management.
• Assessed Group performance; developed tools and systems to initiate, sponsor and implement organizational change.
• Developed organization prospects, improved performance & productivity by studying economic trends and revenue opportunities.
• Prepared and presented forecasts for future business growth, general economic, industry and financial conditions and reported on their impact on company policies and operations.
Highlights u**
• Scrutinised the business budget and ensured all compliances were met.
• Implemented ERP across company locations in India, with connectivity to all depots and sales locations.
• Improved the monthly sales closing by 4 working days and led to faster decision making on future plan of action.
• Enhanced the profitability.
• Credited with high salary raise and Higher responsibility as Operations Head (two years) showcasing outstanding performance.
Responsibilities u**
Strategic & Business Planning & Management
• Complemented in achieving the company’s short & long term business objectives and strategic & operational objectives including volumes, revenue, profits, market share & distribution, by bringing a strong commercial and financial analysis and focus to all areas of business.
• Managed and maintained the statutory compliance related to VAT, TDS and Service Tax on an all India basis.
• Managed Sales, Sales Services, Capability Development, Sales Finance and HR affairs related to sales and retail audit.
• Built a high performing culture, created an enjoyable work environment and reinforced the value and reputation of the organization.
Administration, MIS and Finance Control
• Functioned as In-charge of Finance & Accounts department with finalization and statutory compliance related to accounting standards.
• Developed & delivered the accounts to Audit Committee & the Apex Business Committee.
• Developed and implemented procedures for contract management and administration in compliance with company policy. As appropriate, contributed to or influenced company policies.
• Liaised with bankers on Treasury Management and Foreign Exchange Management
• Evaluated sales & accounts related MIS reports with focus on cost reduction, capacity utilization, Line balancing for maximum output and delivered it to the senior management.
• Supervised the administration of various promotional schemes and ensured monthly clearance of sales and marketing Schemes in line with Inventory Ageing and Cost benefit Analysis.
Highlights u**
• Established better cash flows for the company by revamping inventory - conducted detailed analysis, minimized old stocks and non-moving items.
• Designed an MIS that proved to be a handy tool in negotiating with banks and brought down Finance Costs from 14.5% to 11.5%.
Responsibilities u**
• Headed the MIS and Costing functions for the Head Office and various plants.
• Designed a monthly MIS System for furnishing the financial reports that facilitated informed decision making by the Management.
• Recorded yields, cost of production and major cost savings through debate on points brought up in the MIS.
Highlights u**
• Completely revamped procedures and systems for purchase, materials, bills processing, and statutory payments leading to more efficient and streamlined operations, and accurate data retrieval.
• Developed and implemented a company-wide accounting policy to meet company objectives and established accounting standards.
• Designed a method for recovering tooling amortization.
• Saved significant money for the company by availing Sales Tax Exemption under the package scheme of incentives of Govt. of Maharashtra
• In conjunction with top management, mapped out a new business strategy named ‘target costing’ for major functional areas such as Materials, Manufacturing, Engineering, etc.
Previous Assignmentsu**
• Jul 1994 - Jan 1997, Manager Accounts & Credit Administration & Stock Broking Head, Apple Finance Limited, India
• Dec 1990 - Jun 1994, Accounts Officer, Duraweld Wearplates Private Limited, India
Professional Development: Trainings • On job Improving Personal Productivity (Training), Leadership Management International, April 1997 • Course on Supply Chain Management from Greaves Management Centre, Chennai • Improving Personal Productivity from LMI TEAXS, USA at Pune • VAT and Implications (ICAI Pune Chapter) • Leadership Management (MAACAI Senapati Bapat Road, Pune) Seminars & Workshops • IFRS Workshop conducted by E&Y, Kuwait • Regularly attended the CPE Seminar of ICAI Kuwait for update on various financial matters