Budgeting, Reporting and Development Manager
ABR Contracting Company
مجموع سنوات الخبرة :32 years, 1 أشهر
ABR Contracting is a Saudi engineering and construction company playing an effective role in the construction and development fields. In 1990, ABR Contracting started its journey and keeps pace with the ongoing constructions projects of more than SAR 8.5 billion. I am working as Budgeting, Reporting and Development Manager under supervision of VP Finance and performing the following major tasks:
• Prepare and develop policies, procedures and processes of finance department.
• Prepare annual budget and quarterly forecast for the organization.
• Prepare cash flow forecasts of running projects and proposed projects to get project financing from the banks.
• Prepare, analyze, and interpret monthly project cost reviews for the executive management.
• Work on periodical potential impacts to running projects profitability summarizing increases or decreases.
Al Jeri is a Closed Saudi Joint Stock Company founded in 1989 and it has steadily evolved in the last thirty years to become one-stop shop for fuel transportation and logistics services. Al Jeri earned to be logistics service partner of choice with many customers. During this journey of growth Al Jeri expanded its fleet to reach more than 1, 250 trucks. I am working as Corporate Finance Manager and reporting to the Group Chief Financial Officer.
My responsibilities included:
• Analysis, and interpretation of statistical and accounting information to appraise operating results in terms of profitability, performance against budget, and other matters bearing on the fiscal soundness and operating effectiveness.
• Work with Sr. Management to coordinate and direct the preparation of the budget and financial forecasts, institutes and maintains other planning and control procedures (including the cost accounting system) and analyzes and reports variances.
• Coordinate with the organization’s banks from legal formalities to price and rate fixation including syndicated financing terms, current working capital arrangements, and foreign currency matters.
• Preparation of Periodical Management and Statutory Financial Statements including Group Pack Reporting.
• Coordination with other group companies to ensure migration of best practices and standardization of accounting practices.
• Coordinate with external auditors to complete the statutory audits.
Al Yusr is a leading non-banking financing company of Saudi Arabia having invested portfolio of SAR 6.0 billion. During last 20 years with this company, I have played a pivotal role in achieving significant compound average growth rates (CAGR) of more than 15% in assets financing, invested portfolio growth, receivable factorization, revenues and net income. As Finance Director my principal accountabilities are:
• Managing factorization facilities of SAR 5.5 billion sanctioned by 5 scheduled banks of Saudi Arabia.
• Working with the executive management team to establish long-range financial & business goals, strategies, plans and monitoring progress and achievements.
• Prepare monthly management financial information for the management, executive committee, Board of Directors and finalize year-end financial statements.
• Provide and review all financial reports for completeness, quality and consistency and financial analysis together with narrative analysis for the management.
• Identify critical success factors and the key performance indicators for the business. Review and report budgets against actual performance periodically i.e. monthly, quarterly and annually on the Key Performance Indicators.
• Provide strategic financial input on decision-making issues effecting the organization; i.e., evaluation of potential investments. Also, evaluate operational and financial leasing products designed to meet the needs of a wide range of clientele.
• Manage annual budgets and quarterly forecast for the organization and perform periodic cost and productivity analysis on the same. Develop budgetary models and budget benchmarks.
• Participate in continual improvement of the budgeting process through education of department managers on financial issues impacting their budgets.
• Develop a reliable cash flow projection process and reporting mechanism that includes minimum cash threshold to meet operating needs.
• Review and advise to the management on business matters having significant financial and profit implications.
• Remain in constant liaison with banks for receivable factorization, musharkah and funding arrangements.
• Analyze credit risk and develop risk based pricing and perform various analyses to support senior management with product pricing.
• Responsible for compliance with corporate and statutory requirements, adherence to company accounting practices and policies.
• Responsible for the company’s fiscal functions in accordance with generally accepted accounting principles issued by the regulatory and advisory organizations and in accordance with financial management techniques and appropriate practices.
• Enhance and/or develop, implement and enforce policies and procedures of the organization by way of systems that will improve the overall operation and effectiveness of the corporation.
• Implement and take ownership of new financial systems.
• Participate and coordinate to the IT and system developments involving financial data (report drafting, testing, and training) and to increase the efficiency of the business processes.
• Liaise with the internal and external stakeholders including business heads, suppliers, lawyers, insurance companies, consultants & advisors, internal auditors, external auditors.
• Direct and control all accounting and reporting activities and timely implementation of all accounting procedures to accomplish corporate objectives.
• Evaluate the finance division structure and team plan for continual improvement of the efficiency and effectiveness of the group and provide individuals with professional and personal growth.
Olayan Descon was established in 1980 as a joint venture between The Olayan Group of Saudi Arabia and Descon Engineering Ltd. of Pakistan. The enterprise known as Olayan Descon is comprised of Olayan Descon Industrial Company Ltd. and Olayan Descon Engineering Company. These companies provide a comprehensive range of engineering and industrial services in the Gulf region. In the capacity of management accountant I rendered the services for both companies and was reporting to the finance manager. My key responsibilities were:
•Prepare and submit management reporting package with financial analysis on monthly and annual basis in an appropriate format and in accordance with relevant accounting regulations and guidelines.
•Assist Finance Manager to prepare annual and monthly budget and its revision on quarterly basis in accordance with the level of activities.
•Prepare supporting schedules and notes to the management accounts.
•Collect and assess financial information for the preparation of management information and accounts ensuring that it is complete and accurate.
•Report to the management the variances identified giving adequate explanation and interpretation of data.
•Provide appropriate and timely analytical reports to all functional departments for planning and budget development.
•Prepare monthly divisional performance reports and identify key financial ratios to be used for assessing the performance of divisional managers.
•Contributed and coordinated to the design, formulation, and completion of accounting system which balances current needs and anticipated future requirements.
•Identify opportunities for changes and improvements to the accounting system.
•Generate comparative reports of revenues and costs for all projects based upon completion status.
•Allocate labor and overheads costs to the projects using ABC techniques.
•Prepare and issue zakat and tax returns for onward submission to Department of Zakat and Income Tax (DZIT) of Saudi Arabia.
LUMS is a pre-eminent academic institution, serving as a catalyst for economic prosperity and social development with a focus on management of resources and striving to achieve its vision through teaching and research activities that are nationally and regionally relevant, and meet the highest international standards. As an accounts officer, I reported to the general manager (finance) and my core functions were:
•Projection of funds for categories committed by foreign universities and agencies.
•Reporting to foreign universities and agencies upon the utilization of funds.
•Liaison with banks and financial institutions for students’ financial assistance.
•Supervision of payroll section.
•Controlling, preparing and issuing financial statements of staff contributory funds.
Jaffer Brothers bring state-of-the art technologies to help enhance productivity in businesses. It offers its customers’ solutions and services in agriculture, infrastructure creation, energy, data communications and enterprise resource planning. Its activities are as diverse as the international names it represents, many of which are listed in Fortune 100. My responsibilities as an Accounts Officer were:
•Preparation of financial statements.
•Budget preparation and variance analysis.
•Analysis and preparation of working papers.
•Cash flow management.
•Product costing and inventory valuation of finished products.
The Institute of Cost and Management Accountants of Pakistan (ICMAP), established in 1951, was granted statutory status under the Cost and Management Accountants Act, 1966 for the regulation of Cost and Management Accountancy profession in Pakistan. ICMAP is the sole provider of cost and management accounting education, training and professional certification in the country. Over the years, the Institute has maintained high standards in imparting education and testing and has thus been meeting an important national human resource need through a steady flow of professional Management Accountants to occupy leadership positions in the corporate sector. ICMAP has around 3,500 members, who hold senior positions in trade, commerce, industry and government within the country and abroad. The number of active registered students is around 15,000, which makes ICMAP one of the largest professional institutions in Pakistan.
CIMA is the world’s largest and leading professional body of management accountants. We have 172,000 members and students in 165 countries. They work at the heart of business. CIMA members and students work in industry, commerce and not for profit organisations. We have strong relationships with employers, and sponsor leading research. CIMA constantly update our qualification, professional experience requirements and CPD programme. This ensures that our members and students are first choice for employers who are recruiting financially trained business leaders. CIMA are committed to upholding the highest ethical and professional standards, and to maintaining public confidence in management accounting.
Established in 1882 at Lahore, the University of the Punjab is the largest and the oldest seat of higher learning in Pakistan. It was the first to be established in the sub-continent in Muslim majority area. The fact that three Nobel laureates are from this University speaks volumes for its academic and research excellence.