Chief Accountant
Allied Gulf Food Industries FZE
Total years of experience :6 years, 9 Months
Key Responsibilities include;
Supervision of the whole spectrum of Accounts Department including Accounts Payable, Accounts Receivable, Payroll, Inventory, Final Accounts, Focus 7, Audit, Orison Accounting Software.
Role & Responsibilities:
• Preparation of Monthly Management Accounts and annual financial statements as per International Financial Reporting Standards (IFRS's)
• Preparation of various reports on business of the company for senior management
• Payable Management, including receiving of Invoices/Bills, generation of Material receiving reports, Booking of Invoices after verification & documentations, Vendor’s ledgers reconciliations & payments to vendors, and rescheduling with old creditors outstanding.
• Receivable Management, includes preparation of invoices/Bills, follow up of Payments, bookkeeping’s of payments receipts & sales, Customers Reconciliations, and Debit & Credit notes and enforcing the team for collection of old receivables from whole sale customers.
• Payroll Management, Calculations/Payments of salaries, overtimes, leave encashment of head office and site office staff.
• Petty cash Management, reimbursements to employees.
• Pre and post audits of the Accounts Receivables and Accounts Payables in detail.
• Scrutiny of all banking transactions, bank payments received and completely reconciled bank accounts with the general ledger accounts & Audit Cost of goods sold Figures.
• Cash Flow Management, Check on daily cash flow and budgets for forecasting the cash needs & expense.
• Preparation of Monthly Expenses & Revenue Budgets /Variance Analysis of Actual & Budgets.
• Credit Facilities, Sanction of Limits, Letter of Credit Managements, Amendments, Shipment Clearance, Imports cost Sheets, TT, s.
• Successful implementation of Orison Accounting software with customization for The Company as a team leader.
Key Responsibilities include;
• Establish and manage accounts department in all client group entities
• Prepare periodic management accounts/financial statements (Balance Sheet, P&L Account, Cash Flow Statement, Statement of changes in equity and related notes) and other reports
• Supervise the staff processing basic accounting entries
• Prepare reports for the directors of the companies
• Prepare accounting manuals for all the group entities
• Assist the partner in preparing reports for owners of the client entities
• Co-ordinate with external auditors to accomplish annual audit of the entities and respond to the management letter issued.
• Prepare funding requirements of the entities for future
• Draft various performance reports, contracts and agreements
• Making improvements in the internal control system
• Handling accounts receivables and payables as per defined practices of the entities
• Managing payments through TT transfer and ordinary cheques
• Handling petty cash of the group entities as per payment requirements
• Prepare budgeted annual cash flow for the entity.
• Reconciliation with associate concerns and interest calculation
• Inter department/entities liaison and co-ordination
My experience includes four (4) years with cross-functional teams on statuary audits, half yearly reviews, internal control reviews, system reviews, and preparation of financial statements etc. with major industries of Textile, Sugar and Government Departments.
Riaz Ahmad and Company honed me professionally by giving me extensive experience in undertaking responsibilities in wide spectrum of audit and accounts departments.
Areas of experience:
Statutory Audits & Internal Audit
Clients: 1) J.K Spinning Mills Limited, 2) State Life Insurance Corporation of Pakistan, 3) Masood Textile Mills Limited, 4) Aizad Corporation (Pvt) Limited, 5) Crescent Foundation, 6) Zohra Trust 7) Shakarganj Mills Limited, 8) Hussein Sugar Mills Limited, 9) Zafar Fabrics (Pvt) Limited, 10) Kamal Textile Mills (Pvt) Limited, 11) Chenab Club (Guaranteed) Limited
Responsibilities:
Overall responsibilities included;
• Planning and execution of the audit
• Preparing budgets and Supervision of the staff
• Providing on the job training to the staff assisting in audit
• Consulting partner/manager for auditing and accounting issues arising during the course of audit
• Compliance with International Financial Reporting Standards and International Standards on Auditing
• Time to time discussion with the client on the status of audit
• Compliance with Taxation Laws and Corporate Laws
• Assessment of the internal controls being implemented by the client entities
• Internal control compliance verification
• Reviewing the financial statements
• Performing analytical procedures
• Assessment of the internal controls being implemented by the client entities
• Communicating with the Company’s staff and executives, reporting on the control weaknesses
• Formulation of internal control policies relating to financial and human resource matters.
• Application and verification of control checks over the financial reporting system.
• Discussion and meetings with Director and various levels of client’s management.
• Preparation of production reconciliations and analyzing different types of production variances.
• Preparation of purchase rate variances while comparing with market rates.
• Verification of all sorts of payment vouchers before payments to be made.
• Verification of exports invoices and related documents before shipment.
• Preparation of stock reconciliations on daily basis.
• Reporting to the Director on monthly basis regarding major weaknesses in the financial reporting and internal control system.
• Drafting the recommendations regarding critical areas in the monthly report
I successfully completed this higher level degree/certification in Management Accountancy within its standard period of three (3) years.