Group Chief Accountant
ADDAR GROUP - Closed Joint-Stock Co.
Total years of experience :20 years, 0 Months
Group Chief Accountant ADDAR GROUP - Closed Joint-Stock Co. (Group with 15 Subsidiaries) KSA
The Group with 15 Subsidiaries, a diversified business group with operations in distinct industry sectors: (Chemicals, Downstream Industries, Information Technology, Commercial, Contracting, Maintenance & Operations).
• Holding company accounting, and financial reporting (standalone, and consolidated)
• Overseeing Group accounting operations
• Coordinating, and directing the preparation of the group management, and financial reports.
• Ensure all standard, and adjusting general ledger journal entries, and sub-ledger entries are posted accurately, and timely; maintain a record of all journal entries for audit.
• In-charge of IPO project: Responsible for the IPO project in the capital market by communicating, managing, and delivering the data, information, Financials, and management reporting to the financial advisors.
• Designing effective budget models for departments, Inter-company, the Group.
• Assist CFO/CEO in the implementation of internal control policies, guidelines, and procedures for budget administration, cash/credit management, and accounting.
Assist CFO in relationship management with banks
• Prepare monthly, and quarterly unaudited (Consolidated, and Standalone) financial statements, and preparation of the year-end (Consolidated, and Standalone) financial statements.
• Manage daily activities for Accounting, Accounts Payables, accounts receivable, Cost Accounting, and Treasury.
• Coordinate the Company's annual audit with the independent auditors.
• Develop, and maintain the integrity of the financial reporting process, and financial controls.
• Review accrued expenses, VAT, and Zakat to ensure data accuracy, and reliability
• Managing the processes for financial forecasting, and budgets
• Analyzing financial information (e.g. revenues, expenditures, and cash management) to ensure all operations are within budget.
• Presenting annual budgets to senior managers.
• Assist CFO in implementation, and management of new ERP (ORACLE, NAV Microsoft dynamics) software.
• Coordinate with IT to ensure that systems for financial reporting function in a timely, and accurate manner. Support IT in the development of new financial reports or reporting systems
• Communication to Group divisions of approved accounting, and budgeting policies, and procedures, and efficient control, and utilization of financial resources
• Train, and support Accountants, Accounting Associate & Senior Staff, and guide staff to resolve issues as needed
• Protect the organization's value by keeping information confidential.
• Evaluating, developing, and improving department controls, systems, and procedures to increase accuracy and efficiency.
• Creating an inspiring team environment with an open communication culture.
• Setting clear team goals, and following up on achieving these goals as part of the company's big vision.
• Prepare financial statements, and supporting schedules according to the monthly close schedule, and Facilitate, and complete monthly close procedures
• Analyzing financial statements on a monthly basis, and reporting on variances
• Analyses revenues, and expenses to ensure proper recording on a monthly basis
• Preparing management reports, and other financial information according to management requirements
• Reviewing, and supervising the day-to-day work of subordinate accountants (all entries, banks reconciliations, maintaining intercompany accounts, and month-end closing)
• Maintain internal control, and safeguards for receipt of revenue, costs, program budgets, and actual expenditures.
• Prepare, monitor, and manage cash flow forecasting for all projects by working in partnership with project management, and company leadership,
• Assist & Coordinate the timely preparation of annual budget forecasts for Projects, and subsequent roll up into the corporate budget.
• Achieve budget objectives by scheduling expenditures, analyzing variances, and initiating corrective actions.
• Successful implementation course of VAT at Al Ghurair Investment Co. (UAE) under the supervision/Advisor of PWC
• Dealing with internal audit, and external audit firms (KPMG, Deloitte), and providing all required reports, and data.
• Preparation, and submission of VAT returns, and any other required tax returns
• Preparing relevant reports for project cost, Sales reports, Trade receivables, Trade payables, collection, subcontractors, Retention, Bank position reports, Provisions, Prepaid expenses, Petty cash, intercompany reports, Bank & Petty cash Reconciliation, payroll, and inventory …etc.
• Management of the monthly payroll process across all locations to ensure that all employees are paid as per their contracts of employment on time, and accurately each month.
• Monthly reconciliation of all control accounts covering bank, payables, receivables, prepayments, Salary control, AP/AR clearing, accruals, and fixed assets including depreciation calculations
• Review the Asset Register to ensure that all fixed assets are within the fixed asset policy
• Handle full spectrum of financial, and cost accounting roles e.g. AR, AP, GL, project, and Mange the fixed assets register of the organization, Resolve the issues with the operations team on cost issues
• Preparation of Payment plans for disbursing cash, and assisting in cash management
• Handling suppliers, and subcontractors’ payables accounts, and follow on invoices, and purchase orders approvals to make sure all invoices are booked properly, and Arrange of Payments
• Review the related parties’ balances, and send formal balance confirmation request on monthly basis then follow up to reconcile all pending items
• Insurance-related Responsibilities for issuing new policies and monitoring the expiring policies
• Manage existing bank relationships, and establish new relationships with new Banks.
• Oracle User of the following modules:
- General Ledger (GL) - Project Module - Accounts Payable (AP)
- Cash Management (CM) - Fixed Assets (FA) - Intercompany
- Purchasing user (PUR) - Accounts Receivable
- Inventory (INV) To Monitor, and Control Material Receiving, and End of Month Stock with Oracle
- Reviewing and prepare day to day journal entries and make sure Journal Ledgers are matched
- Conducting and coordinating the monthly and year-end closing
- Preparing management reports and other financial information according to management requirements
- Monitor and supervise all posting of transactions, payables, receivable and general ledger.
- Supervise and assess in the annual audit and prepare all the requirements.
- Manage existing bank relationships and establish new relationships with new Banks.
- Responsible for banking operations, letters of guarantee, letters of credit, banking facilities and the preparation of settlement of bank dues
- Preparation of payroll and salary disbursement
- Review the set of books of the related party ‘The Fields Support EST’
- Preparation of financial statements in accordance with the accounting standards
- Conducting and coordinating the monthly and year-end closing
• Reviewing, and day-to-day Accounts Payable, and Payroll staff, and activities: transactional entries, review/approval, compliance checks, customer support, problem-solving, policy formation, process improvements, etc. Additionally, will assist in the performance review, and development of staff, Responsible for Project-level general accounting.
• Performed end of month closing, provisions, and general ledger maintenance
• Supervise, and assess annual audits, and prepare all requirements
• Review vendor payment requests, ensuring charge codes, amounts, and supporting documents are accurate/complete. Be knowledgeable of all vendor/payment entry types in order to also create system entries during times of backlog, staff shortages, and vacation coverage purposes.
• Oversee Accounts Payable staff to ensure invoices are being processed in a timely manner, and provide any necessary guidance, and training. Take direct ownership of processing Intercompany invoice payments.
• Provide support for employee expense reports, directly to employees, and assist the primary finance staff member responsible for this function.
• Review all Payroll manual calculation payments, and be prepared to calculate the same when needed.
• Oversee the Payroll function involving timesheet audits/adjustments; employee leave records; payroll-close to finalize salary deductions, and payments; employee inquiries; labor billing; electronic employee records archiving; etc.
• Perform Ad-hoc financial reports, and provide assistance for special projects (e.g., internal/external audit requests).
• Participate in the development/formation of accounting, and financial control policies.
• Assist in client billing reports; Budget preparation, and monitoring; Funding requests, and petty cash compliance.
• Understanding the client’s objectives, policies, procedures, and control systems, and analyzing its impact on the audit of Financial Statements, and control systems.
• Assisting clients in the preparation of financial statements in accordance with the applicable financial reporting framework
• Examining balance sheets, loss accounts, and profit in detail.
• Identifying the problems, and risks for assessing the reporting systems of the company
• Carry out fieldwork properly, and document all the information related to this fieldwork as per the quality standards on the assigned audit segment.
2003 - Bachelor’s Degree in Accounting - Cairo University