Group CFO
M.F.M.Y. GROUP
Total years of experience :27 years, 5 Months
Working with M.F.M.Y. Group- Karachi from Jan 2015 at the position
Group CFO. The group is one of the Famous group in Karachi involves in the line of multiple businesses such as Textile, Insurance brokerage, retail Pharmacy stores and Trading of general items.
My job responsibilities are:
• Assist in performing all tasks necessary to achieve the organization's mission and help execute staff succession and growth plans.
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• Train the Finance Unit and other staff on raising awareness and knowledge of financial management matters.
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• Work with the Top Management on the strategic vision including fostering and cultivating stakeholder relationships, as well as assisting in the development and negotiation of contracts.
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• Participate in developing new business, in identifying new funding opportunities, the drafting of prospective programmatic budgets, and determining cost effectiveness of prospective service delivery.
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Assess the benefits of all prospective contracts and advise the Executive Team on programmatic design and implementation matters. .
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• Oversee the management and coordination of all fiscal reporting activities for the organization including: organizational revenue/expense and balance sheet reports,
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• Oversee all purchasing and payroll activity for staff and participants.
• Develop and maintain systems of internal controls to safeguard financial assets of the organization . Oversee the coordination and activities of independent auditors ensuring all audit issues are resolved, and all compliance issues are met.
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• Attend Board and Subcommittee meetings; including being the lead staff on the Audit/Finance Committee.
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• Monitor banking activities of the organization.
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• Ensure adequate cash flow to meet the organization's needs.
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• Serve as one of the trustees and oversee administration and financial reporting of the organization's Savings and Retirement Plan.
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• Investigate cost-effective benefit plans and other fringe benefits which the organization may offer employees and potential employees with the goal of attracting and retaining qualified individuals.
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• Oversee the production of monthly reports including reconciliations as well as financial statements and cash flow projections for use by Executive management, as well as the Audit/Finance Committee and Board of Directors.
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• Assist in the design, implementation, and timely calculations of commissions and salaries for the staff.
• Oversee Accounts Payable and Accounts Receivable and ensure a disaster recovery plan is in place.
• Oversee business insurance plans and health care coverage analysis
My job responsibilities are:
Management of Banks / Funds position:
• Preparation of consolidated summary of all the accounts with various banks on one sheet in order to make financial planning for payment, opening of Letter of Credits, TR management, transfer of funds from one account to another account to save interest.
Banking Transaction:
• Follow up with banks for fund transfers, funds receipts, salary transfers, preparation of documents for renewal of O/D & other banking facilities etc.
• Establishing & amendments of Letter of Credits.
• Follow up with bank for payments of L/Cs.
• Supervision in the preparation of Cash & Bank Reconciliation Statements.
Accounts Payables / Receivables:
• Supervision in the preparation of Accounts Payable List & ageing analysis thereof.
• Maintaining the Accounts Receivables by official receipts and making sure of immediate onward deposition into Bank Accounts.
• Supervision in the preparing an up-to-date Account Receivables Statement showing expected monthly collections.
Asset Management:
• Maintaining Fixed Assets Statement / Depreciation Schedule.
PERSONNEL:
• Supervision in the preparation of monthly Staff Pay Roll & disbursement of salary after proper approval.
• Calculation of Staff Leave Salaries/Settlements.
MONTHLY ACCOUNTS:
• Scrutiny of individual GL accounts on monthly basis while closing monthly accounts.
• Passing of closing accounting entries on monthly basis.
• Closing of monthly accounts.
• Preparation of Monthly Management Accounts:
1. P & L
2. Balance Sheet
3. Cash Flow Statement
4. Sales/Cost Analysis
INSURANCE / AUDITS:
• Liase with insurance companies for renewal of insurance policies.
• Submission of monthly stock report to insurance company.
• Liase with auditors for all issues relating to audit.
• Preparation of audit schedules.
INVENTORY MANAGEMENT:
• To look after the financial aspects of inventory management.
REPORTS:
• Preparation of Cost Reports.
• Preparation of Monthly Management Reports.
• Preparation of Financial Projections.
Petty Cash Management.
Collection of Cash from Bank to Petty Cash.
Preparation & Scutiny of Expenses bills.
Preparation of Cheques & forwarding then to Finance & Administration Manager for approval & signature.
To make sure that payments meet all internal control requirements as justification of the payments made.
Preparation & posting of Payment Voucher.
To enter invoices of the suppliers.
"ARTICLESHIP"
Completed mandatory Audit Training Period of Four Years.
During the trining I completed successfully several audit assignments of various clients all over in Pakistan. Some of major clients are:
Corporation:
Karachi Water & Sewerage Board.
Listed Companies:
1. ITTI Textile Ltd.
2. Siftaq Textile Ltd.
3. Fabritech Textile Ltd.
Provident Fund Audit:
1. Employees Old Age Benefit Institutions.
2. Institute Of Cost & Management Accountant.
Others:
1. Interflow Communication (Pvt) Ltd.
2. International Office Product (Pvt) Ltd.
3. Air Wings Travels (Pvt) Ltd.
Post Graduate Diploma in Public Accounting. CPA
MBA FINANCE
4 YEARS ARTICLESHIP CERTIFICATE