Senior Accountant
Majid Al Futtaim
Total years of experience :11 years, 11 Months
Working in the Finance Shared Service Center (FSSC), the main objective is looking after the financial reporting of diverse portfolio of business units, comprising of Fashions, Cinema, Leisure Entertainment, and Finance in GCC countries, Egypt and Lebanon. Some of my key responsibilities are as follows:
• Prepare annual consolidated and standalone financial statements of eight entities of different jurisdictions (UAE, KSA, Oman, Bahrain, Qatar, Kuwait, and Lebanon) and communicate same to all stakeholders.
• Reconcile Balance Sheet accounts of assigned area of responsibility and initiate necessary actions to resolve issues in line with company policy.
• Maintain proper control over accruals and provisions during as well as at the end of the fiscal year ensuring correctness, completeness, and adherence to the company’s financial policies and procedures.
• Responsible for managing the books including general ledger, accounts payable, accounts receivable, fixed assets and inventory of the assigned books and ensuring monthly closing of books within the stipulated deadline.
• Perform monthly review of Hyperion (HFM) figures and ensure numbers reported are correct to ensure no adjustments are required later.
• Based on my strong performance and achievements, given responsibility to manage additional tasks such as VAT, Withholding Tax, and Retention Tax automation projects which led to increased time efficiency and translating into cost saving.
• Played an important role in implementing IFRS 16 tool for the group where more than 500 leases were analyzed in detail to ensure compliance with IFRS 16.
• Maintain all inter-company accounts as well as bank balances through regular reconciliations and resolution of issues.
• Conduct training to new and existing team members with regards to FSSC Processes, VAT, Tax Retention and Withholding Tax regulation.
• Critically review actual spend as compared to budget and work with stakeholders to identify cost saving opportunities.
• Liaise with Internal and External auditors on accounting and financial reporting matters or any other matters as and when required, ensuring timely implementation of audit recommendations.
• Preparation of financial statements.
• Initiate and control the yearly budget process, preparing budget presentation to the managing director.
• Managing the quarterly forecasts, capturing and analyzing the variances versus budgets and preparing proper bridges to justify the gaps.
• Review accounts receivable & payable aging report.
• Preparation of cash flow projection.
• Preparing monthly group business financial and operational performance presentation.
• Review the internal processes related to finance department to identify the gaps and enhance the controls.
• Review monthly and yearly accruals, amortization of prepaid expenses, and fixed assets depreciation.
• Reconciliation of sister companies and any funds movement between them.
• Responsible for all facets of VAT related work.
• Review Payroll functions, and preparation of salaries and their timely transfer through the WPS.
• Plan, assign, and review the work of accounts staff.
• Maintain stock reconciliation with branches, Valuation and random checkup of Inventory on monthly basis.
• Responsible for financial facilities arrangement provided by banks.
• Monitor reconciliation of bank accounts on a daily basis and verified by online banking services, the payments, deposit of Cash and Checks into the bank.
• Control of current & postdated Checks issued.
• Finalization of annual accounts with external auditors.
• Prepare end of service benefits as per UAE Laws.
• Handle the entire accounting activities independently up to finalization of accounts which including preparing financial reports.
• Preparing Payroll reconciliation, process check for payment of salaries.
• Prepare and maintain a list of postdate Checks payment or received.
• Perform monthly adjusting entries like amortization of prepaid expenses, fixed assets depreciation.
• Prepare reconciliation of bank accounts on a daily basis.
• Report management on company liabilities and receivables.
• Prepare monthly sales, purchases, and stock reports into excel spread sheet for analysis.
• Handling Payables, ensuring completeness, reconciliations, aging, and payments to suppliers.
• Handling receivables, Ensuring the invoices are delivered, Statement of accounts are dispatched, follow up with sales team for the payments and coordinating with clients to resolve the issues if any.
• Assisting Warehouse staff in stock count on quarterly basis.
• Bank loan and financial facilities arrangement.
• Monitoring daily Cash Flow.
