ديباك ساواركار

Title : Finance Manager (reporting to Managing Director/Partner) From 3rd December, 2015 - Present
Key Responsibilities & Accomplishments
Ensured timely closing of books independently, meeting deadlines for MIS Reporting showing companys financial performance, Ageing Analysis and Cash Flow Reports. Reduced reporting timelines from End of Month + 15 days to End of Month + 5 days.
Cultivated sustainable long-term, productive relationships with financial institutions, securing annual credit facilities totaling AED 270 million in various currencies. Utilized financial models like 3 statement model to achieve cost effective and structured support for the Group’s operations as part of Treasury activities. Consistently collaborated with financial institutions to reduce the Group’s financing costs.
Developed and implemented accounting policies and procedures for both new startups. Key policies established included Fixed Assets, Accounts Payable (with Vendor Management), and Accounts Receivable, among others.
Collaborated with statutory auditors (Big 4) to ensure audit completion within agreed covenants.
Aligned IT systems ensuring compliance with Corporate Tax Laws. Conducted tax planning for Corporate Tax.
Managed LC (Documentary Credit) transactions, Overdrafts, CIL/LTR, Term Loans, and LGs.
Capex and Opex Planning - Developed capital expenditure budgets totaling AED 100 million during the startup phase, aligning with the organization’s strategy. Led the preparation and implementation of the current year’s Opex budget of AED 700 million
Monitored cash flows to ensure the company maintained adequate liquidity.
Manage all accounting operations including Billing, A/R, A/P, GL, Cost Accounting, Inventory Accounting and Revenue Recognition (including follow up with customers in Middle East & Africa region).
Established a Chart of Accounts with Cost Centers to control and approve costs in alignment with the
company’s policies and budgets.
Risk Management
Liaising with Insurance companies to ensure adequate coverage for both life and non-life policies, and managed claims settlements to safeguard the company’s assets.
IT & Systems
Led the team for implementing new ERP (VISACC) alongwith Value Added Tax (VAT) Compliance processes and also ensured consistent usage of ERP by all relevant stakeholders. Established compliance calendars to ensure timely submission of returns and tax payments.

Ensured timely closing of books independently, meeting deadlines for MIS Reporting showing company's financial performance, Ageing Analysis and Cash Flow Reports. Reduced reporting timelines from End of Month + 15 days to End of Month + 5 days.
Cultivated sustainable long-term, productive relationships with financial institutions, securing annual credit facilities worth AED 300 million. Achieved cost effective and structured support for the Group’s operations (using 3 statement model), consistently collaborated with financial institutions to reduce the Group’s financing costs, implemented hedging and foreign exchange (FX) strategies to mitigate financial risks as part of Treasury activities.
Developed and implemented accounting policies and procedures for both new startups. Key policies established included Fixed Assets, Accounts Payable (with Vendor Management), Accounts Receivable, among others.
Led the team to ensure audit completion with a Big 4 firm within agreed covenants for past 9 Audits.
Aligned IT systems ensuring compliance with Corporate Tax Laws. Conducted Corporate tax planning.
Managed LC (Documentary Credit) transactions, Overdrafts, CIL/LTR, Term Loans, and LGs.
Capex and Opex Planning - Developed capital expenditure budgets totaling AED 100 million during the startup phase, aligning with the organization’s strategy. Led the preparation and implementation of the current year’s Opex budget of AED 700 million
Monitored cash flows to ensure the company maintained adequate liquidity.

Managing Accounts in ERP, ensuring that company accounting activities and procedures conform to
Generally Accepted Accounting Principles and comply with local laws, including Zakat and Taxation laws and company’s SOPs.
Core member in implementation of Finance Module of Oracle R12 ERP in the organization.
Supervised and contributed to the preparation of financial reports on monthly, quarterly and annual basis, ensuring they are prepared accurately and in a timely manner and presented with analysis of variances from Budgets and KPIs of the concerned departments / divisions / Strategic Business Unit.
Suggested key points in preparing Travel policy, resulting in savings of more than $ 1, 000 pm.
Designed Procedure for Accounts Payable including Vendor Management System. This contributed greatly to reduce the risk of dealing with fictitious vendors.
Taking the lead in managing the preparation of Annual budgets for future planning for the business in coordination with various departments / divisions / Strategic Business Units, in addition to monitoring, revising, and reporting on budget deviations/ variations.
Introduced Petty Cash Policy to effectively control and reduce usage of petty cash to 25% of the amount that was earlier being used.
Articulating the objectives and Key Performance Indicators (KPIs) of the Finance Division in line with the organization’s business plans and strategic objectives and conducting performance appraisals for immediate reportees according to planned schedules.
Ensuring cost controlling by various cost centers and WBS (Work Breakdown Structure).
Increased efficiency of Accounts Team by streamlining processes, designed SOPs to implement proper internal controls which helped in gradually and optimally reducing team size by almost 50%.

Managing Accounts Payable, Cash Management, Reconciliation & Reporting processes for a Fortune 100 company in SAP ERP environment, handling a team of 12 people.
Achieve suppliers satisfaction through proper management of accounts payables as per the agreed credit terms by reviewing the monthly AP ageing report and make sure all due invoices are paid in their due dates as per company cash flow.
Supervision of processing of invoices for payment on a three way matching concept, checking of deduction for retention as per contract terms, following up on advances periodically to ascertain proper cost booking, assisting in month end closing activities.
Supervising preparation and presentation of daily production report, weekly KPI report, bi-weekly cash management report, Discounts Captured Report and other reports as per the SLA with client.
Conducting performance appraisals for subordinates according to scheduled Key Performance Indicators (KPI).
Nominating a deputy to carry out the responsibilities of the position whenever the need arises.
Coordinating as a single point of contact with the client.
Performing any other duty related to the job as assigned by the direct supervisor.

Reason for leaving: Pursue career growth / Relocation to Saudi Arabia.

As an Asst. Manager and Team Leader, my responsibilities included timely delivery of MIS reports and statutory compliances of a portfolio of clients. This involves continuous interaction with the clients and acting as a single point of contact between the various functional divisions of the organization and the client for the full gamut of services provided.
Supervising the overall accounting activities (GL, AP, AR, FA & Payroll) in Tally
Maintaining bank reconciliation statements in compliance with time and accuracy norms.
Coordinating with corporate Auditors for finalization of accounts.
Preparing monthly MIS which included cash forecasts.
Supervising processing of payroll, reviewing payroll reconciliations including manpower reconciliations.

Quality:
Documenting various logs and documents required under Quality norms.
Liaising with consultants for implementing quality standards.
Coordinating with Auditors during Quality Audits.

Business Development:
Liaising with prospective clients for presentation of the organization’s services.
Preparing draft proposals, final contracts.
Attending events and conferences for creating visibility for organization’s services.
Preparing MIS related to Sales & Marketing activities.

Negotiation with banks for Credit Facilities.
Management of Fund Based Limits (FBL) and Non fund based limits (NFBL) as per credit facilities agreements with various banks.
Coordinating with banks for establishing Letter of Credit, submission of documents and other formalities related to imports & exports.
Supervising the preparation / drafting of documents as per Documentary Credits / Bank Guarantees, ensuring that Export Documentary Credits are as per the statutory requirements.
Preparing and submitting details as required by agencies like Export Credit & Guarantee Corporation.
Monitoring and supervising the necessary records to track the inward/outward movement of goods.
Supervising processing of payroll, reviewing payroll reconciliations including manpower reconciliations.
Preparation and analysis of monthly cash budgets to manage the finances of the organization.
Preparation of monthly MIS which includes cash forecasts.
Interacting with banks for timely deposits of receipts under documentary credits and other instruments and handling other routine banking operations.
Monitoring daily collection and debtor credit limit; preparing outstanding statements, Credit Reports and Defaulters List.

Administrative responsibilities:
Liaising with Insurance companies for adequacy of Insurance coverage, accidents, claims settlements, etc. to ensure safeguarding of company’s assets.
Specifying manpower requirements according to recruitment and selection and manpower planning practices
Participating in determining training needs of subordinates and evaluating the outcomes of training courses in coordination with the concerned human resources personnel.

Responsible for supervising the overall accounting activities (GL, AP, AR, FA & Payroll)
Maintaining bank reconciliation statements in compliance with time and accuracy norms.
Preparing Financial Statements according to GAAP and coordinating with corporate Auditors for finalization of accounts.
Periodic Stock verification as part of company management.
Data entry for bank receipts, preparing outstanding statements for creditors.