Assistant Finance Manager
Oman Insurance Company
Total years of experience :10 years, 11 Months
Responsible for a receivables portfolio of over AED 500 Million.
Managing a team of two personals.
Seek new ways to increase the collection activity and productivity through proactive management and monitoring.
Facilitate and implement department /systems/processes
Plan/Analysis/facilitate and manage resources for strategy build up to achieve receivables targets.
Seek/propose in order to optimize productivity and identify potential risk /tend to achieving targets
Negotiate outstanding balances, payment terms at renewal and new businesses bookings.
Monitoring previous outstanding prior renewals
Provide monthly & quarterly projections and management reports such as cash forecast/collections provisions models and ageing
Create intra department synergies and seek integrated solutions with operational and underwriters to tackle invoicing and other operational issues ensure the business continuity, improved service and timely collection.
Review/Monitor the credit cycle, assess and update credit policy and develop collection strategy.
Monitor the upfront premium collections, cash positions, PPW /RI pay outs
Address a complexity of issues requiring immediate attention and resolve
Travelling to the respective Brokers/Clients if necessary on monthly basis.
Monitor misallocated cash to ensure they are cleared in timely manner
Preparing monthly receivable reports and submitting it to the VP.
Ensure that monthly statements of accounts are sent on monthly basis to ensure the prompt payments.
• Responsible for preparing monthly financial statements and presenting to the management.
• Responsible for handling insurer payable.
• Preparing insurer reconciliation reports on monthly basis.
• Analyzing the revenue on monthly basis.
• Undertaking variance analysis on monthly basis to ensure that the actual are in line with the budget and investigates on variances and reporting to top Management.
• Monitoring the transactions on daily basis and ensure all the transactions are updated on time.
• Monitoring the invoicing process and ensure the accuracy.
• Preparation of Bank reconciliation and system to system reconciliation.
• Responsible for handling insurer queries.
• Analyzing and monitoring on the daily receipts to bank.
• Processing the monthly settlement to insurer.
• Responsible for preparation of Ad hoc reports.
• Responsible for monitoring efficiency of internal controls and communicate to the management regarding the relevant upgrades.
• Responsible for reviewing all the accounts on monthly basis to ensure that all the entries have been passed accurately.
• Member of the Offshore Financial Reporting team.
• Responsible for the preparation of the year end statutory accounts.
• Preparation of monthly journals and uploading through Oracle ledger.
• Performing Balance Sheet nominal impacted by the investment feed in order to ascertain the control and conducting peer review on reconciliation done by the team members.
• Monitoring the market movement of assets and investigate the significant variances of the assets value.
• Maintaining the asset value as per IFRS requirements.
• Analyzing the client’s cash balances for major movements and reporting on action required.
• Analyzing the movements of investments made by the client and reporting on variances (investments relating to Property, Plant and Equipment, Shares and FOREX).
• Providing investment related information to the regulatory authorities such as National Statistic Office, Inland Revenue Department.
• Calculating tax on investment assets periodically.
• Reconciling fixed interest and dividend values between the ledger ( Oracle ) and the investment portfolio ( Hiport) for tax calculation purposes and investigate on any variances
• Obtaining ownership of the processes and implemented processes improvement through out the use of advance excel ( Macros)
• Consolidation of investments made by the client in different countries.
• Prepare KPI document on monthly basis which monitor the KPI’s for deliverables.
• Liaising with the onshore client in UK on a regular basis with regard to key deliverables and responding to ad-hoc queries that occur within the monthly reporting cycle, investigating, analyzing and proposing action plans.
• Responsible for preparing the annual and monthly financial statements of individual companies and the Group.
• Preparation and monitoring of the company’s annual budget.
• Reviewing of general ledger transactions ensuring accuracy and completeness.
• Preparation of budgets for individual projects and performing a variance analysis.
• Responsible for maintaining the Group’s fixed asset register.
• Reporting on the financial feasibility of ongoing projects to senior management and clients as and when required.
• Verification of payments and daily business transactions.
• Negotiation with the bank with regard to fixed deposit interest rates and exchange rates.
• Liaising with Debtors and Creditors with regard to credit periods.
• Review and authorization of bank reconciliations.
• Liaising with company secretaries and external auditors.
• Performing Internal audits on projects when required.
• Performing ratio analysis and cash flow forecasts.
Qualified member of Associate Charted Certified Accountant ( ACCA - UK)