Finance Manager
Semsem Grains Cereals & Legumes Trading LLC
Total years of experience :21 years, 7 Months
Leading a finance & accounting team of five members, managing full range of financial & accounting activities, my role includes but not limited to:
Key Accomplishments:
1) Supervised the implementation of FACTS ERP system.
2) Successfully negotiated the renewal of AED 250 MN Facility Agreement which was facing many difficulties and challenges.
3) Provided alterative financial resources to meet cash requirements for new projects totalling AED 200 MN.
4) Smoothly managed to pay AED 18 MN of PDCs given to suppliers with no bounced checks, managing a team of five members.
5) Effectively handled LCs, LGs & other trade finance instruments with banks.
6) Interviewed and conducted training for new staff in finance/accounting department.
Responsibilities:
Supervising a monthly closing, verifying, approving all kind of payments, fixed assets register and performing year-end adjustments, issuing annual financial reports.
Handling export & import documents with banks & government authorities, managing cash, set up credit policies; monitoring inventory, collection of AR & payment of AP.
Preparing annual budget, controlling actual performance; and making necessary corrective actions needed.
Performing financial analysis, propose cost reduction initiatives, executing fund raising request, negotiating loan and debt agreement with lending banks.
Preparing business plan, interviewing new candidates, train new employees in addition to other financial consultations provided to affiliated entities in UAE & KSA.
Supplies & Services Solutions FZE is a subsidiary of Asawer Oil & Gas, Sudan-based EPCC contractor. The business unit was established at SAIF Zone in Sharjah to handle procurement and delivery of material supply contracts for EPCC projects in Sudan & Iraq for which Asawer was acting as main contractor.
Key Accomplishments:
A. Led a team of 5 members and successfully managed $ 150 MN construction and material supply contracts in Iraq and Sudan.
B. Managed a shipping contract of $ 7.5 MN with third-party shipping agency to deliver equipment and supplies for construction projects in Iraq.
C. Effectively engaged with the procurement teams and international vendors for manufacturing and supplying oil and gas equipment and machinery.
D. Developed and drafted internal control policy for the business unit and established its reporting system with the head office.
E. Conducted regular business performance briefs to the BOD on a quarterly basis.
F. Established full accounting system integrated with procurement & sales.
G. Cleared reconciliation of long-standing intercompany account transactions between parent company and the subsidiaries in UAE & Sudan.
Responsibilities:
- Overseeing operations of all accounting functions in a multi-currency accounting environment including Accounts Payable, Accounts Receivable, Treasury, Fixed Assets, Payroll, inter-company account and month / year end closing function.
- Preparing cash forecasting and monitoring weekly cash management report to ensure that collections from clients and payments to suppliers are done in a timely manner and company has sufficient cash at all times.
- Preparing annual budget in coordination with business-unit heads in addition to other financial performance and ad hoc reports.
- Analyzing revenues and expenses to ensure they are recorded appropriately on a monthly basis.
- Intensely worked with the operations & business teams in analyzing margins, variance and cost monitoring to ensure that actual results are in line with budgeted numbers.
- Liaising with External auditors, supervising internal audit activities and handling Bank-related work including credit facilities negotiations and arrangements related to SBLC and LGs/LCs to suppliers.
Key Accomplishments:
i | Coordinated KPMG Audit Process and finalized Post-Audit report to Acxiom Corporation H.O in the USA.
ii | Restructured cost of Al-Fursan’s call center (Saudi Arabia Airlines’ travel reward program) and printing/packaging center. This resulted in decreasing the direct cost by 10% & 15% respectively.
iii| Reducing the monthly closing cycle and reporting process to 5 days from 11 days and supervising a team of 6 accountants.
iv| Member of the team that successfully completed the acquisition of Direct Marketing Services LLC (DMS) by Acxiom, a leading US-based database and digital marketing company.
v | Responsible of preparing revenue file and monthly financial reports to Acxiom’s head office in the United States.
Responsibilities:
As Chief Accountant of Acxiom MENA in KSA
- Planned, organized and evaluated all accounting procedures and policies to ensure transactions are both, efficient & effective and the accounting is accurate and complete.
- Devised annual budget, performed variance analysis by comparing actual results versus the predefined budgets while ensuring affirmation with business strategies.
- Supervised monthly closing & revenue report in coordination with account management team, reconciled GL accounts, prepared MENA intercompany accounts and US/UK-related accounts as per set standards.
- Prepared financial reports that summarize the company financial position such as IS, BS & SCF, discussing forecast of future earnings/expenses.
- Managed all activities related to accounts receivable/payables including invoicing, collection.
- Coordinated with external auditors, prepared back-up tables for accruals, prepayments and other contra accounts to ensure smooth execution of audit activities.
- Maintained accurate records of all assets within the organization, calculating depreciation and updating the same with additions/disposals during the year.
- Key Responsibilities:
1) Assisted on monthly closing and preparation of financial statements for the whole group, monitored issuance of LPO’s and follow-up on delivery of materials at site as per agreed terms.
2) Interacted with engineers for preparation of new project tenders, reviewing subcontractor offers and provided recommendations for selection of contract on the basis of tender superiority.
3) Maintained accurate records of supplies and customers, maintained fixed assets register, managed and followed up on collection from customers and payment to suppliers while ensuring strict adherence to invoicing/payment set forth by the company.
4) Monitored and managed banking relationships, reconciled bank statements, maintained accurate records of payroll and related payments.
5) Scrutinized day to day operations of the accounting departments, analysed and solved accounting discrepancies and ascertained that all departmental policies and procedures are aligned with the organizational.
6) Monitored and controlled construction cost and period’s profit to be recognized based on percentage of work completed according to GAAP.
Strategic CFO Program Jan - December 2020: One-year online program at MECA CFO Academy; New Jersey, USA. The program teaches business strategy, leadership, and new technology in business.
Financial reporting & financial statements analysis, Corporate finance, Business decision analysis, Planning, Budgeting & Forecasting, Performance management, Costing, Investment decisions, Risk management, Internal control, and Professional Ethics. License no.: 59332
University degree.