Finance Manager
Milan OUD Co., (Abdul Samad Al Qurashi Co., Group), KSA
Total years of experience :15 years, 5 Months
Milan OUD Co., (Abdul Samad Al Qurashi Co., Group), KSA
Oud Milano is a leading Italian brand of cosmetics, make-up and skin care products.
Accomplishments:
• Served as the strategic lead on all aspects of financial accounting, aided in shaping and providing financial vision consistent with the strategic plan and direction of the Company.
• Instrumental in leading improvements to financial management practices, processes, systems, budgeting methods and internal controls to improve consistency.
• Acting as the key financial planning, modeling and analysis expert to deliver insight to shape the management strategic decisions.
• Established policies & procedures, created cash management system and opened bank accounts in all banks in GCC.
• Owned a high performing finance function during opening of 69 Showrooms - kept cash flow and finance in safety level.
• Established Costing & inventory control and decreased the shortage to the acceptable numbers.
• Attained the target of Saudization in my department.
• Drove change and continuous improvement through the introduction, adoption of various improvement methodologies and emerging technologies - implement new program system in OUD Milano (Fusion), accounting system in GCC (UAE - KWI - Oman - QTR & Leb) as well as facilitated move on from old system to Oracle in SADS company.
• Efficaciously handled annual financial reporting for all GCC Companies, Zakat & Tax.
• Successfully implementing the VAT tax system in KSA, UAE & Oman
Responsibilities:
• Commanding day-to-day financial activities- financial planning, cash/ treasury management reporting & analysis.
• Annual budgeting and planning process owner, providing expert advice to senior management to ensure that budgets are on target & 100% aligned to the strategic direction of the company.
• Leading development and implementation of financial policies, processes, and procedures. Ensuring systems are in place to deliver the company’s financial strategy.
• Authorized to manage and follow up finance department for all countries from Saudi Arabia. Reporting to Owner & CFO.
• Successfully implemented fully-integrated Oracle Fusion financial data solutions and systems.
• Assessing and improving the health of cash flow management practices as well as delivering long-term forecasts.
• Subject matter expert conducted financial and costing analysis to uncover inefficiencies. Reviewing key performance indicators, trends, capital expenditures analysis, variances reporting in terms of actual versus target reports, deviation reports, historical results, etc.
Lebscom is Luxury Fashion Online Shopping located in Dubai. E-commerce
Accomplishments:
• Hand-selected to pitch-in during establishment of the new business in 2020
• Headed the finance department. Provided financial and organizational leadership, strategic vision and direction to accelerate growth across the Group.
• Established a robust and high-quality financial control framework covering policies, standards and procedures are implemented and maintained across the group
• Functioned as the analytical engine of the Group, proffered data-driven insights to support optimal financial business decision making- optimize the company’s financial performance and strategic position.
• Successfully implemented E-commerce Shopify platform.
Responsibilities:
• Directing/ controlling company’s finance function, ensuring company financial systems are robust, compliant and support current activities and future growth. Reporting to the CEO.
• Developing and implementing E-commerce Budget - marketing, advertisements, admin expenses, software cost and shipping expenses etc.
• Re-introducing basic financial discipline and reporting, facilitated improvement on cash flows, planning, reporting and controls. Managing annual financial reporting and VAT tax quarter report in UAE.
• Produced monthly management accounts packs, statistics, data reports and analysis for Product sales, the success of advertising and marketing campaigns (ROAS & ROI), daily/monthly/yearly purchasing trends, etc.
• Performing in-depth financial, variance, and trending analysis for KPIs used to build revenue models in the business and drive analytical support
• Providing strategic financial support in assisting in business case creation of capital investments made in the channel, using key metrics like ROI, NPV, and IRR.
• Partnering with cross-functional business partners to align financial plans to long term strategy by coordinating marketing, planning/analytics, merchandising, engineering, and operations objectives.
• Operational budget holder with responsibility for ensuring corporate budgeting processes, reforecasts and financial projections are carried out timely & accurately.
Abdul Samad Al Qurashi Company's basic business is Retail & Wholesale Perfume, Oud & Cosmetic
Accomplishments:
• Presided over day-to-day activities of the AP, GL & FA section and was responsible for its reporting systems and accounting controls.
Responsibilities:
• Collated profit and loss statement, monthly closing and cost accounting reports for each showroom and department.
• Delivered full spectrum of accounts functions including payables management for maintaining effective cash cycle. Generated Aging Report for Payable account & payable due verification for payment to the suppliers.
• Prepared annual budget (CAPEX & OPEX), drove the annual budgeting and forecasting processes including mid-year review, target setting, and year-end performance matrix. Ensured improved expenditure control.
• Prepared the payments and reconciliations of suppliers and cash on a daily basis to ensure daily cash position.
• Ensured timely preparation of intercompany accounts and reconciliations, monthly accounts, consolidated reports for managerial decision making.
• Streamlined team billing to facilitate accountability, reliability and accuracy of information. Reviewed posting of all JV in Oracle system.
• Effectively maintained various balance sheet schedules such as fixed assets, depreciation, accruals and provisions.
• Enforced compliance with applicable accounting standards and corporate policies and procedures. Produced standard and ad hoc reports. Allocated tasks among teams and provided direction and support.
• Promoted to lead AP accounting operations for retail & wholesale company.
Saudi Arabian Drug Store Company's basic business is wholesale pharmaceutical & nutrition.
Accomplishments:
• Senior Accountant in AP and GL, maintained transactions related to various accounting elements, including Account Payable, Account Receivable, Payroll and General ledger.
• Headed, mentored and empowered a dynamic team of 3 Accountants, in coordinating the overall financial operations and directing financial activities in achieving short-term and long-term strategic objectives.
• Supervised processing of recording invoices, credit memos and journal vouchers in ORACLE application.
• Calculated commissions of marketing teams for scientific offices and selling teams (Nutrition - Pharma - Retail) to ensure that the targeted sales and collection are achieved in accordance with the budget.
• Ensured all payments were done by the company in accordance with the audit and accounting standards.
• Followed up the periodic inventory physical counting process. Support activities related to inventory costing & all accounting implications of inventory transactions.
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