Senior Finance Officer
Glomax Crypto Exchange
Total years of experience :10 years, 3 Months
• Handling financial books of both Holding and Exchange company. And performing closing of accounts every month.
• Ensuring financial reporting compliance with FSRA. Including 12 Months rolling operating expense report (To be submitted each month for the next 12 months), Monthly fees reporting to FSRA, annual filing with FSRA, and other ad-hoc reporting.
• Performing ratio analysis to see pilferage of resources.
• Preparing monthly, quarterly and annual financial statements with commentary, after coordinating adjusting entries.
• Created financial forecasts using 3 case scenarios; Best, neutral, and worst. And linked financing strategy to facilitate seamless business experience.
• Producing coordinated budgets, providing startup nature and reporting on the variance analysis.
• Using Business Intelligence software, Power BI to create dashboard on key metrics and for detailed reporting on the trades and transaction data, from finance department perspective.
• Performing reconciliation of income, FSRA fees, and VAT from the system on weekly and month basis.
• Produced KPI’s with the financial impact in collaboration with internal operational activities to help identify areas with the improvement and valuation of the risk faced.
• Coordinating with internal and external auditors.
• Providing information and articulating results to higher management and at the same time analyzing current controls considering reports for betterment.
• Maintaining all the transactional record into the accounting system.
• External communication to add value to the department and ultimately to company.
• Working to create a dashboard which will allow to access and perform analysis on data archived separately from the main system due to load issues. Such dashboard will allow transparency to both internal and external stakeholders.
• Constructed policies and procedure for finance function from scratch including interdepartmental policies which involves finance function.
• Working to align Glomax backend console to financial reporting requirements, such as reporting to FSRA on fees, reporting to FTA for VAT, and reporting on income to be reported in financials.
• Implemented finance department operations, policies, and procedures from scratch till finalization.
Treasury Policy: Created treasury policies, which will regulate valuation and realization of crypto held as fees collected.
Risk Valuation: Working to report on valuation of risk for scenarios such as missed fees targets, declined funding, regulatory penalties, loss of vault with crypto assets, significant price reduction of crypto earned as a fee, and so on.
Investment: Reduced burning rate to 80% of original projection by; negotiation with vendors, switching to value for money option, and lagging unnecessary expenses. For Example: Eliminated intermediary for cloud services which resulted in the saving equivalent to 20% of the average revenue to earlier vendor.
Bank Account: Working to open custody and operational bank account for the Exchange.
Automation Working with IT department to create reports with maximum transparency possible.
Transaction Fees Working on the policy which will dictate procedures to follow to decide crypto withdrawal fees from clients.
• Working efficiently with the Accounting team, ensuring that all relevant accounting entries are booked properly, in line with IFRS and Group standards.
• Delivering timely and accurate monthly reports to the Business Units (sales reports, detailed P&Ls, Capex, stock monitoring, scorecards, management reporting, ad hoc analysis)
• Follow up on main costs (Communication, selling costs, personnel cost…)
• Correct and timely completion of Group Management Reporting.
• Monthly, quarterly, and annual closing of books. Creation of stand-alone and consolidated financial statements.
• Budgeting and expenditure analysis as well as regular meeting with budget owner to bring timely remediation.
• Financial modelling and analysis.
• Analytics and Information management using Tableau & POWERBI. Creation of financial dashboard and visualization using POWERBI.
• Supervising filling of VAT return and VAT audits across all business units.
• Dealing with internal and external auditors.
• Internal control planning and implementation.
• Market research, Investment opportunity sourcing, proposal to board, Metrics Analysis i.e. ROI, payback period, and deal closing.
• Planned Investments into Crypto Currency, Stocks, Mutual Funds, Fixed Income, Structured Bonds, and Real Estate.
Finance Compliance Officer | K - Electric (ABRAAJ GROUP) | Oct, 2014 till Sep, 2015 | Karachi, PAK.
K-Electric Limited caters to the city’s 6, 500 square kilometers and supplies electricity to all the industrial, commercial, agricultural and residential areas that come under its network. The organization has over 2.5 million customer accounts in Karachi and interior Sindh close to Karachi.
Achievements & Duties:
• Increased revenue after implementation of SOP for “Bulk Supply Electricity” across the business units, developed by me and my team.
• Development and implementation of SOP for “Trafo Replacement”. Monetary and Reputational benefit derived after implementation.
• Suggested reporting areas for compliance department to establish its roots in the company.
• Preparation of monthly, weekly, and daily collection reports of IBC.
• Analysis of collection to identify target achieved or not.
• Initial analysis for reasonability of growth targets given to MRO.
• Resolution of observations reported by internal audit department.
• Development and devising of controls to avoid anomalies reoccurrence.
• Development of SOP to avoid different practices at different IBC by strong coordination and follow-up with another CRS in other IBC’S.
• Desk and Field analysis to identify risk vulnerable areas and timely action to curb potential problems.
• Use of SAP ISU for desktop analysis.
• Compilation of individual reports into regional and organizational.
• Preparation of budgets and calculation of variances.
• Process improvement to enhance coordination between departments in order to put control over discrepancies forever.
• Maintenance of CRM dashboard to assess the overall performance of department to be used by department director.
IBRAHIM SHEIKH & COMPANY is a chartered accountant firm which mainly provide external audit services to clients under regulatory requirements of pakistan.
Duties:
• Calculation of tax liability.
• Tax return calculation and tax return filling.
• Planning of audit and execution of plan.
• Casting and verification of documents.
• Vouching for the evidence finding.
• Issuance of debtor and creditor confirmation letters.
• Working paper creation.
• Preparation of financials for non-assurance clients.
• Performed worker profit participation funds services for clients.
• Invoicing to clients.
• Book keeping.