Hilal Rashid

Finance & Accounting Manager at The Crown club Kuwait. Al Hamra Tower.
Company Industry: Private Social Club with Dine in Restaurants. Al Hamra Tower Floor 76 to 80.
ERP: Odoo

As the Head of Finance & Reporting to the Managing Partner myself Manages all financial activities including the management of procurement, accounts payable, financial reporting, accounts receivable and payroll for a Group of Companies ( Retail & Wholesale, Food Catering and Dine In Restaurants, Real Estate).

Management of risks and plan all audits ensuring continuous improvement and alignment to the company’s financial strategy.

**Finance Strategy

Plan and manage the finance strategy ensuring operation alignment with established plans and policies.

Manage and support their teams ensuring that they remain consistent with the business’s overall strategy.

Mentor key personnel in their business area, ensuring their constant professional growth, and assisting them in the execution of their duties where necessary.

**Financial Responsibilities

Establishes finance operational strategies by evaluating trends; establishing critical measurements; determining production, productivity, quality, and customer-service strategies; designing systems; accumulating resources; resolving problems; and implementing changes.

Manage Procurement, Accounts Payable, Accounts Receivable.

**Manage Payroll

Accomplishes finance human resource strategies by determining accountabilities; communicating and enforcing values, policies, and procedures.

Reviewing job contributions; and planning and reviewing compensation strategies.

**People and team management

Managing resource capacity and cross skill growth opportunities.

Developing and growing people, focusing on the teams core strengths and skills. Building and maintain a healthy talent pool for this business unit.

Managing and maintaining an updated performance matrix, participating in regular people reviews.

Ensuring participative leadership and strong communication within the team.

Collaboration with all business areas.

Coaching and peer to peer learning.

Client and Perception Management.

**Reporting and Information Management

Ensuring data and information is maintained and accurate for the business unit and its functions. Ensuring that volumes and strategic objective targets are met for the assigned business functions. Maintain data and information relevant to service and operations for the purpose of conducting analyses that influence service specific decision making.

Proficient in financial analysis, and is able to identify opportunities and the development of financially viable long-term service and operation plans.

Monitors financial performance by measuring and analysing results, initiating corrective actions, and minimizing the impact of variances.

**Manage Financial Reporting & Lead ERP implementation.

Develops financial well-being of the organization by providing financial projections and accounting services, preparing growth plans.

Reports financial status by developing forecasts, reporting results, analysing variances, and developing improvements.

Best Practise I Continuous Improvement and Communication.

Identifying opportunities by evaluating current business trends, best practise research and principles.

Working closely with all business units to enhance and promote positive feedback loops and improvements.

Works closely with all managers and teams coaching and mentoring the team’s development and professional skills.

Improve and drive cross-functional team collaboration through accurate and focused forms of communication.

Updates job knowledge by remaining aware of new regulations, participating in educational opportunities, reading professional publications, maintaining personal networks, and participating in professional organizations.

Develops organization prospects by studying economic trends and revenue opportunities; projecting acquisition and expansion prospects; analysing organization operations; identifying opportunities for improvement, cost reduction, and systems enhancement; and accumulating capital to fund expansion.

Since March 2021 I worked as a Freelancer.
During this time I set up the process and sucesfully implemented ERP's for 5 companies belonging to SME category. All were the latest cloud Accounting technologies .
The industries were F&B wholesale and retail, Drilling Wells, FMCG and a Construction company.

As head of the function in Kuwait, reporting to the CFO directly and CEO (Matrix) I am also responsible for the overall success of the organization by effectively managing Finance, Accounts, Commercial, Audit, Taxation and Investment Planning for Kuwait Operations.

Analyzing various trade contracts, commercial aspects of trade and its impact on the profitability for Kuwait business.

Develop, implement, and ensure compliance in Kuwait with internal financial and accounting policies and procedures as instructed from the Corporate Office Mumbai.

Ensuring that appropriate systems and internal controls are implemented and maintained in Kuwait office as per organization’s expectations.

Develop and maintain timely and accurate financial statements and reports related to Kuwait.

Responsible for monthly, quarterly and annual closing of financials- Balance sheet, P&L, Cash Flow statements for Kuwait Office.

Responsible for commercial execution of deals in Kuwait, which involves interacting with suppliers, customers and banks.

Maintaining existing bank relationships as well as establishing new bank relationships with the Kuwait local banks and have an expertise in Trade Finance.

Managing and controlling Trade finance lines available for Kuwait office and report to HO Belgium Treasury.

Resolves issues with contracts and commercial operations in Kuwait.

Communicates with parties in a contract related to Kuwait operations; so that all understand the terms, particularly a contract's financial aspects.

Handling of Letter of Credit and Letter of Guarantees required for Kuwait Business through HO Belgium Treasury.

Develop and maintain financial accounting systems for cash management, accounts payable, accounts receivable, credit control, and petty cash for Kuwait.

Handling of all important legal matters through the Commercial agent in Kuwait especially connected with contracts between MEW and Other major customers in Kuwait.

Prepare presentations for senior managemnet; Create cost models; Productivity analysis and other financial reports related to the operations in Kuwait.

Oversight of insurance policies in Kuwait.

Provide support for the Operations Head and team with excellent written communication required for Kuwait operations.

Update all financial transactions and verify + release all commercial transactions related to Kuwait operations in SAP.

Interacting with the Auditors and Ministry of Finance Auditor for Tax declaration in Kuwait.

Any other duties specifically assigned by the CFO and CEO through Operations Head Kuwait.

All required duties and responsibilities of a Finance & administration Manager which includes but not limited to Dealing with Banks, Working capital Management, Financial Transactions supervision and any other jobs assigned by the partners.

Supervise and consolidate all incoming and outgoing financial transactions in order to enforce defined accounting standards, design & implement Finance accounting policies and procedures in order to being able to provide accurate financial and management reports.

Provide accurate financial and management reports in regards to month end, cash flows, and any other required management reports in order to provide management with status, also assist & suggest in decision making.

Budgeting & Financial Analysis.

Liaise within finance department in order to prepare the budgets and forecasts periodically.

Interacting with the Auditors.

Monthly closing of financial statements and preparation of Profit & Loss, Balance sheet and related schedules.

Preparation of variance analysis against budgets.

Working capital management (Receivables and Payables).

Interacting with banks and ensuring all requirements relating to the banks are taken care of.

Bank facilities Management.

Ensuring proper segregation of duties and related internal controls.

Ensure all Audit recommendations are implemented immediately.

Cash & Cash flow management.

Fixed Asset and Property Assets management.

Suggest in Accounting Systems development and implementation with IT Manager.

Perform all the above jobs for Concept's sister companies- Alaantech General Trading Co & Wire General Trading Co.

Any other duties specifically assigned by the Partners

All required duties and responsibilities of an Accounts Manager which includes but not limited to the below.

Daily verification of all Sales, Purchase, Cash collection and Bank Transactions.

Post and Finalize all transactions in Medinous Hospital Management System (ERP)

Payroll preparation & Processing,

Dealing with Banks & Auditors,

Working capital Management,

Receivables follow up

Any other jobs assigned by the partners.

Supervise Daily Cash collection and Deposits to Bank. Make all necessary journal entries in the ERP system.

Bank facilities tracking and records updation.

Open LC's and Bank Guarantees with Local Banks and all required follow up.

Provide Monthly Cash flow report, Cash flow projections and Bank facilities status update to the Finance Director.

Any other Special duties assigned by the Finance Director.

Complete Control of the General Ledger.

Supervise & Control the Maintenance & Reconciliation of Supplier Ledger, Preparation of monthly payments for the Suppliers with the Junior Accountants.

Supervise & Control the Maintenance & Reconciliation of Account Receivables & Preparation of Customer ageing reports in Coordination with Credit Dept.

Cash Control by supervising the Main Cashier, Supervise the Bank Reconciliations & making necessary journal entries if necessary.

Journal Transactions for Asset Management & Payroll.

Inventory Revaluation as and when required.

Inventory & Cost Control, plus Quarterly & Year End Stock checking in Co-ordination with the Showroom & Warehouse Managers. Eureka Trading Co consists of 3 Mega Showrooms & 1 Main Warehouse until Year 2008.

Make necessary journal adjustment entries for Inventory, transactions includes adjustment of cost, shortages or excesses.

Work with and assist the Financial Controller in preparing the Management Reports. Also prepares the Trial Balance & Semi finalized Income statement & Balance Sheet.

Generate Reports from the Accounting System & format for the Management as per their requirement, like the Monthly analysis Reports for Sales with profit details by Category or Consolidated, Stock movement or holding reports by category or Consolidated, Cash Collection, Customer & Supplier's ageing analysis, Financial Reports like Trial Balance, Income statement, Balance Sheet or any other reports.

Maintenance of Supplier & Customer Ledgers.
Reconciliation of Supplier & Customer Ledgers.
Maintenance of the Inventory in the Accounting System for Italian Office Systems Furniture Co (A sister concern for Zaid Al Kazemi)
Make receipt for the foreign shipments, verifying monthly stock & making necessary journal adjustments in the Inventory.
Cash & Bank Reconciliation.
Assist the Chief Accountant for preparing the monthly reports for the management.