Finance Manager
West Zone Fresh Supermarket LLC
Total years of experience :21 years, 8 Months
Report to: Chief Financial Officer and Managing Director
Provide leadership and direction to the finance function and manage the organization’s financial affairs to ensure its financial resources are effectively utilized to attain long and short-term goals.
Serve as the primary accounting point of contact in a fast-paced environment; provide superior service to all retail and warehouse locations whilst ensuring operational and administrative effectiveness in compliance with legislation and internal policies.
Develop reports for senior management summarizing the business financial position in areas of income, expenses, capital usage and cash flows.
Assist top management in implementing strategic business plans and new initiatives based on customer trends, competitor reviews and cost reduction analysis.
Devise and control financial department policies and procedures to improve operational efficiency.
Monitor expenses throughout the year and confer with appropriate personnel regarding discrepancies or variances from budgeted and forecasted expectations.
Liaise with banks for bank facilities against tender and performance bonds, invoice discounting, term loans and vehicle loans.
Plan and direct activities of team members and provide guidance and support to ensure that the finance unit operations run smoothly and efficiently.
Effectively manage team performance by carrying out progress reviews and ensuring objectives and key outputs are cascaded throughout the department.
Build strong relationship with stakeholders, banks and outside regulators for vital business matters.
Oversee execution of accounts receivable, accounts payable, rebate income, opening fees, listing fees, bank reconciliation, prepaid, provision, depreciation, CAPEX, OPEX, and audits.
Monitor cash collection, deposit and reconciliation process of more than 42 branches to ensure accurate recording and safe handling of cash.
Renew trade license; negotiate lease terms, vehicle and property insurance.
Prepare and validate Wage Protection System (WPS) related payments, other electronic remittances, payroll checks, gratuity and leave settlements for 500+ employees without any errors.
Plan and manage VAT implementation strategies; execute VAT compliance.
Collaborate with auditors to ensure successful audit results and compliance.
· Effectively managed all finance and accounting functions of an extremely fast-growing retail business which grew from thirty stores to over forty-two stores within one year.
· Designed and implemented a group restructure that resulted in clearer reporting lines, reduced staff costs and improved productivity and morale.
· Provided timely explanations of variances with actual results and forecasts/budgets whilst recommending corrective actions to management.
· Independently prepared corporate annual accounts; collaborated with internal and external auditors and ensured full compliance with all requirements during reviews and audits.
· Coordinated the timely completion of tax returns and various audits in an accurate manner.
· Liaised effectively with finance constituents on financial accounting and reporting deliverables, issues and process improvements.
· Recovered a large sum of money in overpaid vendor charges by conducting an audit of past pay-outs.
· Identified accounts that required special resolutions by consulting the sales managers and escalating to senior management for reasonable resolution.
Reported to: General Manager
Oversaw financial operations including team management, budgeting, forecasting, accounting, auditing, variance analysis, bank management, financial reporting and P&L responsibility.
Developed and maintained accounting principles, practices and procedures to ensure accurate and timely financial statements.
Monitored and analysed accounting data and produced accurate financial statements and reports.
Combined and reconciled the financial reports of the group companies.
Actively participated in the annual audit process to ensure quality information is provided in a timely manner and the audit is finalized effectively and efficiently.
Analysed financial results and provided the management team with a clear understanding of the financial performance and implications of business plans and strategies.
Coordinated with banks, vendors and related parties to ensure timely and accurate information flow.
Negotiated financing agreements for purchase of new equipment and business loans.
· Increased cash flow by recovering customer overdue payments through effective communication.
· Provided suggestions for rectification of old accounting entries of varied debtors and depreciation, thus reflecting accurate net profit whilst providing final P&L account and balance sheet to auditors.
· Worked on reduction in bank charges for LC opening, notably enhancing the company profit.
· Successfully implemented online e-net payment system of net banking.
Reported to: Chief Financial Officer and Managing Director
Managed a multitude of accounting activities including financial reporting, bank reconciliations, AR, AP, GL, payroll, year-end audit preparation, budgeting and forecasting.
Developed financial reports and maintained accounting principles, practices and procedures to follow GAAP rule when reporting financial data to ensure accurate and timely financial statements.
Coordinated with top management to prepare strategic plans, budgets, and financial forecasts.
Liaised with external and internal auditors for various financial activities, preparing details for income tax assessments and service tax audits.
Performed budgeted vs. actual analysis on periodic basis to monitor and control the budgets.
Ensured timely completion of work or sales order whilst LPO’s are raised for purchases and services.
Performed compilation and analysis of creditors and their ageing.
Ensured that periodic bank reconciliations are completed and closing entries are passed accurately.
Ensured that required debt payments are made on a timely basis.
Monitored and enforced compliance related policies, procedures, guidelines, and best practices.
Managed and produced accurate and timely monthly management accounts, annual P&L budgets and re-forecasts during the financial year.
Liaised with banks and other financial institutions for negotiating loans and other essential services.
Reconciled intercompany accounts and consolidated all accounts at the end of the year.
Ensured effective cash flow management and branch ledgers reconciliation.
Performed fixed assets verification including depreciation calculation as per IT and Companies Act.
Supervised vendor reconciliation and payments; cash and bank management.
Ensured finalizing of TDS templates and filing of TDS returns quarterly, e-filing revised eTDS returns after correcting defaults and issuance of TDS Certificates.
Monitored online Payments of TDS / Service Tax / Advance Tax.
Performed timely reconciliation of TDS Certificates received from parties as per 26AS.
Liaised with service tax auditors to ensure that service tax returns are filed timely and properly.
Coordinated with company secretary for ROC compliance.
· Increased work process efficiency and profit significantly through functional and technical analysis.
· Actively participated in customized Oracle based accounting software implementation.
· Successfully completed service tax audits and income tax assessments.
Reported to: Managing Director
Performed financial analysis and reported to higher management as needed.
Finalized month-end accounting activities including reconciliations and journal entries.
Coordinated with finance team to complete assigned accounting tasks within deadlines.
Monitored expenses; analyzed financial discrepancies and recommended effective resolutions.
Assisted in budget preparation and expense management activities for assigned accounts.
Assisted in auditing by providing necessary information and preparing requested documentations.
Monitored and recorded financial transactions according to company policies and regulations.
Reviewed and recommended changes to existing accounting procedures for smooth operations.
Reported to: CA
Summarized current financial status by collecting information; preparing balance sheet, profit and loss statement and other reports.
Analyzing trends, costs, revenues, financial commitments and obligations incurred to predict future revenues and expenses.
Reported organization's finances to management and offered suggestions about resource utilization, tax strategies and assumptions underlying budget forecasts.
Provided guidance to accounting clerical staff by coordinating activities and answering queries.
Accounting and Finance
