Financial Controller
Olayan group
مجموع سنوات الخبرة :17 years, 11 أشهر
Oversee accounting and financial planning & analysis activities (e.g. budget, financial analysis, monthly close, A/R, A/P, payroll, VAT & taxes, fixed assets etc.). Supervise twelve financial analysts and an accountant in compiling and presenting reporting to aid management decision-making. Maintain 100% compliance with internal and external regulatory guidelines, as well as policies and procedures.
Provide financial services, managed several operational projects and identified opportunities to reduce costs and maximize profitability.
Support the management on roll out of new concepts based on market research, financial feasibility and sensitivity analysis.
Built qualified Annul Business Plan based on detailed analysis of previous and forecasted business performance.
Prepared a solid MIS base for monthly reports highlighting the performance of the business with key findings and observations.
Developed key of qualified analysts to provide continuous support to the management on all aspects of financial and commercial decision making.
• Enhanced working capital, liquidity and interest rate, by making certain better management for inventory and receivables, and negotiating better credit limits with the suppliers.
• Created full set of monthly reporting packs, led to better management decision and positive impact on the business.
• Improved the divisional P/L analysis using quantitative and qualitative assessment led to shutdown two divisions and invest more in four other divisions.
• Implemented comprehensive VAT accounting system (ERP changes, regulatory requirements, accounting process, filling and documentation) as Saudi Arabia applied VAT starting in 2018.
• Implemented SAP ERP system and led the process of FICO module set-up, data migration, integration with other modules, and go live parallel run process.
• Led the implementation process of ecommerce sales channel and its integration with SAP system.
• Led financial analysts in reporting on government penalties; implemented corrective actions and decreased penalties to 1% from net sales in 2018 vs. 2.5% from net sales in 2017.
• Initiated continuous reconciliation of actual inventory vs. system; analysed variances and defined weaknesses; enhanced material management and increased system record quality; inventory accuracy increased from 80% to 90% within six months.
• Aligned hiring efforts with the Saudization vision, resulting in 65% Saudi staff in the finance department.
• Led Excel training sessions after reviewing staff performance and knowledge; staff members gained knowledge into complex Excel formulas and their use.
Managed a team of seven finance professionals in the delivery and oversight of all accounting activities, including A/R, A/P, petty cash, banking, budgeting & planning, month closing, and reporting. Complied with all policies and internal controls to effectively maintain compliance. Established key performance indicators (satisfaction metrics) to drive outcomes and maintain positive client relations. Coordinated processes with internal and external auditors.
• Improved DSO by 15 days by establishing and implementing completely new process for credit sales management, collections, and revaluated credit customers periodically (three months for new customers, six months for old customers).
• Improved the approval process for new credit and instalment sales customers by visiting sites, collecting market information, and analysing financial statements and financial ratios (liquidity, profitability, accounts payable turnover etc.) to insure credit worthiness.
• Reduced bad debt by 20% within 18 months, as a result of continuous follow-up.
• Decreased petty cash by 50% and increased credit purchasing by contracting with new suppliers.
Broad Functions:
• Planning and budgeting: Prepare yearly master budget, including but not limited to: Sales target, production target, raw material budget, costing, expenses, manpower, CAPEX, forecasted cash flow, income statement and balance sheet.
• Balance Sheet & Financial analysis: Prepare and analyze financial statements reports, review the trail balance and check up-normal transactions.
• Monthly analytical reports (timely & accurate) compared with the budget for monthly business result, including but not limited to; Analyze the product mix, cost vs. selling prices of various products, profitability per department and per product, and expenses comparing with the budget and with historical data.
• Accounts payable: monthly reconciliation for main supplier’s accounts, payments scheduling to insure payment on due date, petty cash, and all other functions related to accounts payables.
• Accounts receivable and sales:
- Credit Control: Controlling credit sales invoices, collection process, returns, Customers master data (credit limit, credit period, and other information), aging reports, follow up overdue invoices, and Handle LC financial issues.
- Analyze all transactions in customer’s accounts, sales invoices (quantity & value), customer’s incentive, and all other financial transactions.
- Promotions: Controlling promotions process and its financial related effect.
- Sales team commissions: improve the policy to meet the management strategy, monthly calculation, payment and preparation the related analysis reports.
- Control sales price: insuring pricing as per company policy in each sales channel (whole sales, project sales, export, retail), analysis the difference between actual prices and standard prices, suggest changes required for standard sales price depending on historical data and market researches result.
- Control sales orders: control and analyze sales orders statues, report the outstanding sales orders to the management with full analysis.
• General accounting, fixed assets, payroll and others:
- Monthly accrual and prepaid vouchers and analysis.
- Auditing and analyzing salaries & wages, calculating employee’s monthly incentives, yearly allowances, other payments and HR related transactions (over time, absence, basic pay amendments, etc…).
- Capitalization for new assets, monthly depreciation cost analysis, and all other functions related to fixed assets.
- Coordinating with internal and external auditing, handling all issues related to SIDF, loans, insurance and Zakat.
Main Achievements:
- SAP implementation team leader: HR and finance project - 2010.
- SAP development: new cash sales invoicing cycle project - 2014.
- Improve finance policies and procedures resulted in improving the internal control system in the group, e.g. fixed asset policy, employee clearance procedure, etc...
Broad Functions:
- Office administrator and secretary.
Certified managerial accountant
Accounting