Muhammad Latif Khirani

Position: Financial Consultant Reporting to : CEO :Work Experience: in Saudi Arabia

Client: THIQAH-Riyadh, IFFCO-Yanmbu, ALMESNED GROUP- Riyadh

As an Financial Consultant provided expertise and knowledge in the Oracle Financial modules of Oracle Fusion R11
Facilitated and actively participated in all phases of the Implementation cycle, to include Requirements Gathering & Analysis, System Design & Development, Testing, and Implementation.
Assisted Business Users in mapping and streamlining/re-engineering business practices to implement various Oracle modules, using standardized implementation methodology including reports specification development and deployment.
Actively participated in the troubleshooting phase once the product has gone "live"
Developed and documented expertise, know-how, controls, and capabilities within the Oracle ERP
Participated as an active member in the strategic planning process of the ERP systems across the organization
Prepared monthly basis project wise variance report between Budget & Actual and on completed Projects.
Identified the variances reasons, physically visited on project sites evaluated the progress and took preemptive actions necessary to cut down wastage and reduce unnecessary cost.
Provided guideline on cash and investment management process and procedures to ensure effective control always adhered on funds and cash flow reports
Prepared the periodic MIS financial performance reporting within the company and presented to the management and board.
Prepared draft annual financial reports, Annual tax and zakat calculation and VAT reports.
Have a detailed knowledge of regulatory reporting packs required by CMA and SAMA (laws and implementing regulation).

Al-Mesned Group KSA:
Redesigned Organizational Structure, defined reporting line, re-engineered business process, Prepared SOPs with special emphasis on governance and internal control, prepared charts of accounts, reviewed and restructured software system in accounting finance department, set monthly reporting deadlines, reviewed accounting cycle.
Prepared performance reports analysis and took corrective actions.
Coordinated with internal and external auditor.
Prepared IFRS based draft financial statements and reports, prepared reports of estimated future costs and revenues and cost trend analysis.
Prepared Business Financial Plan, (Budgeted P&L and Balance sheet, budgeted Cash Flows analysis, segment and product wise margin analysis.
Identified financing need based on long range Group business plan, closely monitored the inventory and debt management process to ensure efficient and effective WC management and streamlined cash flow across all business unit.
Prepared product cost control sheet, product pricing and optimum inventory level analysis, inventory ageing analysis.
Prepared import/export Docs, LCs documents/statements, discounting of LCs. Revised and approved payments to Suppliers and employees.
Sets targets/ budgets for business unit, managed activities according to priorities, trained subordinates, appraised their performance and motivated them to meet business objectives.
Prepared fixed assets register maintained record of assets acquisition, disposal, write off and depreciation.
Prepared tax and zakat reports with coordination of external auditor

Key Achievements: Al-Mesned Group KSA:
Reviewed and redesigned Organizational Structure, defined reporting line, re-engineered business process, Prepared SOPs with special emphasis on governance and internal control, prepared charts of accounts, reviewed and restructured software system in accounting finance department, set monthly reporting deadlines, reviewed accounting cycle.
Prepared business plan, monthly operational budget and P&L forecasts for the project in line with corporate model forecasting of the group. Conducted stock taking with special emphasis on internal control, reviewed inventory control system and recommended amendment for efficient performance.

Position in E&Y: Supervisor Role at client: Senior Finance Manager (CFO)
Secondment Assignment
Provided accounting and financial services to FMCG and manufacturing industry clients “Summit Associate-USA” and American University and Downrange Services ltd (transportation and Oil and Gas Supply organization) in Afghanistan.
Downrange Services Ltd Afghanistan: (MNC Transportation, Logistics and fuel trading)
Developed and implemented an effective MIS and prepared draft financial statement in accordance with IAS &IFRS and generated information for management’s decision making purposes.
Prepared budget and targets based on company’s future business plan.
Supervised all accounting, finance, treasury, cash flow management, taxation, payroll, credit control and collection of payment, company liabilities & insurance matters and liaised with other divisional heads.
Arranged staff training program for professional development, monitored the performance of subordinates and provided appraisal on annual basis.
Hands on pro forma FS analysis, ratio analysis, trend analysis to evaluate strength and weakness of the organization over time and recommend future strategy in line with mission/vision.
Special Projects:
Reconciled payments to supplier/subcontractor for local/imported fuel, logistic services. Prepared SOP’s and implemented internal controls for cost findings and management reporting and conducted meeting with project technical team in reviewing financial part of all major contracts.
Designed financial model in excel in order to track project cost against approved budget. Prepared cash flow forecast over project life, arranged LC’s / Guarantees required for smooth execution of project.
Summit Associate and American University:
Performed work on internal control implementation with in above organization and highlighted weakness in the existing control system and implemented new control to ensure internal control remain effective.
Calculated product costing and stock movement and management report, worked on landed cost of imports including custom and other duties, closely monitored sale invoices and
Prepared monthly sale analysis report and prepared cost of sale, cost of goods manufactured monthly operating expense analysis.

Key Achievements:

Downrange Services Ltd:
Redesigned the SOPs with special emphasis on internal controls and effectively saved financial resources by applying SOPs on cash out and inflows activities reduced routine expense up to 15%.
Maintained purchase record of 130 reconditioned Fuel tankers and capitalized cost rounded to 5.2m USD.
Negotiated with suppliers on fuel purchasing, designed flexed credit terms to manage cash flow effectively and saved USD$10, 000 PM interest on loan limit.
Implemented computerized accounting system with greater emphasis on internal controls and reduces number of staff and save US$7000 monthly.
Prepared business financial plan and closely monitored budget to keep the project expense on track and within the budget limit and reviewed, analyzed budget, forecast frequently to ensure its practicality and saved 10% operational expenses.
Handled complete finance operations of the company during execution of NAT & commercial fuel trading projects with NCS and Supreme having investment of USD41m. Set procedure for capitalization of fixed assets.
Summit Associate:
Independently handled product costing and stock movement and management report, worked on landed cost of imports including custom and other duties,
Detailed classification of building cost and capitalization of Factory & Office Building, Office Equipment’s, Furniture & Fixture of amounting (Approx. 12 million US Dollars) in summit associate.
Developed excel based costing model for the calculation of standard cost of each product using ABC (Activity Based Costing) method of factory overhead allocation.

Work Experience:
Prepared periodical reports approved payment vouchers & approved sale invoices, reconciled accounts receivables/payables reports, debtors/creditors ageing, managed working capital and employee’s payroll, gratuity and compensations.
Attended meeting at regional board level and remained core member of regional Board Committee
Reconciled inter-company GL accounts, period End closing, analyzed financial and ops data.
Calculated the variations claims and incentives and operating inefficiencies. Strictly reviewed penalties.
Calculated any contract losses and timely informed to the management.
Measured Cost escalation and variation claims based on escalation clause in Contract. Recovered retention money claims. Processed the performance Bonds.
Prepared business financial plan, developed financial models with regards to expansion opportunities, budgeting, forecasting, cash management and cash flow analysis for the region.
Monitored the performance against budget and took corrective action, redesigned the budgeting process with the changing phases of the project to accurately identify the key business drivers.
Implemented effective system of fund management, managed the working capital requirements.
Prepared report for Zakat and taxes and VAT report.
Provided financial appraisal and analysis on new project to support the decision-making process.

Key Achievements:

Designed charts of accounts for the region in Quick book software.
Managed 2500 employees data base, opened banks accounts, develop strategy to enforce through online salary payment.
Strictly controlled on punching overtime on duty roaster that saved USD10K to company per month.
Reconciled 500 long outstanding (full/ partial) invoices of amounting to PKR 120 million (2 million USD) relating to a period of 1-5 years ultimately savings to PKR 20 million to the company.
Effectively managed working capital, renegotiated with regular suppliers arranged binding agreement that help to mange finance instead of bank, company saved PKR 100k monthly.
Designed appropriate finance department procedures compatible with organization growing trend.
Coordinated IT department for in-house development of fully integrated module of payroll software controlled through Head office in Karachi.

Work Experience:
Prepared monthly financial closing, supervised the assignments of the staff accountants, ranged from cash & banks, treasury duties, accounts receivables, accounts payables, fixed assets, inventory, accrual & prepaid accounts, office expenses and capital project costs and payroll.
Prepared draft financial statements and annual, quarterly reports in compliance with prescribed accounting standards.
Recognized contract revenue based on percentage completion, profit recognition during project period, calculated estimated profit on project completion, cumulative profit calculation, contract work in progress, contract cost calculation, progress billing calculation.
Recognized profit based on Work certified and uncertified
Calculated the variations claims and incentives and operating inefficiencies. Strictly reviews penalties.
Measured Cost escalation claim based on escalation clause in Contract.
Maintained track record of liquidated damages and prepared regular reports on backlog, verified the authenticity of the back charges claims.
Discussed with management on “change order” Extras, Kept close eyes on contract terms to ensure any escalation clause is claimed.
Dealt with Banks to get the required finance and managed working capital.
Managed and supervised financial and resource planning of Mega construction projects.
Accounts Officer:
Prepared Payables, Receivables, and Inventory & Payroll and prepared projected financials - Profit &Loss A/c, Balance Sheet, and Cash Flow. Reconciled (bank statement, payables/receivables accounts, and revenue receipts periodically), ageing analysis and month end closures transaction posting.
Played role in budgeted revenue, expense, payroll entries, invoices, kept track of the budget elements. Ensured all payments to suppliers, staff, and other external parties are made according to company policies and procedures.
Prepared journal entries and reconciled GL and subsidiary accounts, maintained proper files system
Managed Fixed Asset register, supervised assistants works, ensured internal reporting deadlines met.

Key Achievements:
Prepared cost escalation and claims in monitory terms in coordination with Construction manager.
Conducted property valuation and arranged loan facility of PKR 20 million, kept control on supplier’s statements, and subcontractor bills etc.
Prepared budget for whole organization and kept company spending in line with budget to achieve the target and reduced operational expenses to 7% by applying strict procurement procedures.