Head of Treasury & Projects Finance
KINAN International for Real Estate Development Co. Ltd
Total des années d'expérience :38 years, 2 Mois
Hired as Director Accounting and Treasury in 2007 to takeover accounting function from the company managing the properties and raise SAR 1 Billion to streamline company’s operation and settle huge intercompany balance.
Following are the key responsibilities / achievements:
• Supervise the financial accounting and reporting function. This includes:
o Maintaining an effective system of accounting and reporting that ensure the monitring of actual performance against budgets etc.
o Directing the preparation of financial statements in compliance with the International Accounting standards, SOCPA Accounting Standards and the Group’s accounting policies within the stipulated deadlines (3 day month end).
• Supervise the financial planning process including the preparation of annual budgets, weekly and quarterly cash forecasts etc.
• Oversee the establishment and maintenance of internal controls throughout the organization to manage key business risks.
• Played key role in Developing financial policies & procedure manuals
• Provide decision support for the President and CFO, review key contracts and prepare presentations for the Board of Directors.
• Involved in key company initiatives including:
o Development of 5 year business plan and growth strategy
o Revenue generating & cost cutting initiatives for properties
• Develop and maintain excellent relationships with the finance department’s customers (individual departments), external and internal auditors, tax consultants, legal counsel, financial advisors etc.
• Manage, motivate and train subordinates
In 2010 due to expansion in company business and start of new companies for Residential projects, job portfolio has been changed and I have been designated as “Head of Treasury & Projects Finance”.
Key Accomplishments:
Treasury & Cash Management
• Being Head of Treasury, Negotiated and Finalized several deals of Islamic Financing for more than SAR 4 Billion at very competitive pricing and terms.
• Developed excellent relationship with Banks in Saudi Arabia
• Introduced long term cash flow forecast which is updated on regular basis and used as a decision making tool for future decisions by lead team.
• Improved cash visibility by introducing weekly cash position
• Set up Escrow Accounts with the banks for real estate off plan sales and our Company is the first in Kingdom who completed the full cycle i.e establishing the escrow account to final closure.
• Started cash pooling arrangement with all subsidiaries resulting in effective cash utilization and savings in financial costs
Accounting & Corporate Finance
• Managed the implementation of Oracle Real Estate Management Solution with Oracle Financials to suit business requirements. (As a Project Manager).
• Lead successful migration of accounting data from UPC, the Company used to manage all our shopping Malls.
• Developed costing system for calculating the cost of residential units and introduced various management reports to analyze the project progress, profitability and monitor the expenditures against budget.
Others
• Lead a successful initiative of shifting company’s Insurance policies through a brokerage house resulting in better cover and substabtial savings in Insurance costs.
Major Achievements
-Successfully implemented ACCPAC accounting system and POS software.
-Negotiated and finalized bank facility for the Company
-Prepared Accounting procedure and policies and working on other policies and procedures to complete the manual by the end of this year.
Responsible for entire accounting function of two manufacturing and three investment companies.
The initial task assigned was review and implement the new accounting software group wide. For this purpose I designed and implemented new chart of account (uniform for the group), new costing system for the valuation of goods and inventories. Now we are in the phase of parallel run and hopefully the new system would be online by 1st Jul-2003.
I am also working on the preparation/modification of policies and procedures for the group.
Set up accounting system including flight costing system, Inventory control system for spare parts. Actively participated in the formation of Company policy and procedure manuals. Preparation Financial forecast required for the board of directors and Financial Institutions.
Furter responsible for the entire financial accounting section, analysis of financial statements and analysis of flight costs and variances from standard and reasons for the variances.
Timely closing of books of accounts on monthly basis, consolidation of subsidiary company accounts.
Finalization of accounts and liaison with auditors for getting accounts audited with the target time.
Budgeting, forecasting and strategic planning.
Inventory control
Management Information reports
Group Reporting
Fixed Assets Control
Assist management in taking decisions like price change, projects evaluation, prices for new markets and purchasing of Raw material from Internation markets.
Review cost center reports with the cost center holders and resolve their queries.
Achievement during existing position :
Reduce monthly closing cycle from six days to two only.
Played active role in achieving MRP II class "A" certification for the company in Jun-97
Represent finance deptt. in the implementation team of Oracle Modules
Timely closing of books of accounts on monthly basis, consolidation of subsidiary company accounts.
Finalization of accounts and liaison with auditors for getting accounts audited with the target time.
Budgeting, forecasting and strategic planning.
Inventory control
Management Information reports
Group Reporting
Fixed Assets Control
Assist management in taking decisions like price change, projects evaluation, prices for new markets and purchasing of Raw material from Internation markets.
Review cost center reports with the cost center holders and resolve their queries.
Achievement during existing position :
Reduce monthly closing cycle from six days to two only.
Played active role in achieving MRP II class "A" certification for the company in Jun-97
Represent finance deptt. in the implementation team of Oracle Financial Modules
Administration of Dubai and Abudhabi offices and warehouses.
Complete accounting function, including monitoring of Invoicing, Accounts receivables, Funds management, finalization of accounts and comments on the results for management.
Inventory planning and control
Control over promotional expenses
Develop and implemented complet Cost accounting and Inventory system.
Responsible for preparation of Budget, comparision of actual results Vs Budget on monthly report and preparation of variance reports and commentory for the variances.
Group reporting
Here I was responsible for Treasury Operations, Cost and Management Accounting, Group Reporting, Payroll, Taxation and Corporate Affairs.
Responsible for Invoicing, Accounts Receivable, Accounts Payable, General ledger and Finalization of Accounts, Liaision with external auditors for Statutory Audit
Got exposure in auditing of Financial institution, manufacturing and Isurance companies.