Group Treasury/Finance Manager
General International Group
Total years of experience :10 years, 7 Months
Treasury Responsibilities
• Directing and managing all treasury activities related to cash flow, borrowings, debt, and capital management.
• Understand, manage, & supervise all aspects of cash flow and Prepare short term and long-term cash flow forecasts
• Monitor company’s liquidity position regularly to ensure that there are adequate cash resources available for the smooth running of operation.
• Advise management on the liquidity aspects of its short- and long-range planning
• Manage all cash balances efficiently, also manages day-to-day activities in treasury functions to meet the financial obligations of the organization.
• Control all aspects trade finance activities of the group and ensure on time completion of trade finance transactions viz. Letters of Credit, Guarantees, Bills/ TRs
• Secure many Project financing facilities form the bank.
• Use hedging to mitigate financial risks related to the foreign currency transactions. Mostly dealing with GBP
• Supervise availability of bank facilities on regular basis after the utilization and future developments
• Interact and maintain relationship with Banks ‘General International Group’ operates with and make sure there is proper flow of information happening always as well as covenant compliance.
• Determines procurement of funds and monitors collections, also monitor and analyse bank fees monthly.
• Oversee the extension of credit to customers
• Drive working capital initiatives, intercompany funding, and optimizing corporate cash
• Maintain a system of policies and procedures that impose an adequate level of control over treasury activities
• Manage, direct Cash Management staff and Recommend, implement and maintain process improvements
Finance Responsibilities
• Review & modify policies and processes for the finance department, also manage all operations within department.
• Oversee the management and coordination of all fiscal reporting activities for the organization including: revenue/expense, balance sheet, cash flow & liquidity monitoring.
• Provide daily, weekly, monthly reports to determine status of financial condition by collating, interpreting, and provide recommendations to the company owners and prepare any ADHOC reports as requested by management.
• Manage all accounting operations including Billing, A/R, A/P, GL, Inventory Accounting, & Revenue Recognition.
• Work closely with the operations and other departments in analyzing margins, variances and cost analysis.
• Prepare realistic annual budgets and evaluate quarterly and Ensure to achieve budget objectives by scheduling expenditures; analyzing variances; initiating corrective actions.
• Responsible for Managing short term and long term strategic financial planning.
• Monitor whole VAT process from recording to filling and keep close eye on TAX statements so to arrange payment.
• Implement VAT into our system and Responsible for continuous improvements in accounts & finance system
• Point of Contact for any escalations in Accounts/Finance Division and Participate in discussion for solving disputes and ensure smooth flow of the functions always.
• In an event of payment disputes, provide solutions for settlement of pending payments.
• Lead and manage the entire auditing process. Responsible for shortlisting and onboarding the audit firm on annual basis.
• Conduct performance evaluations of employees reporting directly & give them feedback about their performance.
Treasury Responsibilities
• Assist in maintaining group cash flow and updating the forecast with actual results, explain variances and determine needed changes to forecast which lead to accuracy,
• Forecast daily cash requirements and execute daily financing decisions, also liaise with MD to discuss cash flow forecast position and treasury strategy
• Evaluate complete finance cost for the group and fix applicable rate of interest for purpose of in-house financing and relative areas.
• Negotiate and book the hedging deals with banks but only in the absence of MD Finance
• Use hedging to mitigate financial risks related to foreign exchange transactions & evaluates exchange rates on FX transactions to ensure that pricing is in accordance with contractual commitments
• Also evaluate the gain/loss on the hedging transaction to allocate it to concern division
• Keep maintain ‘short term’ ‘long term’ loan schedules and validate all trade finance transactions, “acceptances”, “Trust Receipts” & “avalisation” booking & settlement.
• Keep maintain the trafficking of treasury & trade finance requests from the group and do all necessary corresponding with concern division and bank to execute the transactions on time
• Oversee the operations of the treasury department including manage relationships with banks.
• Define group funding potential which later need to liquidate through invoice & checque discounting
• Monitor Financing disbursements and Raise finance monthly about 30m mainly through factoring, invoice discounting & checque discounting etc. About 90m of funding portfolio need to be rotate in 3 months’ span of period.
• Liaising and corresponding with banks to maintain Facilities (worth 2.3 billion) and understand the terms and conditions mention in it and keep track of how sub limits works e.g. L/C’s, Trust Receipts, Guarantees, STL and LTL
• Define the availability of remaining facilities on daily basis after considering the utilization and pending requests
• Keep control the FX rate (Corporate rate) into system for the group to use for all foreign currency transaction
• Oracle Financial R12 (Full Lifecycle Implementation) Treasury, Cash Management
• Implement all the cash flow reports in Business Intelligence tool which is compatible to Oracle ERP
• Handling various ad hoc duties on an ongoing basis by MD finance & CFO
Finance Responsibilities
• Handling complete accounts up to finalization (Group Banking Finance & Treasury Division) - Responsibilities start from reviewing of Budgets, MIS & variance reports
• Understand and manage appropriate accounting procedures & processes, also keep maintain budget controls.
• Responsible for month end accounting processes & yearend audits and participate in group consolidation.
• Oracle Financial R12 (Full Lifecycle Implementation) GL, AR, AP, Fixed Asset modules
• Responsible for gathering, analyzing, and summarizing participating business unit inputs into the ERP migration
• Identifies opportunities for process improvement to accelerate the procedural performance.
• Supervises Group payments of vendor & divisions invoices and maintains accurate records and control reports.
• Manage group insurance program, validate transaction for insurance renewal and claims process and allocate to group
• Ownership of intercompany accounts receivable, accounts payable and loan transactions including, confirmation, accruals, issue resolution, accurate reporting, settlement, transactions, and intercompany budgeting/forecasting
• Prepares working papers and schedules in support of month-end and year-end cash management, treasury and accounts receivable activities and perform many other financial treasury tasks as requested.
Reporting to Divisional Account Manager
• Leading Receivable activities of the company, and ensure cash management properly managed by comparing to collection made & analyzing the cash management reports.
• Management of daily banking relationships & Management of banking facilities (Factoring),
• Preparing cash flow forecasts for the Groups Investment and Head Office Accounts,
• Understanding of the processes and controls required to settle investment and cash transactions,
• Oversee the revenue recognition of projects including the administration of all departmental expenses related to projects, payroll administration and analyses the different aspects of projects,
• Supervise revenue and costing activities along with other financial matters of all service centers across UAE.
• Process relevant accounting journals, intra-group transactions, accruals and prepayments,
• Monitor execution of the approved budget, Involves monthly review of appropriations, expenditures, revenue and encumbrances at detailed levels for assigned departments, initiate any corrective action to ensure compliance with approved allocations and generate periodic reports
• Does the monthly financial analysis (expense etc.) to define trends and supervise the fixed asset schedule,
• Ensure accurate maintenance of cash & bank account, balances, bank/Treasury systems and bank cost info.
• Responsible for month end accounting processes & yearend audits and participate in group consolidations.
• Prepare stock updating report and participate in preparing financial reports for management monthly and quarterly basis.
• Make recommendation on risk management issues and internal controls deficiencies identified.
• Participate in implementation of Oracle E Business Suite ERP.
• Administer accounting department, budget preparation and Responsible for cost accounting functions to ensure the accurate recording of product costs and inventory,
• Review and reconciliation of inventory and manufacturing related accounts and ledgers on a monthly and quarterly basis
• Develop labor & overhead rates, also Propose and help implement strategies to improve efficiency and reduce cost
• Settings up control procedures at various levels to keep maintain financial control of the company, and advice on the proper allocation of resources.
• Present the monthly financial and operational reports to managing director; explain the variances and actions to be taken.
• Set and track KPIs (financial & operational). Lead management discussions to improve sales, customer service and generate practical ideas to ensure customer acquisition, retention and conversion.
• Review established system of internal control for operations and analyzing the inventory for efficient use.
• Analyze company financial and operating trends. Assist in preparing revenue and expenditure projections for annual operating budget.
• Forecast cash flow positions, related borrowing needs, and available funds for investment
• Contribute and provide advice and assistance on Human resource planning issues.
• Deliver timely and accurate information to all customers, as requested
• Examine accounting records and participate in the General Ledger processes.
• Made routine entries of cash transactions in journal & ledger.
• Auditing of cash receipts & makes sure the correct reporting to finance department.
• Cash flow and expenditure forecasting reports and monitoring payment records.
• Performed multiple bank reconciliations and analysis of accounts.
• Provide reports as required by finance management team and solve day to day budget issue.
• Other general accounting duties as assigned.
• Sending mandates and general letters.
• Dealing with general admin requests/e-mails and letters and offering support to credit control team.
Qualified with specialisation in 'Advance Financial Management' and 'Advance Auditing and Assurance'
Grade / Result: First Class Honors (3.27 GPA) Top in the first year in Class in Accounting worked in Account department for one month
GPA: 3 3 month internship before geting degree