Cost Control Manager
HUTA Marine Works LTD
Total years of experience :29 years, 3 Months
Full responsibility for costing sheets management for the overall Marine work business in & out KSA.
Trusted adviser in the KSA leadership teams through participation in business planning, account planning, reporting, controls and compliance.
To circulate the actuals v/s planned to all cost center owners and challenge cost center owners on cost assumptions and update them on a monthly basis of cost over runs with a view to flag significant deviations if any and segregate phasing over permanent impacts
Leading the process around development of the Annual Plan.
Driving the P&L management within the fiscal quarter and over a rolling 12 month cycle including forecasting and planning of quarterly, annual and long range Implemented a financial reporting system to monitor performance; the flow of funds, adherence to the budget, expenditures, income and other budgetary items, including KPI Monitoring.
Ensuring strict adherence to key compliance, business controls and policies required to execute business in line with HUTA’s ethical standards
Influencing change across broad areas of HUTA, by working with and leading a number of key initiatives.
Oversee the evaluations of existing projects to avoid any deviations.
Oversee the evaluation of new project bids to provide an assessment of project related financial & operational risks, cost estimates, and margins.
Controlling all statutory & regulatory reporting.
Providing and interpreting financial information includes preparing Monthly Management Accounts/Reports (MIS) on timely manner.
Preparation & analysis of periodic financial statements including profit & Loss account, Balance sheet, Cash flow, & commentaries
Monitoring and interpreting cash flows and predicting future trends includes daily working capital management, & monthly cash forecasts/analyzing changes and advising accordingly.
Formulating strategic and long-term business plans includes preparing feasibility studies keeping in view new business ventures. CAPEX Evaluations
Researching and reporting on factors influencing business performance
Analyzing competitors and market trends
Developing financial management mechanisms that minimize financial risk
Conducting reviews and evaluations for cost-reduction opportunities
Managing company's financial accounting, monitoring and reporting systems
Liaising with auditors to ensure annual monitoring carried out, Smooth closing of hard close and y/e close in a timely and efficient manner, with full preparation of all requested schedules prior to commencement of fieldwork. Act as the first contact point during any internal or external audit and ensure complete follow up on any issues/recommendations raised
Developing external relationships with appropriate contacts e.g. auditors, solicitors, bankers and statutory organizations
Oversee the timely, complete and accurate closing of month end process for all companies. Remained a key provider of technical support to the business on all financial accounting matters
Monthly reconciliation of all B/S accounts ensuring, signed, by the CFO accountability, reconciliations updated each month. Providing clear visibility of any exposures ahead of time. All journals requiring CFO sign off are obtained and filed
Preparing annual budgets, and monitoring on monthly basis, with special emphasis on Variable costs, & Sales. Preparation of Mid-Year Rolling Forecasts keeping in view current business scenario
Keeping abreast of changes in financial regulations and legislation
Develop and support IT Strategy for the operation
Prepares journal entries and reconciles general ledger and subsidiary accounts; prepares monthly financial statements, including distributing monthly revenue and expenditure reports to departments.
Compile and analyze financial information to prepare entries to accounts, such as general ledger accounts, and document business transactions.
Prepare and review budget, revenue, expense, payroll entries, invoices, and other accounting documents.
Analyze revenue and expenditure trends and recommend appropriate budget levels, and ensure expenditure control.
Resolve accounting discrepancies.
Review all laws on the book keeping of the company and tax planning work with the regulatory tax and business tax settlement, close differences examination with these parties.
Supervise the input and handling of financial data and reports for the company's automated financial systems.
Interact with internal and external auditors in completing audits.
Other duties as assigned.
Product Costing with special emphasis on variable cost. E.g. primary & secondary freight, electricity etc.
Analyzing process losses & pointing out inefficient areas for improvement
Control almost 100 tenancy agreements.
Funds and treasury management
Monthly closing including accruals, deferrals, etc.
Liaison with banks and handling all banking matters
Reviewing Bank Reconciliations
Reviewing & processing supplier’s method of payment as per Standard Operating Procedures (SOP’s). Addressing vendors queries in a timely manner
Fixed Assets reconciliation, tagging, and reporting
Tax reporting (withholding & sales tax)
Liaising with auditors to ensure annual monitoring Carry out of hard close and y/e close in a timely and efficient manner, with full preparation of all requested schedules prior to commencement of fieldwork. Act as the first contact point during any internal or external audit and ensure complete follow up on any recommendations raised
Managing stock counts and reconciled the differences
Payroll processing of contractual staff
Landed cost analysis
Liaison with vendors
Maintain and manage all financial records, logs, spreadsheets, and registers
Ensure conformity of company’ bank account with IFR Standards. Reconciling of bank statements against the GL, and clearing accounts assigned
Provide inputs and advice's recommendation changes that will maximize revenue and profit
Ensure financial position of the company is well calculated daily
Check cash transactions, investigate and propose possible resolution for any discrepancies
Responsible for interest and debt analysis, with provision of relevant information
Take care of the cash management system of the company and their payment mechanism
Responsible for following up on financial proceedings and ensuring tasks completed as schedule.
Ensure the coordination of the statutory audit, year in year out, and resolve all possible queries
Follow-up credit facilities granted to clients to meet all the conditions mentioned in relation to import production equipment / raw materials.
Clarify all documents required for the client to establish an external litter of credit for import / export his requirements and finalize shipping documents.
Monitor and control internal / external litters of guarantees related / issued from / to the bank and take the necessary action required.
Ensure the efficient management of corresponding banks accounts and transactions.
Reporting monthly operations seeing to it that all funds are appropriately ensuring efficiency and returns.
Ensure conformity of bank accounts with corresponding banks statements reconciling of bank ledger
Responsible for interest and debt analysis, with provision of relevant information and reports
Maintain and manage all financial records, logs, spreadsheets, and registers
Check cash transactions, investigate and propose possible resolution for any discrepancies