Financial Controller
Blends Trading LLC
Total years of experience :18 years, 1 Months
Trading company having operating network in all major regions of Saudi Arabia where managed finance and accounting operations of the company.
Major responsibilities included:
• Led and managed the Financial, Cost & Management accounting functions of the company.
• Implemented reliable bookkeeping system, compliance with International Financial Reporting Standards (IFRS) and timely closing of books.
• Prepared periodical financial statements, financial reports, financial forecasts and financial projections.
• Working capital, cash flow management, controlling and forecasting.
• Contributed in developing systems, policies & processes for Finance, Accounting, and Internal Controls.
• Financial analysis of potential projects / JVs and quantify risk/return relationships for new projects / ventures.
• Managed audit and filing of Zakat, VAT, WHT and related affairs.
• Liaison with various stakeholders within and outside the company.
Key Contributions
• Successfully led the implementation of E-invoicing software and in house developed accounting software, provided input in the development phase, designed the chart of accounts / layout of forms and output of various reports, testing and implementation of the software.
• Successfully got the books for all the entities audited and filed VAT, WHT and zakat returns in due time.
A family-owned group having companies engaged in Real Estate, Trading / Manufacturing, Retail, Franchising & Legal Professional Services.
Major responsibilities included:
• Managed full spectrum of accounting and finance functions for Eastern & Central Regions.
• Monthly closing of books for all the companies under the regions and preparation of various financial reports for reporting to head office.
• Set targets for and supervise all accounting, costing & finance persons.
• Prepare monthly cash flow forecasts and managing cash flow.
• Reviewing and monitoring departmental and branch budgets.
• Reviewed and prepared the various reconciliations including related parties, bank reconciliations, customer, and vendors and resolved differences.
• Managing monthly / quarterly filing of VAT returns.
• Liaise with HO & GAZT and managing timely responses to GAZT regarding VAT Audits, Tax Audits & Queries.
• Managed audits, zakat and tax returns.
Key Contributions
• Successfully carried out the VAT audit of real estate business for 2 years without incurring any penalty
A diversified group with various entities engaged in; manufacture of petroleum products (oil & lubricants); providing ATM, POS and Security Solutions; manufacture of steel drums and red bricks and real estate development.
Major responsibilities included:
• Communicate budget guidelines, templates, assumptions and timetables.
• Hold meetings with group companies’ CEOs, CFOs, and Finance managers for resolution of budget observations / queries.
• Review budgets to ensure adherence to group policies and plans; and provide recommendations to Group President Finance for Chairman’s approval.
• Prepare and submit to Group President Finance periodical financial reports along with variance analysis between actual and budgeted figures.
• Developing and maintaining an effective monthly reporting process.
• Anticipating cash flows on monthly, quarterly, and yearly basis.
• Review of debtors & creditors aging reports and making recommendations to the group management.
Prepare company wise annual performance evaluation reports.
Key Contributions
• Got the annual budgets for each company approved from the Board in the deadline before the year end.
• Streamlined monthly closing for group companies & ensured books are closed within 7 working days of each month.
• Carried out detailed study of accounts receivables, identified the reasons for long overdue receivables, devised strategy for recovery of old receivables without affecting the future sales and introduced new basis of sales commission to make sure receivables are collected on timely basis.
• Carried out annual performance evaluation of the concerned companies and reviewed the basis for bonus distribution to the employees.
• Successfully evaluated viability of business units and recommendations on business continuity.
An investment group with different arms and various businesses such as power and energy, food, aviation, medical services, and real estate, with a major focus on infrastructure mainly in power & energy. During my association with the Company, my major responsibilities include:
• Overseeing the finance and accounting functions of the company.
• Preparing monthly and yearly financial statements.
Preparing financial analysis of new projects.
• Coordinating with external auditors and zakat / tax consultants.
• Reviewing fixed assets register, accounts receivables, unbilled revenue, prepayments, payables, accruals etc.
• Reviewing various reconciliations (intercompany reconciliations, bank reconciliations, debtors’ reconciliations and creditors’ reconciliations etc) and take the corrective action to solve the discrepancies.
• Reviewing journal entry vouchers, petty cash vouchers, payment vouchers and other general ledger entries including adjusting & closing entries.
Key Contributions
• Successfully implemented VAT across the group companies (made presentations to the stake holders, supervised the necessary changes in the accounting software, gave trainings to the relevant staff).
• Reconciled the long pending intercompany balances within the group and introduced and implemented the shared cost system within the group companies.
• Successfully led the automation of payroll system (with respect to daily attendance, monthly payroll expense, leave accrual, EOSB accruals etc).
• Carried out successful project appraisals.
• Cleared the backlog of 5 companies’ books and got them audited by one of the big 4 audit firms.
During my tenure with Deloitte (one of the big4), I had been involved in various statutory audits, limited review engagements and other special assignments for various sectors including Banks / Financial Institutions, Insurance, Textile, Trading & Manufacturing, Asset Management Companies, Service Sector, Mutual Funds and Oil and Gas (Joint Venture Audit).
Major responsibilities included:
• Planning of audits, obtaining an understanding of the entity control environment, designing audit strategies.
• Analytical review and identifying & assessment of the risks.
• Analysis and testing of internal controls and detailed testing of significant account balances and transactions.
• Application of IFRS, corporate laws, Income tax laws, and other laws.
• Review & supervision of the work performed by audit.
• Preparation of final audit deliverables - the audit report, the covering letter to the Board of Directors, the Management Letter and other reports and certificates.
I had been working with Deloitte - Alkhobar (Saudi Arabia) as a part of Deloitte’s Global Development Program where I gained rich experience of working with multicultural and international environment. I had learned immense professional skills like management, communication, reporting and interaction with key personnel from different parts of the world and discussing with them audit issues and findings.
I have conducted external audits of many renowned companies.
I am qualified Chartered Accountant (CA) from the Institute of Chartered Accountants of Pakistan (ICAP). CA is equivalent to Masters in Commerce (M.Com) by the Higher Education Commission of Pakistan. The Institute of Chartered Accountants of Pakistan is a professional body of Chartered Accountants in Pakistan, and represents accountants employed in public practice, business and industry, and the public and private sectors.
Completed graduation at the University of Karachi, Pakistan in Commerce, ( Bachelors of Commerce - B.Com). Major subjects include; Financial Accounting, Management Accounting, Auditing and Taxation.
