CFO
Gulf Development Co. for Contracting
Total years of experience :23 years, 6 Months
• Develops short-term and long-term strategy regarding revenue generation, debt management, asset/liability management, and cash management to achieve financial goals.
• Responsible for the development of the annual budget and ongoing projections and forecasting.
• Provides leadership and management to the financial business office team.
• Reports financial performance metrics on projects throughout the project lifecycle to maximize revenue and provide value to the customer.
• Ensures timely and accurate reports are provided to the executive team.
• Develops and monitors financial key performance indicators (KPIs).
• Directs the preparation of all financial statements, including income statements, balance sheets, tax returns, etc.
• Manage all the accounting and finance functions of the company
• Implement strategic vision through efficient process and procedure
• Direct all financial functions including accounting, budgets, credits, tax returns, insurance, and governmental agency reports
• Analyze the company’s financial strengths/weaknesses and implement corrective actions
• Execute multiple high impact initiatives to achieve overall company goals
• Work with the executive management team to coordinate planning and establish priorities for the company’s finances
• Research financial opportunities for business expansion into new areas
• Identify and address potential financial risks for the company
• Lead new investments initiatives, such as new acquisitions or capital expenditures
• Coordinate with operating teams to review project budget vs actual costs while in-progress with the intent of achieving profitability, clarity, and reliability of internal reporting
• Lead the accounting department and evaluate the performance of the staff
• Oversee the construction accounting software to ensure accurate financial reporting and utilize the full functionality to capture all data
• Develop annual and monthly operating and capital budgets along with cash flow projections
• Providing leadership, direction and management of the finance and accounting team.
• Providing strategic recommendations to the CEO/president and members of the executive management team.
• Managing the processes for financial forecasting and budgets, and overseeing the preparation of all financial reporting.
• Advising on long-term business and financial planning.
• Establishing and developing relations with senior management and external partners and stakeholders.
• Reviewing all formal finance, HR and IT related procedures.
• Drive the Group's financial planning.
• Perform risk management by analyzing the organization’s liabilities and investments.
• Decide on investment strategies by considering cash and liquidity risks.
• Ensure cash flow is appropriate for the organization’s operations.
• Supervise all finance personnel (controllers, treasurers etc.)
• Manage vendor relationships.
• Prepare reliable current and forecasting reports.
• Set up and oversee the company’s finance IT system.
• Ensure compliance with the law and company’s policies.
• Manage team of financial controllers and financial analysts
prepare the annual budget and review and update as necessary.
monitor income and expenditure, and produce monthly reports for the CEO.
Keep all accounts and prepare income and expenditure reports in accordance with the financial regulations, and shall prepare accounts for submission to the auditors.
Maintain and oversee all bank accounts including the debit card/s,
completing monthly reconciliations .
Ensure that the financial procedures manual is reviewed and updated as necessary and that the Financial Value Standard is maintained .
Responsible for cash flow projections and all elements of cash handling including collections and disbursements, banking and security, fundraising and school trips.
Monitor the payment of salaries by the school’s payroll provider, liaising with the provider as required.
Responsible for the placement of orders ensuring they are processed through the computerized finance accounting package.
Responsible for the issue of invoices following up their prompt payment.
Carry out and keep analyses of costs and other statistical information.
Supervise the computerized finance accounting package ensuring that required back-ups are carried out and kept securely.
Maintain all insurances in all forms including assessments, claims and administration.
Co-ordinate and maintain a list of approved contractors and suppliers to ensure best value.
Manage, negotiate and monitor all contracts, leases and relationships with external
contractors.
Maximize investment returns and income generation; organizing bids, sales, sponsorship and fundraising as appropriate.
Ensure that all necessary returns, reports and documentation are completed accurately within time constraints including health and safety reporting requirements, claims, bids, reports to governors, and statistical returns (internal and external)
1. Plan, co-ordinate and schedule distribution of work for subordinates and ensure timely completion, accuracy and compliance with the policies and procedures.
2. Perform general ledger scrutiny and monitor ledger accounts movements.
3. Check and pass monthly journal vouchers and post these in the system.
4. Check and authorize Payments, such as Petty Cash vouchers, Other Payments, Payroll etc.
6. Monitor Inter Company balance and related party transactions.
7. Finalize the monthly accounts and pass the necessary entries for closing the books.
8. Co-ordinate and correspond with other department for their department brand wise monthly expenses analysis and related queries.
9. Liaise with other departments, especially MIS, Admin, HR and Inventory to solve problems / discrepancies and ensure smooth functioning.
10. Assist Auditors (external and internal) financial analysts and Department Heads by providing the information required by them for their job and verifications.
11. Prepare consolidated and company wise monthly financial statements with various analysis, sales reports, discount reports etc. for control and Management reporting purpose.
12. Prepare the budget variance report, comparing actual with budgeted expense.
13. Initiate and implement new procedures within the department for smooth functioning of the accounts department.
14. Exercise independent control over the initial system setup for new companies and locations and maintaining chart of accounts and accounts system for financial accounting and related modules.
15. Monitor expense statements and invoices.
16. Supervise budget control allocation and report to the CEO and management any unhealthy financial incidences in the company.
Key Function & Key Responsibilities
Financial Reporting
Prepare monthly, quarterly and annual financial statements (balance sheet, income statement, statement of cash flow, statement of owner’s equity).
Prepare consolidated financial statements.
Ensure an accurate and timely monthly and year-end close.
Provide status of financial condition by collecting, analyzing, and summarizing information and trends.
Coordinate the preparation of thecorporate annual report.
Develop and maintain written policies and procedures over the financial reporting process.
Budgeting - Coordinate the preparation of monthly, quarterly and annual budgets and forecasts.
Calculate variances from the budget and report significant issues to management.
Internal Control - Maintain adocumented system of internal controls and accounting policies and procedures.
Ensure effectiveness of internal controls to safeguard assets.
Ensure reliability and integrity of financial information.
Ensure compliance with accounting policies and procedures.
Conducts studies and submit recommendations for improving the organization’s accounting operations.
General - Oversee daily accounting functions such as accounts payable and accounts receivable.
Analyze and approve journal entries.
Ensure that bank reconciliations are completed and reviewed regularly.
Liaise with external auditors and provide the necessary information.
Assist in performing tasks pertaining to the Finance and Accounting Departments.
• Develop formal systems for collecting, analyzing, verifying, and reporting financial information.
• Collaborates with the other department managers to develop and protect overall department goals and objectives, budget and forecast.
• In case of import payments, review payment transfer letter and ensure its correctness and accuracy.
• Responds to inquiries from the Managing Director, GM, Finance and other managers regarding financial results and special reporting.
• Report to management on variances from the established budget, and reason for such variances.
• Confirming financial status by monitoring revenue and expenses, coordinating the collection, consolidation, and evaluation of financial data.
• Coordinate with production department for collecting, analyzing, compiling and estimating the per-unit cost for the purpose of reporting to the management.
• Ensure that the company are continuously keeping sufficient fund to fulfill its financial obligation by preparing monthly cash flow forecast.
• Monitor the actual cash flow against forecast and take the necessary measure to remedy variances.
• Ensured that bank payment vouchers are prepared properly and approve the same.
• Monitoring and interpreting cash flows and predicting future trends.
• Where settlement is made with sister companies, approval of transfer report which is prepared by General Accountant or Assistant Accountant.
• Direct and coordinate debt financing and debt service payments with external agencies and monitor terms, conditions and covenants and ensure compliance with the same.
• Approval of Petty Cash Fund Request Form and ensure that request is made for business purpose and expenditure.
• Monitor and collaborate with other department that proper and valid invoice are recorded.
• Ensure that payment made is valid and all relevant documents are approved and up to date.
• As an active part of import payment process, review that L/C opening and closing are proper and correctly recorded and payment are made on time.
• Ensure that monthly, quarterly and yearly closing of accounts is carried out in an accurate and timely manner.
Certified Management Accountant (CMA) Licence no. 38546
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