Finance Manager
Kuwait Food Company (Americana)
Total des années d'expérience :24 years, 0 Mois
• Handle company’s financial operations and a multitude of accounting tasks to achieve financial objectives and improve profitability, cash flow, minimize financial risks and support business growth.
• Formulate and implement financial plans, and develop financial management mechanisms to minimize the financial risk of the company.
• Provide leadership and independent oversight to multiple cross functional and cross geographic projects and strategic initiatives by advising on risk management, compliance and internal control standards
• Liaise with senior management to develop annual budget, prepare cash flow analysis, review company bottlenecks and recommend changes to improve the level of company throughput.
• Serve as a key member of the senior management team to develop operational and strategic business plans, forecasts and feasibility studies.
• Ensure that critical financial analyses are performed to determine present and forecasted financial health of the company; present potential scenarios and outcomes to the senior management team.
• Provide clear direction to ensure full Financial compliance with IFRS, GAAP and company policy for operations in 13 countries with 16 operational brands including KFC, Pizza Hut, Hardee’s, Krispy Kreme, and TGI Fridays, amongst others, and 1850 restaurants.
• Ensure that the marketing expenses are allocated in the same period and not exceeding the budget allowance.
• Implemented the IFRS 16 project across the division.
• Prepare and ensure the viability of feasibility studies (New opening, renovation and closure outlets) to identify the trend of business.
• Accountable for daily cash flow monitoring and management including the management of payables; oversee the payroll preparation and ensure preparation of accounts in line with IFRS.
• Monitor and ensure the accurate closing of profit and losses statement and information on the right way within the accounting standards.
• Prepare daily/weekly/monthly reports including sales analysis, food and beverages cost reports, monthly management accounts, etc; review monthly balance sheet reconciliations.
• Managed daily financial controlling tasks and promoted financial controls in the company to prevent misuse and misappropriation of funds or assets and inefficient cost control.
• Coordinated with all departments to ensure timely closing of month-end activities and book of accounts. Monitored balance sheet accounts (e.g. receivables and inventories), and reconciled accounts on a daily basis.
• Handled balance sheet reconciliation, bookkeeping and the processing of the invoices; ensured that all accounting entries are complying with the accounting standards.
• Oversaw and controlled the purchasing department, ensuring the right item is purchased at the most competitive price.
• Monitored supplier/customer agreements regarding respective revenue and cost associated with them.
• Prepared branch budget in coordination with all involved departments and parties, and ensured strict adherence.
• Monitored branch cash flow by tracking transactions and auditing internal reports; oversaw monthly account closing & provisioning and developed financial analysis to influence value added decisions.
• Prepared detailed reports on company’s financial performance on a quarterly and annual basis including income statements, balance sheets, reports of annual profits and expenses and analysis of future earnings or expenses.
• Reviewed all reports issued from the finance department and ensured that all related financial entries and accounts are complying with local authorities and government laws and instructions.
• Reviewed business processes and advised on business process reengineering including conversion from manual to automation process.
• Liaise with internal and external auditors with regards to operational and financial audits, and to prepare and finalize year-end financial statements as scheduled by the management.
• Oversaw all transactions in the accounting department, reviewed accounting data, verified transactions to assess the accuracy of journal entries, scrutinized income-expenditure and maintained all accounting ledgers.
• Prepared and maintained books of accounts, coordinated month/year-end activities, AP/AR, general ledger, treasury, fixed assets, revenue and expenditure variance analysis, month-end accruals, payroll, etc.
• Performed monthly review of all account reconciliations; reviewed, investigated and corrected errors & inconsistencies in financial entries, documents, and reports.
• Tracked, analyzed and controlled the costs associated with menu items and performed sales & cost mix analysis.
• Worked closely with restaurants and retail outlets to ensure that desired margins are achieved.
• Performed regular inventory count, and monitored and reported on slow moving inventory.
• Conducted stock turnover analysis to ensure optimal purchase and storage quantities.
• Worked with Operation Managers and Purchasing Department to track all job cost and ensured that costs are allocated according to established procedures.
• Identified opportunities to improve cost processes; used discretionary judgment and advised team members on implementation of any cost saving suggestions found during review the accounting reports.
• Reviewed job costing for completeness and accuracy; created job costing entries for the general ledger.
• Implemented policies, guidelines to establish appropriate cost control practices for the company.
• Supervised the closure of daily and monthly books of accounts; provided timely explanations of variances between actual results and forecasts/budgets and provided corrective action recommendations to management.
• Verified check amounts against invoices, authorized cheque transfers and approved cash disbursements.
• Closely monitored and maintained the fixed assets system.
• Generated monthly, quarterly and annual management financial reports and cost center reports, and submitted to the senior management for review and decision making on financial matters.
• Coordinated and rendered required support to auditors (internal and external) during financial and operational audits.