REGIONAL FINANCE MANAGER
ELITE EXPRESS CARGO LLC (FREIGHT FORWARDING, EXPRESS, LAST MILE DELIVERIES & FULFILMENT SERVICES)
Total years of experience :19 years, 7 Months
Responsible to lead the financial planning and analysis department with the objective to support and advise CFO/CEO and BOD with different business performance and strategic analysis. Further main responsibilities include:
- Prepare monthly flash reports, trough Business Intelligence for each entity and perform variances analysis (Actual vs Budgeted) with reasoning
- Prepare performance report and setting-up performance review meetings with department heads to discuss performance of their departments
- Business partnering with Country/Department Heads to advise them with different financial analysis for the business performance improvement and achieve departmental targets and KPIs.
- Preparation of Budgets, re-forecasts and 5 years’ strategic plan, ensuring compliance and highlighting the business challenges of all regional entities across GCC (UAE, Oman, Qatar, Bahrain & Kuwait).
- Prepare monthly management reports for chartering transport, Road Freight (FTL/LTL), Express (Last-mile delivery), and fulfillment contracts
- Preparing monthly, quarterly, and annual Consolidated Financial Statements, presentations and reports for CFO, CEO, and Higher Management
- Perform detailed trends analysis in KPIS for each Revenue stream, Cost of Sales, Direct, Indirect and Capital expenditures
- Led the Cost Control and Efficiency projects with the aim to identify the potential savings in all segments of the business by identifying:
1) Price negotiation and margin management 2) Process efficiencies 3) Efficiencies in Operations (route/load management reports)
- Partner with Country Managers and finalize annual Budgets, Quarterly Forecasts and Consolidated Budget Reporting requirements
- Develop and implement and Standardized financial model (P&L, Balance Sheet & Cash flow) and Reporting Calendar across the group entities
- Monitor the flow of funds at Group level and prepare cash-flow forecasts to control the liquidity position of Group and each location
- Liaison with location finance leads and external auditors to fulfill the requirements and get Audited financials sign-off with in stipulated time.
- Good understanding of applicable tax frameworks across the region, review the Tax Returns, deal with Authorities for major Refund Claims
- Perform VAT Health Check Audit for the last three years.
- Exceptional skills in People Management (managing team of 11) and mentoring the team to enhance accounting acumen and analytical skills
- Interpretation of New project appraisals, Due Diligence, feasibility studies, and risk assessment for the new acquisition or investment proposal
- Support Country managers, Group CFO & CEO with financial inputs for all projects, commercial arrangements, ad-hoc initiatives and reports.
Support Vice President Commercial and CEO in managing the portfolio of USD $250 million with overall responsibility of managing the accounting and finance function of the Company and to ensure the compliance with applicable legislation, IFRS, GAAPs and laws. Main responsibilities include:
- Evaluate financial accounting and reporting systems and make recommendations to enhance the integrity of financial records, and effectiveness of Internal Controls System.
- Responsible to manage overall function of accounting and finance in Middle East, UK and Pakistan.
- Prepare and present consolidated financial reports and financial performance analysis to CFO, VPs and Board of Directors.
- Lead the preparation and finalization of Annual Budgets, quarterly forecasts and 5 years business strategic plans within agreed timelines
- Participate in developing the strategic and operational planning, and ensure the compliance with group policies and procedures, statutory requirements and International Accounting and Financial Reporting Standards (IAS & IFRS).
- Prepare Sales & Operational performance and expenses reports against budgeted limits and support to meet the targeted performance.
- Participate and build forecast based on existing, target and market potential customers through order history, communication and relationships and share the relevant sales analysis with the commercial team and Finance functions.
- Support business heads in the interpretation of budgeted information and support to meet the budget targets and departmental KPIs
- Prepare sales performance reports and push for target achievement of sales and profit targets, effective management of customer P&L. Working closely with the internal business team to ensure the business delivers volume and profit aligned to company’s strategy.
- Monitor regular transactions relating and ensure the accuracy through reconciliation of Banks, intercompany, prepayments and accruals
- Review the customer wise receivables and follow-up for due receivables amount and ensure payments are received within agreed credit days.
- Responsible to process supplier invoices as per agreed terms, ensuring payments are made to suppliers on a timely basis.
- Track COSG, Admin expenses and financial cost across all divisions to monitor and control the spending against set budgeted limits
- Manage Robust cash flow forecast and ensure sufficient cash for day-to-day business liquidity needs through robust cash flow forecasts.
- Negotiate with various banks & financial institutions for arranging debt funding refinancing at negotiated rates.
- Execute monthly Payroll payment process and critically verified the Overtime and Reimbursement expenses of Sales Staff on monthly basis.
- Manage team of 16 employees, monitor the individual performance evaluation through Balanced Score Card framework
- Prepare statutory financial statements for external, internal and government auditors and liaison with Audit Partner for financial Sign-off.
- Finalize working sheets to file Group VAT Return on quarterly basis and file VAT Refund Claims as and when required.
• Managing international business of 3 Location Offices located in
UAE, Turkey, and Saudia Arabia
• Responsible for Residential & Commercial Sales and Leasing portfolio and issue timely and accurate information for strategic decision making;
• Review and Finalizing the Financial Statements on monthly, quarterly and annual basis as per the guidelines of IFRS and Group’s policies and procedures for SIX Companies operating in UAE;
• Maintain appropriate control over General ledger, duly review the reconciliations with sub ledgers and ensure the implemented policies and procedures have been followed;
• Acting as a Director Treasure for the Owners Association Management Companies (Body Corporate Sky Gardens DIFC) under Al Mazaya Group;
• Maintaining the Cash flows to control the working capital of the company and Direct dealing with the Financials institutions for the arrangement of the short term and long term financings t support business operations;
• Review and finalize the valuations and feasibility studies for new projects and critically analyse the assumptions used and level of sensitivity of each major cost element to the viability of the project.
• Manage day to financial operations, co-ordination with departmental heads and responsible for smooth finance function;
• Managing the Operational Finance and Reporting Teams, design individual job description to keep them motivated through short and long term targets and liaison individual objectives with departmental goals;
• Liaison Internal and External auditors (Earnest & Young and Dubai Land Department), provide all required documents and ensure adequate internal financial controls are being implemented through effective financial policies & procedures;
• Payment Approvals as per Delegation of Authority and reconciliations with key suppliers to resolve complex issues to ensure they are managed on time;
• Monitor and review the Project Updates and approve Progress Payment Certificates and ensure that the function is performed effectively in compliance with internal controls.
• Communicate with the Construction Contractors, Consultants and Supervising Authorities (RERA & Banks) for Project related matters.
• Manage the Credit Control Function for residential sales and leasing portfolio which includes Billing to the customer at different mile stones of off plan sales, monitor Sales Pipeline and Transfer Report, Debtors Overdue Age Analysis Report and Detailed Working for Bad Debt provisions;
• Actively involved in the Implementation of MS AX Dynamics ERP Software for UAE Operations.
BUDGETING & CONTROLLING:
• Prepare and finalize the yearly budgets based on business manager’s requirements and best available market research with special focus of sales target plan for all existing and upcoming projects;
• Keep updating the rolling forecasts on quarterly basis and ensure the Budgetary Controls set has been followed through multiple variance analysis reports. Ensure the application of Zero Based Budgeting as per group guidelines;
• Supervise the Budgeting & Reporting of all Owners’ Association Managements which includes day to day operations, approval of Service Rate budgets and liaison with RERA auditors.
ACCOUNTS & FINANCE:
• Finalize the Financial Statements for Residential & Commercial Sales and Leasing portfolio on Monthly, Quarterly and Annually basis and duly coordination with Group Corporate Finance;
• Perform financial & budgeted variance analysis and duly reports to higher management for current results with budget, last quarter and last year’s performance;
• Managing the Finance Team and keep them motivated through short and long term targets, goals and liaison departmental objectives;
• Manage working capital for the Residential and Commercial portfolio through cash flow statements which includes pipeline and unit transferred Report, Debtors Overdue ageing analysis report and Implementation of Kaizen costing;
• Ensuring all Expenses and liabilities are accounted on a timely basis and approve the payments as per contractual terms and also maintain the good relation balance with different venders;
• Liaison external auditors (Earnest & Young Dubai and Dubai Land Department), provide all required documents and ensure adequate internal financial controls are being implemented through effective financial policies & procedures;
• Review & Finalize Sales Strategy Reports (Price Comparison, Status, Cumulative Trend, Price Tracker, and other adhoc reports) for Strategic Decision making of the management;
• Review fixed asset register on monthly basis and ensure the completeness of capitalized items, disposals and related depreciation charges have been posted;
• Separate reporting for each Owners’ Association management which includes approval of Service Rate budget from RERA and liaison with RERA auditors;
• Prepare comprehensive analyses sheets for the running development projects costs’ for segregation of Group and Commercial fundings for the Asset Capitalization process; and
• Prepares monthly Cost of Sales (COS) schedule on all completed projects and analysis sheets for COS, Investment Properties, Capital Work in Progress (CWIP) movements during the year/period.
PLANNING, BUDGETING & FORECASTING:
• Designing, implementation and enforcement of the budgeting policies and procedures as per the group guidelines; ensure appropriate internal financial controls has been placed and work towards Kaizen methodology of continuous process and cost improvement;
• Prepare and finalize the yearly budgets, short and long term forecasts and 05 Years Plans based on information provided by the business and best available market research information; and
• Prepare detailed forecasts analysis based on market research different applicable scenarios (Growth, Sustainable and Recession) and management expectations.
SAP ECC 6 IMPLEMENTATION:
• Remain involve in implementation of SAP ECC 6 implementation and provide financial assistance from financial and accounting prospective.
• Special consideration towards core real estate area which includes mapping of financial and non-financial information, preparation of master data and validation of opening balances for customer and inventory database.
• User acceptance trainings, user manuals, validate all sap reports
Modules Implemented
• SAP Financial Accounting (FI)
• SAP Controlling (CO)
• SAP Flexible Real Estate Management (REFX)
• SAP Purchasing (MM-PUR)
ACCOUNTS & FINANCE RESPONSIBILITIES
•Manage the finance team of 08 persons of Power Division;
•Continuous identification of new emerging business risks formulate, update and implementation of accounting policies and procedures in order to enhance the control and achieve the Finance Department objectives
•Oversee the company’s accounting practices and recommend best practices as per Combined Code of Corporate Governance with respect to the maintenance of fiscal records and the preparation of financial reports;
•Reviewing & finalization of Monthly, Quarterly, Half yearly & Annual Financial Statements for Power Division as well as at corporate level;
•Comprehensive analysis for International Financial Reporting Standards (IFRS) and its implementation to the company and Oversees the accuracy, correctness and timeliness of financial transactions affecting the accounting system
•Liaison with external as well as with internal auditors and fulfill all the relevant required documents and schedules
•Oversee the fixed assets register for the whole group and ensure the compliance with group policies and procedures through effective monitoring of Individual and group assets’ Cost, Depreciation and Net Book Values.
•Cash Flows Management for the company by well negotiation with bankers and financial intermediaries to get credit facilities on cheaper rates.
•Co-ordinate with bankers to reconcile bank position, approve all payment transactions: reimbursements, to suppliers, and duly monitor and report other expenditures and report major variances.
•Financial risk management through booking of appropriate derivatives to hedge against un-favorable interest and exchange rate risk
PLANNING, BUDGETING & FORECASTING:
•Finalize the Annual Budgets, forecasts and three and five years’ plan for upcoming periods based on information provided by the business and best available market research information.
•Preparation of project related feasibilities study reports (New acquisition’s NPV, IRR and sensitivity analysis etc.) for management to ascertain its cost benefit analysis which help to determine and analyze new opportunities in the emerging markets
ERP IMPLEMENTATION ORACLE (R12)
•Relive Oracle Inventory module and map all complex business scenarios (Spinning, Weaving, Dyeing & Printing, and Stitching divisions) to fulfill the needs of Production and Marketing Directors.
•Restructure Order to Cash cycle which includes business process re-engineering and reform Order Management mappings and improve accuracy of Receivable reports
•Analyze, design and configure enterprise new operating units for financials and related purchasing, inventory and order management modules and map complex interface solutions to strengthen systematic controls
•Provide comprehensive support to oracle report developer to configure customized reports in Spinning, Weaving & Home Textile Division to fulfill the needs of business operations.
•Design and finalization of Chart of Account according to the requirements of company's house and legal requirements, Cost & Profit Centers, Item Structure and Account Alias etc. and duly Configuring it in Oracle (Key Flex field structure of the Organization)
•Complete implementation of DBI (Payables, Receivables, Order management and General Ledger) and reconcile data from individual module data.
•Support to develop Customized Export Documentation Forms for LC information, Export Invoicing, Bank realization forms and reports to simplify the work in finance department
•Perform monthly period close procedures for Inventory, OM and Financials modules of ORACLE FINANCIALS
•Provide hands on training to new users and implement new methodologies to simplify the business scenarios.
Modules used and Implemented
•General Ledger
•Payables
•Receivables
•Cash Management
•Fixed Assets
•Order Management
•Inventory
•Purchasing
•Daily Business Intelligence (DBI)
•Quality
•System Administrator
ACCOUNTS & FINANCE RESPONSIBILITIES
• Finalization of consolidated group financial statements and independently responsible for Spinning Division’s monthly quarterly and annual management accounts
• Finalization of landed cost sheets for all Letter of Credits, related to Spinning Division. Review the journal entries in accounts and duly posted and also reconcile interdivision receivable/payable on monthly basis
• Period Close procedures, closure of inventory periods, fixed assets module’s period, run cost managers, depreciation and transfer journal entries to journal ledgers forth nightly and monthly.
• Report monthly divisional and consolidated “sales and receivable analysis report” for higher management.
• Responsible to Approve invoices for all management fees receivable by the company in line with the respective agreements. Also handle invoicing for all expense charge back (travelling expenses, employee salaries for overseas staff paid from HO, recoveries of various IT charges paid from HO) from HO to all entities as necessary. Ensure correct coding and accounting for all invoices raised.
• Liaison with external and internal audit staff and prepare audit schedules as per their requirements.
ERP IMPLEMENTATION PROJECT
• Planning the overall Project including work structure, system study, assigning, managing and monitoring project team and project strategy
• Analyzing user requirements map with Oracle application and provide training
• Creating & Finalization of Flow Charts and High Level Functional Design Documents based on complex business operational scenarios and the mappings between the Legacy and Oracle Financials System
• Configuring Oracle applications (Key Flex field structure of the Organization)
• Conduct acceptance testing and comprehensive training to the end-user
• Data conversion and validation after upload
• Design and finalization of Chart of Account according to the requirements of company’s house and other legal requirements, Cost & Profit Centers, Item Structure and Account Alias etc.
• Reconciliation of legacy accounts with Oracle Financial accounts and sub-ledger accounts.
• Perform troubleshooting and providing support
• Good command over raising Service Requests and fulfill the requirements of service provider like diagnostic test and load output etc.
Modules Implemented
• Oracle General Ledger
• Oracle Payables
• Oracle Inventory
• Oracle Purchasing
• Oracle Receivables
• Oracle Order Management
• Oracle Cash Management
• Oracle Fixed Assets
• Implementation and execution of BDO COMPASS V6 on various audit clients.
• Conducted statutory audit and assurance assignments in accordance with the requirements of Firm’s Global Audit Methodology and various pronouncements (IFRS, ISA and GAAPs) and directives issued by national and international regulatory bodies, which included planning, organizing, controlling, and reviewing the entire job.
• Prepared stand alone and group consolidated Financial Statements.
• Planning and allocating resources to meet audit objectives.
• Designing audit programs and working schedules for the recording and storage of evidence.
• Evaluate the financial information produced by an organization.
• Review financial statements against the evidence collected in the audit process.
• Preparation of management letters to the clients highlighting weaknesses in controls environment.
• Evaluation of control environment and suggesting recommendations for improvement.
ACCA
B.com
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