Muhammad Shahar Yar, Finance Manager

Muhammad Shahar Yar

Finance Manager

Qaiwan Group

Location
United Arab Emirates
Education
Master's degree, Accounting and Cost Controlling
Experience
12 years, 5 Months

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Work Experience

Total years of experience :12 years, 5 Months

Finance Manager at Qaiwan Group
  • United Arab Emirates - Dubai
  • My current job since January 2020

• Monitoring the accounting and finance function, General Ledger GL, of all companies under group portfolio includes Oil and Gas, Construction, Real Estate, Hospital, Universities, Wheat Manufacturing, Steel Manufacturing, and Cement Manufacturing.
• Ensure the preparation of timely and accurate monthly reporting pack using IFRS, in accordance with internal procedures to highlight key business drivers to shareholders
• Develop and lead the organization's financial planning process, including budgeting, forecasting, and long-term financial projections.
• Collaborate with department heads and senior management to establish financial goals and objectives aligned with the overall business strategy.
• Monitor and analyze financial performance against budgets and forecasts, identifying areas of concern and proposing corrective actions.
• Implement and maintain cost control measures and procedures to optimize operational efficiency and reduce unnecessary expenses.
• Review and analyze cost data to identify cost-saving opportunities without compromising quality or performance.
• Work with various teams to establish cost targets, track cost trends, and provide regular reports on cost performance.
• Prepare and present comprehensive financial reports and analysis to senior management, including variance analysis and key performance indicators (KPIs).
• Analyze financial data to identify trends, risks, and opportunities for improvement and present actionable recommendations.
• Lead and supervise a team of financial analysts, providing guidance, mentoring, and support to ensure their professional growth and performance.
• Assign tasks and projects to team members, ensuring deadlines are met, and quality standards are maintained.
• Identify financial risks and uncertainties that may impact the organization's financial performance, and develop risk mitigation strategies.
• Implement internal controls and best practices to safeguard financial assets and prevent fraud or financial mismanagement.
• Collaborate with various stakeholders, such as department heads, executives, and external auditors, to provide financial insights and support decision-making processes.
• Communicate financial plans, budgets, and cost control measures effectively throughout the organization.
• Continuously review and enhance financial planning and cost control processes to increase efficiency and accuracy.
• Implement automation tools and technologies to streamline financial reporting and analysis.
• Ensure compliance with relevant financial regulations, accounting principles, and reporting standards.
• Participate in special financial projects as needed, such as mergers and acquisitions, investment analysis, or strategic planning initiatives.
• Responsible for individual company’s financial statements as well as consolidated group financial statements
• ERP setup update to meet with requirements of management as well as ensure maximum utilization
• Analyzing and reporting monthly reports to senior management

General Accountant at Richemont
  • United Arab Emirates - Dubai
  • April 2018 to May 2019

• Prepared Financial Statements and Group Financial Consolidated Statements in compliance with IFRS for various brands.
• Managed Accounts Payable function for Richemont Group brands, overseeing procurement LPOs, supplier invoice processing, approval workflows, and adherence to credit terms.
• Handled prepayments to vendors as per contractual agreements, ensuring accurate allocation to invoices.
• Conducted monthly reconciliation of Accounts Payable Vendors Ledgers and maintained updated vendor details in the system.
• Managed inventory costing and related GL postings in accordance with accounting procedures.
• Recorded Fixed Assets and Capital Expenditure (CAPEX), reconciling total costs with invoices, budgets, and contract POs.
• Conducted monthly depreciation runs for Fixed Assets.
• Coordinated with the Logistics department in DAFZA, handling invoices for Dubai Customs, Import, Export, and Dubai Chamber of Commerce.
• Managed Petty Cash Postings and reconciliations for various departments and boutiques.
• Oversaw inventory inter-company transactions and recorded inventory movements.
• Led monthly closing processes, including period closure, accrual postings, bank reconciliation, foreign exchange analysis, prepayment adjustments, depreciation calculations, cash-flow forecasting, and monthly report preparation.
• Ensured VAT reporting compliance in line with FTA guidelines, incorporating tax laws and codes into the accounting system.
• Produced Management Reports, primarily focused on Profitability Analysis and Performance Management.
• Participated in various Richemont Group projects, including the implementation of IFRS 15.
• Contributed to quarterly stocktaking reports at different warehouses and boutiques.
• Addressed auditor queries during Interim and Annual Audits.

Payroll Accountant at Chalhoub Group
  • United Arab Emirates - Dubai
  • January 2017 to December 2017

• Managed end-to-end payroll processes for over 2000 employees across designated companies/business units.
• Authorized, entered, and monitored employee commissions, overtime, deductions, loans, and unpaid leaves.
• Oversaw the onboarding of new employees and ensured accurate financial information in the system.
• Ensured precise staff cost allocation in alignment with relevant business units, divisions, and departments, in accordance with the payroll budget and division feedback.
• Calculated final settlements (EOS) for departing or transferred employees, adhering to Local Laws and Group Policies and Procedures.
• Ensured the accuracy of information in the final payroll report.
• Prepared monthly provision entries in accordance with IFRS for each Business Unit.
• Managed month-end accrual adjustments following IFRS guidelines and posted them to relevant Business Unit cost centers.
• Handled accounting entries for expenses in the statement of financial performance (income statement).
• Conducted monthly expense closings.
• Liaised with External Auditors regarding Income Statement Expenses, Payroll Entries, and relevant provisions, such as Annual Bonus provisions, Leave provisions, Commission provisions, and Indemnity Provisions, as well as Pension provision.
• Produced Management Monthly Reports, including the Payroll Year to Date report with Headcount.
• Conducted reconciliations of General Ledger (GL) Accounts to confirm monthly expenses.
• Periodically calculated employee variables, such as Schooling Allowance Entitlement and Annual Bonus.
• Led Forecasting and Budgeting of Expenses for Group Business Units based on parameters assigned by relevant departments.
• Ensured the resolution of escalated complaints, issues, or discrepancies related to expenses.

Senior Accounts & Finance Executive at Red Dot Media DMCC
  • United Arab Emirates - Dubai
  • June 2014 to December 2016

• Managed accruals, adjusting entries, monthly closings, and financial reporting in accordance with IFRS.
• Approved Accounts Payable and Accounts Receivable transactions to ensure accuracy and IFRS compliance.
• Authorized payment transactions in alignment with vendor agreements and terms and conditions.
• Developed internal controls and company policies to optimize vendor credit utilization and resource management.
• Approved customer invoices, ensuring IFRS compliance and timely generation with appropriate terms and conditions.
• Oversaw Cash-Flow requirements for the business.
• Ensured adherence to Accounts Receivable and Accounts Payable terms and verification processes, including reconciliation of all GL accounts, AR, and AP balances.
• Prepared and processed monthly payroll and HR-related accounting entries in the system.
• Collaborated with the Managing Director/CEO to facilitate smooth financial operations.
• Managed interactions with banks for special exchange rates and currency conversion.
• Prepared Management Reports in line with Group requirements.
• Produced various Management Reports, including Budgeting, Forecasting, Performance Analysis, Variance Analysis, Detailed Costing, Cost vs. Sales Reports, Working Capital Reports, Aging of Receivables, Inter-Company Reports, and others as needed.
• Generated Financial Reports encompassing Financial Performance, Financial Position, Cash-Flow Position, Monthly and Quarterly Reporting, Monthly closing reports, and Financial & Business Analysis Reports.
• Liaised with government bodies for government-related transactions.

Senior Functional Consultant at PwC
  • Pakistan - Lahore
  • January 2011 to May 2014

Assurance & Auditing:
• Conducted Annual Audits, Interim Audits, Taxation Assignments, and Risk Analysis, with involvement in Enterprise Resource Planning (ERP) Projects.
• As a team leader, efficiently and effectively planned and executed audits while maintaining professional skepticism.
• Ensured compliance of financial statements with the IFRS Reporting Framework, assessing various aspects such as Employee Benefits, Taxation, Foreign Currency Transactions, and Investments.
• Ensured compliance with applicable statutory legislations, IFRS, Code of Corporate Governance, and Stock Exchange Listing Regulations.
• Fostered effective communication with clients' management, conveying relevant issues to personnel at appropriate levels of responsibility and hierarchy.
• Cultivated a positive working environment by building strong relationships with team members, clients, and other stakeholders.
Business Process Analysis & Improvement:
• Proficient in understanding and analyzing business processes.
• Gathered requirements, assessed feasibility, and recommended new approaches and strategies.
• Reviewed, analyzed, and implemented Operational & Financial Standard Operating Policies & Procedures.
• Conducted Business Process Re-engineering, implementing solutions for automation and alignment with Oracle Standard Process Flows.
• Prepared Functional Design & Configuration Option Documents.
Financial Reporting and Reconciliation:
Performed month-end reporting and reconciliations.
Closed accounting periods after verifying and reconciling all sub-ledger entries posted in GL.
Data Analysis and Risk Assessment:
• Analyzed statistical and financial information, considering financial and operational risk factors.
• Recommended and developed solutions accordingly.
ERP Implementation and Configuration:
• Configured and implemented changes in Oracle EBS (ERP system) to align processes with company policies, procedures, and global standard requirements.
• Conducted Oracle Orientations, User Acceptance Testing, and Conference Room Piloting for process owners and end-users.
Customized Reporting:
• Supervised and collaborated with technical resources to develop Customized Reports in the ERP system, meeting specific management reporting and end-user requirements.

These skills and experiences were gained through the delivery of business solutions for various modules, including:
• Oracle Financials (GL, HRMS, AP, AR, INVENTORY & FA)
• Oracle Enterprise Asset Management (eAM)

Education

Master's degree, Accounting and Cost Controlling
  • at University of London - University College London
  • December 2020

MSc in Professional Accountancy

Doctorate, Business And Management
  • at American Institute of Certified Public Accountants AICPA and Chartered Institute of Management Accou
  • May 2020

Chartered Global Management Accountant CGMA

Bachelor's degree, Accounting and Taxation
  • at Oxford Brookes University
  • September 2016

BSc Hons in Applied Accounting

Doctorate, Certified Financial Analyst CFA
  • at Institute of Certified Public Accountants of Pakistan
  • August 2016
Doctorate, Accounting and Management
  • at Institute of Certified Public Accountants of Pakistan
  • June 2015

Certified Public Accountant CPA

Doctorate, CIMA
  • at Chartered Institute of Management Accountants
  • January 2014
Doctorate, ACCA
  • at Association of Chartered Certified Accountants
  • August 2012

Specialties & Skills

Auditing
Accounting
Finance
Management
Microsoft Office (Excel, Word, PowerPoint, Outlook, Access)
Oracle Business Suite R12, SAP FICO, Tally, QuickBooks & Dolphin Business Software’s
Taxation (Value Added Tax)
Cash flow Management
Accounting (IFRS & US GAAP), Finance, Financial Statements, Consolidation
Accounts Receivable, Accounts Payable
Financial & Business Analysis
Financial & Budget Controller
External & Internal Auditing

Social Profiles

Personal Website
Personal Website

URL removed due to policy violation. Please contact support for further information.

Languages

English
Expert
Urdu
Expert

Memberships

Association of Chartered Certified Accountants
  • ACCA Member
  • August 2012
Chartered Institute of Management Accountants
  • CIMA
  • January 2014
Accountants & Auditors Association
  • United Arab Emirates Chartered Accountant UAECA
  • December 2014
Institute of Certified Public Accountants of Pakistan
  • Certified Public Accountant CPA
  • June 2015
Institute of Certified Public Accountants of Pakistan
  • Certified Financial Analyst CFA
  • August 2016
American Institute of Certified Public Accountants AICPA and Chartered Institute of Management Accou
  • CGMA
  • May 2020

Training and Certifications

Accounting Fundamentals Certification (Certificate)
Date Attended:
January 2018
Value Added Tax VAT Implementation (Certificate)
Date Attended:
October 2017
VAT Value Added Tax (Training)
Training Institute:
Learners Point

Hobbies

  • Internet Searching, News Papers updates regarding Financial & Business
  • Studies, Book Readings, Current updates in Industry, Development of IFRS
  • Snooker, Table Tennis, Cricket
  • Information regarding current enhancement in Information Technology
  • Music