Finance Manager
AFAQ HOLDING
Total years of experience :10 years, 4 Months
Key Responsibilities:
Financial Planning & Management:
• Direct the finance team with overall control of the company’s accounting and finance function to optimize the company’s financial performance and strategic position.
• Assist in formulating the company's future direction and supporting tactical initiatives; develop financial and tax strategies, and develop performance measures that support the company’s strategic direction.
• Manage the capital request and budgeting processes; develop annual budget plans, monitor and analyze budget patterns, and compare them with actual cost.
• Manage daily operations of the department including month and year-end activities, AP/AR, general ledger, cash forecasting, treasury, budgeting, revenue and expenditure variance analysis, capital assets, fixed asset and debt activity, etc.
Operations & Risk Management:
• Oversee the financial operations of subsidiary companies and foreign operations; manage third parties to which accounting or finance function has been outsourced.
• Develop and maintain healthy business relations with all members of the management team; participate in key decisions as a member of the executive management team.
• Manage various departments including accounting, HR, legal, tax and treasury department; implement operational best practices across the organization and ensure that the company complies with all legal and regulatory requirements.
• Monitor and manage company’s all open legal issues, maintain appropriate insurance coverage, report risk issues to the audit committee, maintain relations with external auditors and investigate their findings and recommendations.
Funding/Cash Management:
• Manage the investment of funds, identify and manage associated risks, monitor cash balances and cash forecasts, arrange for debt and equity financing and execute capital-raising strategies to support the company’s expansion plans.
• Participate in conference call with the investment community; represent the company with investment bankers and investors while maintaining healthy business relations with them.
• Monitor and interpret cash flows and predict future trends, ensuring that sufficient funds are available to meet ongoing operational and capital investment requirements.
• Collaborate with management on development and execution of funding strategies; investigate ways to improve profitability, and analyze markets for business opportunities, such as expansion, mergers or acquisitions.
Financial Analysis & Reporting:
• Carry out various advanced financial analyses in order to determine present and forecasted financial health of the company; present potential scenarios to the Senior Management/Board of Directors.
• Review and approve Form 8-K, 10-K; analyze financial data detailing liabilities, assets and capital; develop balance sheet, profit & loss statement and other reports to interpret current and projected company’s financial position.
• Coordinate with the team to collate required financial information for audit (internal and external) and liaise with external auditors during annual audit and quarterly reviews.
• Prepare 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.
ERP Development & Implementation:
• Work with the IT Department to ensure seamless development / implementation of an in-house built ERP System to design management reports in sync with business needs & requirements.
• Work on different ERP modules including Sales Order Management, Production Management, Materials Management and Financial Management (AP, AR, Currency, Cash, General Ledger and Fixed Assets).
Key Responsibilities:
Financial Accounting:
• Provided leadership to a team of accountants to control daily operations of the accounting department of the entire group including month-end and year-end activities, accounts payable/receivable, general ledger, cash forecasting, treasury, budgeting, revenue and expenditure variance analysis, capital assets, fixed asset and debt activity, etc.
• Monitored and analyzed accounting/financial data and produced financial reports and statements; presented the financial and other decision oriented information to assist management in planning and formulating policies.
• Reviewed consolidated financial statements, accounting records payroll summaries, bank reconciliation statements, and adjusting entries (accruals, prepayments and provisions) to assess accuracy and conformance to reporting standards.
• Established global best practices for credit management including aging report for receivables, insurance expense summary, regular reconciliation for credit card accounts and tracking of principal & interest payments for loans of the company.
Management Accounting:
• Analyzed top-line & bottom-line by products, customers, projects, regions and employees and shared the same with the Management Team, contributing in strategic planning & decision making.
• Compared actual revenues / expenditures with budgeted revenues / expenditures through variance analysis; identified significant variances and structured work plans to keep them within acceptable bounds.
• Allocated overheads to products based on relevant cost-drivers and using activity based costing technique; forecasted and predicted future prices and hedge risks to minimize the financial impact of adverse movements on company’s bottom-line.
• Established and enforced proper accounting methods, policies, principles as well as financial systems, procedures and control; made and implemented recommendations to improve accounting processes and procedures.
Treasury Management:
• Managed cash flow, developed cash flow statements to understand the liquidity position of the company, assessed requirements for short-term and long-term funds raise requisitions with the treasury to obtain additional funds.
• Coordinated with Group Chief Financial Officer regarding the funds management, oversaw fund investment, identified associated risks and executed capital-raising strategies to support the company’s expansion plans.
Audit Support:
• Coordinated with external auditor for the interim and final studies, provided them with required documentation and financial information and assisted in preparing detailed audit reports to highlights shortcomings in procedures.
• Evaluated the effectiveness of internal control systems and procedures, listed any deficiencies in the current procedures, and offered solutions relevant to business and risk.
• Led internal audits and developed detailed audit reports with recommendations to improve the efficiency in operations, and presented audit reports to the senior management.
PREVIOUS ASSIGNMENTS
• Financial Accountant, 1st4 Connect, Lahore, Pakistan, Oct 2011 - Dec 2013 (02 Years and 02 Months)
• Assistant Accountant, Mian Industries, Lahore, Pakistan, Sep 2009 - Sep 2011 (02 Years)