Muhammad Rafaqat

Professional Financial service is well renowned Certified Public Accountants and Audit firm which has been established in the UAE. PFS is a leading provider of accounting, audit and consultancy services to entrepreneurs, owner managed and private business.
My Key responsibilities;
• Prepared complete set of Financial Statements like Profit and Loss a/c, Balance Sheets, note to the accounts, cash flows and statement of changes in equity as per IFRS and in conformity with regulatory requirements.
• Prepared Internal Audit Reports and MIS reporting for client.
• Business Consultancy in accounting and Finance to clients
• Performed external audits
• Developed financial internal controls and Standard operating procedures for client operations.
• Physical inventory count and valuation of Inventory as per IAS-2
• Company ranking up in Ministry of Economic and Finance Abu Dhabi - UAE.
• Prepared budgets and financial analysis for business expenses and CGS.
• Prepared variance analysis for all variances in costing.

Crescent Bahuman Limited originally setup as joint venture between the Crescent Textile Mills, Pakistan and Green Wood Mills Inc. USA is now fully owned by the Crescent group, Pakistan. CBL(a name in spinning, textile and garments industries)- South East Asia’s largest and Pakistan’s first vertically integrated plant where seamless processing of raw cotton into finished superior quality jeans wear; producing a minimum 30-50 thousand garments per day.
General Ledger Management
• Successfully managed the GL (General Ledger) accounting, monthly and annual accounts closing for balance sheets, profit & loss and related reports for the review of the CEO.
• Managed payroll, voucher posting, reviewing accruals, inventory count and related workings.
• Facilitated internal and annual audits (external) through advance preparation and planning.

Receivable / Payables
• Managed the accurate and timely processing of invoices by matching price and quantity on invoice.
• Established strong control over the aging of account receivables and successfully reduced credit days.
• Handled sensitive inquiries and resolve difficult situations relating to accounts payable and accounts receivable in term of ledger reconciliation, rate differences, invoice related issues etc.

Banking Operations & Cash Flows
• Handled banking transactions worth more than Rs. 5 million per day while ensuring availability of funds at cheque dates, avoiding markup on running finance, bank reconciliation statement.
• Managed cash flows and working capital requirements through close coordination with planning and marketing department for the operation cycle; Sales to Collections, Purchase to Payments, for future purchase contracts and the arrangement of funds on specific dates (postdated cheques accordingly.
• Established working relations with bankers to comply with banking transactions, borrowings.

My job responsibilities and accomplishments as follows
* Preparation of financial statements.
* Accounts payable and receivable management.
* Bank reconciliations and general ledger.
* Payroll and fixed asset accounting.
* Handling LC's and document verification.
* Over viewing of annual stock counts.
* Physcial verificationof inventory and Inventory management.
* Projects feasibility reports and market analysis.
* Processed payments for local suppliers in Oracle Financials (ERP).
*Reviewed, investigated and corrected errors and inconsistencies in financial entries, documents and reports.
* Assisted management in the preparation of payroll and letter of credit.
* Prepared financial analysis of financial statements monthly, quarterly and annually.
* Assisted management in preparing financial statements in accordance with IFRS and Generally Applicable Accounting Framework and liaison with external auditor during statutory audit.