Financial Analyst
Saudi Arabian Airlines
Total years of experience :14 years, 4 Months
• Examine Accounting and Financial Records and Prepare Periodical Statements and other Financial Reports according to Management requirements.
• Prepare the Annual Financial Statements based on the International Financial Reporting Standards (IFRS/IAS) &Generally Accepted Accounting Principles (GAAP) & also liaison with the External Auditors for Group and Standalone Annual Financial Statements.
• Develop several customized reports in SAP to provide management accurate, reliable and timely financial information for the decision making purposes.
• Coordinating for the implementation of Privatization Plan for the other Strategic Business units of Airline.
• Month-end, quarter-end and year-end closing.
• Variance analysis of expenses along with commentary - Month on Month.
• Scrutiny of General Ledger in SAP.
• Prepare & Review Account reconciliation of GL accounts (including Inter Company accounts).
• Initiates and completes corrective actions to ensure that outstanding items in account reconciliations are cleared promptly.
• Actively communicates with other departments and follows up on corrective actions.
• Handling ad-hoc queries from Management and clients.
• Supervising SBU’s and prepare reconciliations on monthly basis
• Reduce the SBU’s balance by netting off
• Improved the SBU’s invoice processing system by integrating the Document Management System (DMS) in SAP.
• Providing on Job training to SAUDIA employees for SAP, Excel & IFRS related working knowledge.
Project:
IFRS-16
Actively participating in implementation of IFRS-16 which is expected to go live on January, 2019.
• Coordinating with External consultants for implementation
• Gap Analysis IFRS-16 on policy and procedure
• Collecting all vendors leases and analyze which lease will be affected with IFRS-16
• Creating awareness to SAUDIA employees with regards to IFRS-16
Preparing and finalizing monthly, quarterly and annual financial statements
Preparation of monthly dash board for top management covering summarized information of actual revenue and cost analysis with monthly variances
Monitoring budget with actual expenses and reporting the differences to top management
Dealing with banks related to Letter of Credits and regular payments.
Reporting monthly profits, vendors’ aging and aging of debtors with status of funds.
Preparing various financial reports, as and when, required by group head office.
Coordinating with external auditors for interim & annual audits and resolving issues identified during audit.
Handling full financial and costing role and reviewing all transactions before posting to General Ledger.
Reconciling entries of Sales, Purchasing, Inventory, Fixed Assets and Payroll modules with General Ledger.
Researching and reporting on factors influencing business performance
Develops, implements and upgrades financial systems and controls
Designing and executing the test of controls and deciding the extent of substantive procedures for each specific area based on initial assessment of inherent and control risks in consultation with the engagement manager.
Auditing financial statements in accordance with the guidelines of International Auditing Standards (IASs).
Planning internal and external audits and assignments to execute them in effective and efficient manner by assessing system internal controls to evaluate risk at business, financial and operational levels.
Reviewing entry level controls under COSO and SOX framework of internal controls and procedures.
Verification of specific areas of assets, liabilities, income & expenses to ensure compliance in each area.
Highlighting the issues and preparation of other deliverables, such as management letter identifying control weaknesses, its implications and recommendations for improvement in accounting and internal control systems.
Liaison with clients to understand, review and analyze their internal control and accounting procedures.
Carrying out evaluation of junior team members for appraisal purposes.
Carrying out due diligence assignments.
• Supervising payable system (payments to vendors & general suppliers )
• Classification of transactions in general ledger
• Prepare vendors and suppliers accounts statements
• Receipts recorded and posted into general ledger
• Preparation of customer’s accounts statements
• Prepare fixed assets addition & deletion movement and their incorporation in books (ledger)
• Maintained Fixed Asset Register
• Fixed assets depreciation on monthly basis and keep track on assets useful life until scrap via specific procedure
• Maintain CWIP (cost work in progress) schedules and keep track on their conversion into permanent fixed assets.
• Preparation of Trial Balance on monthly basis
Above workings are performed in ERP system where necessary
Imports & Costing
• Letter of Credit Costing and Management.
• Imported and Local Parts Receipt Management.
• Bank Debit Advices (LC opening. Retirement and amendment) follow up and Entry in System.
• Exchange gain/ loss calculation on LC retirement & it’s accounting treatment.
• Deposit of Financial Instruments (Cheques/Pay Orders/Demand Drafts) in respective banks
• Shipping Line Parties Payments. Clearing Agent Payments.
• Govt. duties (custom duty, sales tax, income tax) calculation and payments. Export bills Payments & checking.
• Insurance Calculation & Bills Payments.
• Preparation of reconciliations with different parties. Dealing with banks related to above all mentioned work activities.
Tax
• Reporting to tax authorities on various queries raised
• Preparation of Income Tax certificates under specified rules
• Filing of Tax returns (Monthly & Annually) to Tax authorities
• Income tax payments to Govt. (tax deducted under various heads )
Deals with all Imports based on Bank Contracts and LC’s
Prepare daily fund position (Bank Position)
Establish, maintain and reconcile the general ledger
Establish and maintain supplier accounts
To record payments of daily expenditure.
Handle accounts payable, bill follow ups, bill processing, payments made as per aging
Maintain the Petty Cash
Maintain Purchase Record
Preparation of Accounts Payable & Receivable Statements
Cheque preparation, signing & delivery/deposit, record keeping
Checking of Purchase Orders & Invoices for processing payment
Preparation of vouchers
Assist with the annual audit
1-60% Educational Scholarship at Centre of Financial Excellence 2-90% Educational Scholarship at Rise School of Accountancy, Lahore