Sr. Financial Planning Specialist (Budget and Reporting)
Sadara Chemical Company
Total years of experience :18 years, 0 Months
Purpose of Job:
To lead on the financial business operations in OTT by providing professional expertise in Finance that advises and/or supports the CFO and developed and implement OTT finance strategy which balances financial operational needs with corporate strategy and also ensure full and effective Financial Control and Compliance for all business streams.
Accountabilities, Responsibilities and Main Duties:
• Controlling:
Operating within the Group Financial Control Framework and ensuring the accuracy with integrity and relevance of chart of accounts
• Transaction Processing:
Document, improve, and maintain internal financial controls, processes and procedures.
Statutory reporting - undertake preparation of annual audited financial in accordance with the relevant GAAP, IFRS and SOCPA. This will also involve consolidation of the divisional entities.
• Periodic Reporting:
Monthly Financials (P&L), BS, Cash in & out Flow Statements, Treasury Reports, Rolling Forecast, Sales Performance Reports, hedging against foreign currencies at Inter Co, Inter Div & Head Office level
Support quarterly forecast and annual budget preparations and 5 years business plans
Ad hoc reports to other business units as required by CFO
• Stakeholder Management:
External - being the point of contact for the external auditors and co-coordinating with them with respect to the business units. Co-ordinate with the regulatory authorities, where applicable
Internal - working closely within respective business units, assisting with the internal audit process (Monthly PIR and Operation audit) etc
• Team Management:
Maintain open communication with the accounting teams to ensure financial activities are consistent with group policies and procedures and external requirements
Promotes and understands business needs to ensure customer requirements are met within control and compliance framework. Develop effective relationships within the business units
• Other Management Duties:
Perform other tasks as delegated by the Div CFO.
Ensures data is available for compliance with statutory requirements (including IFRS) and legislation for the Group for all accounting transaction
Review, recommend and contribute to improvements and development of the financial KPI.
• KPI's, Internal Controls and Balance Score Cards:
Timeliness and accuracy in preparation of periodic financial and statutory reports
Degree of input to internal and external audit processes and success in implementing financial risk
Successful Completion of non-routine projects assigned by Division CFO
• Accountable For:
Adherence to corporate financial policies on planning and forecasting
Quality, accuracy and timeliness of delivery of reports to Country Director and Regional Team
Analytical review, and reporting issue identification, escalation and resolution
Adherence to the SOCPA and Obeikan Investment financial accounting and reporting standards
• Major Achievements:
Developed and introduced the Detailed Financials models concepts with their executive summaries which gave the clear picture of the each and every single expenses of the company which analyze the cost in more detailed manners for cost reduction purpose and maximize the profit.
• Key Relationship:
Chief Financial Officer CFO- Division Level, Group Finance Controller, OTT Finance Manager,
Department Finance Team, Group Finance team, Internal & External Auditors, Others related departments
Roles and Responsibilities:
• Manage day to day Projects Accounting issues
• Verifying, and reconciling of GL (month-end, adjustments, reclassification, accruals)
• Verifying and reconciling the Prepaid Expenses, Accrued Expenses, Deferred Revenue, Assets a/c Depreciation & Amortization.
• Prepare weekly cash inflow and outflow analysis.
• Reconcile the Customers a/c and supplier a/c according to GL.
• Bank reconciliation monthly.
• Review and checked payroll.
• Variance Analysis for current and past operational expenses for past & future trend.
• Generates variation reports of current financial performance against budgets.
• Prepared the budget for the projects and give proposal to the higher management for customers.
• Participate in the monthly, quarterly, semi-annually and year end preparation and analysis of Financial Reports and Management Reports, like Cash Inflow & out Flow Statement, Statement of owner Equity, Income Statement and Statement of Financial Position.
• Major Achievements:
Introduced the Concept of Interim Monthly Closing, which help us to complete monthly closing on time and float the Idea of Responsibility Accounting, which enables the management to assess the performance of different Cost Centers.
• Verification, control, analysis of AR and AP Ledgers Accounts.
• Reconciliation of Statements of accounts.
• Prepares monthly closing reports as necessary and files and maintained accounting records
• Prepared the Payrolls and Salaries for the Staffs'
• Handle the posting of accounting transactions accordance with the internal policies.
• To monitor expenditure against budgets and report significant variances.
• Assist in the preparation of annual budgets.
• Maintenance of petty cash
• Provide management reports on a regular basis to the Finance Manager/Director
• Prepare the Estimated Cost of Product for future production and growth of sales to meet the requirements of customer
• Prepare the Actual Unit Cost of Product to find out the Actual Expense of Product and compare with Profit Margin
• Prepare the Average Unit Cost of Product for future sales and production process.
• Provide documentation required by auditors, donors and/or project partners.
• Assist in the preparation of year-end accounts and support schedules for audit purposes.
•Coordinate in set up of office structures and procedures, managing a small team of staff and compliance with standard operating procedures.
•Coordinate and Review the necessary recommend new policies and procedures within the business operations area.
•Coordinate the maintenance of risk register for the business and update the Senior Management Principal.
• Coordinate the management liaisons associates’ team in every project.
• Ensure timely and accurate financial and programmatic reporting to the Principal Manager of high level management.
• Coordinate all contractual and logistical issues for clients, including negotiation of fee rates, preparing budgets, seeking required approvals, issuing contracts, payments, invoicing, and other financial management tasks associated with sub-contracted activities.
• Coordinate the operational and management responsibility for the facility office, ensuring the smooth running of the office and effective office support functions.
• Ensure all procedures and operations comply with regulatory requirement and with reference to market practice.
• Establishes personal contact with all significant customers within the Area to enhance the growth of business.
Specialized in Accounting and Finance
Bachelor in Commerce - IT