Chief Finance Officer
Novelty Group of Companies for Logistics & Storage Services
Total years of experience :29 years, 6 Months
Highlights:
• Prepared expansion project report and obtained a revolving loan facility of 2 million from Saudi National Bank.
• Efficiently restructured the financial reporting system of the company.
• Implemented an effective internal control system.
• Implemented an effective system to reduce the lag in job closing and invoicing.
• Successfully reduced truck maintenance expenses by 10%.
• Implemented a proper system for fleet and asset management.
• Conducted feasibility study & prepared business plan report for an e-commerce project.
• Implemented monthly reconciliation system with Aramex Franchises.
• Successfully implemented an ERP system
• Reduced the receivable collection days from 150 days to 80 days.
• Developed a suitable incentive policy for the sales team.
Responsibilities:
• Report to the Board of Directors with the responsibility of providing financial leadership to the group of companies; provide financial advice to the leadership team and support in executing the strategies to achieve the group’s goals.
• Provide executive leadership in the continuous evaluation of short- and long-term strategic financial objectives and offer recommendations to enhance financial performance and business opportunities.
• Formulate and implement financial strategies, objectives, policies and procedures with a primary focus on establishing internal controls, ensuring optimal utilization of group’s resources.
• Provide strategic recommendations to the CEO/president and members of the executive management team.
• Evaluate the financial performance of the Group with regards to long-term operational goals, budgets and forecasts.
• Develop annual budget, control income, cash flow and expenses; establish guidelines for budgeting & forecasting; review group’s bottlenecks & recommend changes to improve the overall level of group throughput.
• Oversee the investment of funds, identify and manage associated risks, supervise cash management activities of the group, and execute capital-raising strategies to support the group’s expansion plans.
• Develop and maintain robust business financial governance and controls to monitor and analyze the group’s financial performance in meeting financial and overall business goals and objectives.
• Lead the development and implementation of accounts consolidation, financial policies, systems & procedures/guidelines to ensure smooth cash flow and streamline budgets.
• Communicate, engage and interact with Board of Directors and C-level employees; select and engage consultants, auditors, banks and financial institutions in coordination with relevant board and management committees.
• Interact with and bring the finance function into line with the Board of Directors’ plans, initiatives and recommendations.
• Evaluate group’s finance function and make suggestions to automate processes & increase working efficiency.
• Identify, evaluate, acquire and implement systems and software to provide critical financial and operational information.
• Review and analyze the financial performance of the group against budget, forecast and prior year results and interpret the financial data provided to higher management for effective decision making.
• Review and appraise the soundness, effectiveness and proper application of accounting and financial controls, compliance procedures and controls and timeliness of documentation generation.
• Oversee the preparation and timely filing of all tax returns; liaise with statutory auditors for auditing & zakat return filing.
Highlights:
• Successfully obtained asset financing of 3 million from Orix Saudi Company with cheap finance charges
• Developed and managed a financial reporting system as per management requirements.
• Prepared Business Plan Report (Feasibility Study) and obtained rescheduling of long-term loan from SIDF.
• Developed a suitable credit control system and implemented in the company.
• Strategically reduced the receivable collection days from 120 days to 70 days.
• Successfully ensured a 5% reduction in manufacturing cost.
• Developed a suitable commission policy for the sales team.
• Conducted costing studies and eliminated unprofitable products.
• Developed an incentive policy for the manufacturing plant.
• Implemented an effective internal control system, material management system as well as ERP system.
• Developed a daily report system for branches to head office
• Increased the frequency of reports from quarterly to monthly.
Responsibilities:
• Reported to the Board of Directors and led a team of fifteen members with the overall control of the company’s finance function including financial planning & reporting, budgeting & forecasting, cash flow management, internal control, etc.
• Developed financial plans, prepared forecasts, developed an annual operating budget, monitored adherence to monetary provisions in the budget, noted variances, and implemented corrective actions during the next budget cycle.
• Rendered strategic advice to the management on all financial matters and assisted in making financially sound decisions.
• Oversaw the investment of funds, identified and managed associated risks, supervised cash management activities of the company, and executed capital-raising strategies to support the company’s expansion plans.
• Participated along with the management for the budget review meetings; analyzed the income statement & recommended the means to decrease expenses. Prepared reports and analysis of the company's budget.
• Oversaw the functions of costing department in the area of products, jobs and projects; oversaw accounts payable and accounts receivables, reconciled accounts, researched and resolved invoice discrepancies and issues
• Developed and maintained a robust internal control system to safeguard assets of the company; directed audits and ongoing reviews of organization controls, operating procedures, and compliance with policies and regulations.
• Managed VAT calculation and filed returns; liaised with statutory auditors for auditing and zakat return filing
• Dealt with financial institutions, banks and insurance companies.
• Prepared detailed reports on the company’s performance on a quarterly/monthly/annual basis including income statements, balance sheets, profit/expense reports, cash flow statement and ratio analysis to interpret the current & projected financial position of the company.
Responsibilities:
• Reported to the Finance Manager with the responsibility of all accounting operations of the company including budgeting, bookkeeping, financial analysis, financial reporting, audits, taxation, accounting policies & procedures.
• Maintained the company’s books of accounts, recorded journal entries, posted transactions to the ledger, and entered rectification & adjustment entries; assisted the finance team in monthly, quarterly & annual closing of books of accounts.
• Assisted the Finance Manager in developing the company’s annual plan and budget; also assisted in development and implementation of goals, policies, priorities & procedures related to financial management, accounting and payroll.
• Evaluated actual vs budgeted costs, prepared variance analysis report on a periodic basis, and initiated pro-active actions through executive management reports.
• Prepared and manage bills, invoices and bank deposits, reconciled expenses to the general ledger, and endured that all payments are properly posted; maintain records of payments and account status.
• Performed bank reconciliation to compare the balance in the bank as per the company’s accounting records with the balance stated in the bank statement, as well as prepared bank reconciliation statements.
• Ensured that the accounting policies and procedures are implemented and are in compliance with the overall company policies and legal requirements.
• Supervised HR activities including payroll, vacation and final settlement of employees and ensure compliance with labor laws.