Group Financial Control & Reporting Manager
OBEIKAN INVESTMENT GROUP
Total years of experience :14 years, 1 Months
OBEIKAN INVESTMENT GROUP (Kingdom of Saudi Arabia)
-
Group Financial Control & Reporting Manager from October 2008 to November 2012
Obeikan Investment Group is a Multi National & Multi Billion Dollar group which has presence in various countries like Spain, Lebanon, UAE, Germany, Norway and USA. It has Joint Ventures with world leading companies like ELOPAK (Norway) & SIG Combibloc (Germany)
Achievements
• Successful completion of Process re-engineering in one of the group companies to achieve operational effeciency.
• Achieved 10-15% reduction in Labor cost by successfully implementing labor planning tools.
• Achieved 20% increase in turnover by applying bid pricing strategies, linked with detailed product costing & margin analysis.
• Around 15%-20% saving in financial cost through re-organization of the financial structure of the company by using debt and equity mix strategies.
• Successful implementation of ERP & BI system in subsidiaries, Dash Board for Board reporting and standard costing system.
• Successfully setup budgeting and forecasting techniques & achievement of budgeted targets for subsidiaries
• Recovery of 20MSR from subsidiaries' working capital through regular monitoring. (Working Capital Management Committee System)
• Successful completion of group and individual company audits within time deadlines provided.
Job Responsibilities
• Responsible to review the business performance & analysis reports for the presentation to CFO & board on monthly basis.
• Responsible to attend monthly & weekly business performance review meetings.
o Update & comparisons on budgets and cash flow forecasts.
o Product profitability analysis, break even analysis
• Review complete consolidation package including complete set of financials every month.
• Team leader of working capital management committee (Accounts receivable and Inventory management)
• Responsible to oversee the Quarterly and Annual audit of all group companies.
• Project Manager Group Automation committee.
• Dealing with Bankers and negotiating finances for company on group level.
• An active member of a Unified chart of Accounts Committee.
• Responsible for implementation of standard costing system in business units.
• Responsible to perform profitability appraisal of new project group is planning to investment in.
• Responsible to manage group projects under development in Spain and other countries.
• Managing long term construction projects and reporting on their profitability through close liaison with production, quality control, planning and design Engineers.
• Arrange group learning opportunities for workforce & deliver seminars on topics like; cost and management accounting, International financial Reporting Standards, Decision Making, Business Analysis.
• Maintains strong working relationship with finance managers of all group companies.
• Groom highly motivated and technically strong workforce.
DELOITTE CANADA
Audit & Assurance Manager \[April 2007 to September 2008\]
ACHIEVEMENTS
• Achieved a very tight deadline by finalizing the financial audit of large steel manufacturer in the second week of January for the December year end.
• Successful implementation of the management reports for long term construction accounting projects.
• Successfully completed the costing analysis of steel production which helped client establishing competitive pricing strategies.
• Achieved 1710 working hours during the year which was well above the average.
JOB RESPONSIBILITIES
• Responsible to handle all aspects of company's financial & operational audits, identify areas of improvement and suggest solutions to improve operational efficiency.
• Worked on implementation of the internal controls on the company's accounting system and operations.
• Delivering lectures on various projects to help developing skilled workforce, on the job training and help in developing controlled environment.
• Assume full responsibility of developing audit approach for clients based on their system testing and business risk analysis.
• Help board of directors to better control the organization by ensuring tasks are performed in accordance with the management policies and procedures and prevailing regulations.
• Provide monthly and quarterly reports to board of directors regarding following;
o AUDIT OF OPERATIONAL EFFECTIVENESS & EFFECIENCY
* Operational effectiveness of internal controls & compliance with policies and procedures
* Reporting on effectiveness of Retail operations and monthly and bi-monthly audits of branches on rotation basis.
* Ensure price competitiveness of retail products & Audit of effectiveness of marketing activities
* Product analysis and comparisons & Benchmarking of the production activities and other operations
* Audit of the effective operation of labor planning tools
* Departmental process flow charting, and documentation of policies and procedures.
* Audit of the operation efficiency of various departments especially the procurement operations.
* Preparing the risk matrix & Ensuring the accuracy of Budgets & forecast
* Ensuring 5-10 year Business plan for subsidiaries in place and acted upon * Ensuring tasks and procedures are automated, implementation of ERP & operability of individual module
* Routine audits to ensure accuracy in data transmission and effective bridging of information system
* Ensure effectiveness of reporting on long term construction contracts
* Cost component audits in turn adapt effective pricing strategies and keep on top of market competition.
o FINANCIAL AUDITS
• Accuracy, quality and timeliness of financial reporting.
• Ensure dash board is in place and provide reports tailored according to the board of director's specific needs for Strategic decision making.
• Ensure board reporting system is in place including adequacy of board reporting package on quarterly and monthly basis.
• Ensuring reporting on standard costing and variance analysis and making sure variances are investigated.
• Ensure proper accounting of all the events in subsidiaries including the audits of o Revenue cycle, Procurement and inventory management cycle, Budgeting, Planning and control, Human resources management and Payroll function
o Fixed Assets & Working capital management, Debt & Financial cost management & Financial statement audits
o Financial audits of branches including inventory, cash, sales, point of sale management.
KOUNNIS & PARTNERS PLC (London, UK)
Audit & Assurance Senior: February 2006 to April 2007
ACHIEVEMENTS
• Value addition to the "internal reporting package" of my portfolio of clients.
• Implementation of point of sale system.
• Implementation of internal controls on the sales and cash reporting guidelines, payroll, procurement, bank and cash management.
• Worked on the preparation and effectiveness of the dash board
• Tailored key management reports for presentation to the board keeping in view their specific requirements.
• Provided key technical assistance for the transition of accounting data from one accounting package to another.
DEAN SULLIVAN Chartered Certified Accountants (London)
--
\[Audit and accounts senior: July2003 February 2006\]
Industries worked in : Financial Services (Insurance intermediaries ), Property and Construction, Hospitality, Gold importers and exporters, Entertainment (TV channels)
Job Responsibilities:
• Held responsible for the preparation of quarterly and annual consolidated financial statements for presentation to board for my portfolio of clients ranging from £20m- £100m.
• Held responsible for the financial planning of my internal accounting and financial advisory clients including filing deadlines, liaising with their auditors & coordinating with board and reporting to them.
• Attended internal audit committee and Executive committee meetings and addressed their concerns about company’s accounting and internal controls.
• Managed bookkeeping staff in house and at client site
\[Audit & Assurance Junior to Senior May 2001 to June 2003\]
Jobs Responsibilities
• Worked on external internal audits, corporate advisory & tax assignments of various complex clients including multinationals and National giants like PIA, National Bank, Caltex Oil & Gas and various listed textile and sugar companies during the course of my tenure with them.
\[Junior Accountant to Senior Accountant June 1998 to November 2000\]
Preparing financial accounts
Preparing bank reconciliation
Maintenance of bank book and cash book
Preparing aging summary of customers
Preparing and reviewing inventory summary and inventory aging schedules
Reviewing payroll monthly basis
Working out adjustments
Maintenance of fixed assets register.
Dealing with auditors and preparing various reports required by them.
Preparing adhoc reports for management.
Posting accounting entries to accounting system.
Reconciliation of suspense and interim inventory accounts
Reconciliation of goods in transit and supplier accounts with invoices and goods received notes .
CPA - USA (COLORADO)
ACCA - UK
• B.COM (University of Karachi 1998)