Manager Accounts and Budget
Rashed Abdul Rahman AlRashed & Sons for Steel Manufacturing and Products
Total years of experience :10 years, 4 Months
▪ Directing and supervising up to 6 finance staff to ensure that they are appropriately motivated and trained to carry out their responsibilities to the required standards.
▪ Management reporting for the Business unit, supporting group reporting and analysis activities as required, prepare business unit variance analysis, explain the reason for major movement backed by business head explanation.
▪ Preparation of annual budgets and forecasts, whilst supporting the business in providing timely and insightful workings for the Business units to achieve their budgeted revenue and EBITDA.
▪ Management accounting for revenue, accrual for month-end, monitoring and reporting to make sure that all the group policies are followed while recording of revenue and expenses.
▪ Provide financial information to the financial accounting team to facilitate month end closing processes. Ensure that all accruals are providing for as per month end reporting timeline.
▪ Production of monthly financial statements: Balance Sheets, P&L and cash plan. Supervise the Account receivable and
Account payable to make sure aging buckets met the standard set by group.
▪ Cash flow management to pay (SABIC) on time and monitoring the collection. Lead the data collection of all required inputs
to build the P&L. Prepare templates to allow each team leader to produce data entry for financial forecast.
▪ Coordinating with auditors, banks, insurance companies and other regulatory organizations.
▪ Arranging LC’s and letters of guarantee and managing import of Plant and Machinery and Raw material.
▪ Correctly maintaining VAT records and all supporting documentation along with details of any items disallowed, filling monthly VAT return to GAZT. Assisting in preparation of Zakat working at business unit level.
▪ Monitoring and maintaining inventory levels; processes purchasing orders as required; tracks orders, future inventory price forecasting, physical stock taking, returns and defective goods and investigates problems.
▪ Reviewing bank reconciliation statement and general ledger at month end and analyzing expenses and major variations from the budget.
▪ Advising the General Manager and executive committee on existing and evolving operating/financial issues.
▪ Providing financial analyses as needed, in particular for Capex, Pricing decisions and Contract negotiations.
Main Achievements
▪ Improved reporting accuracy by retraining finance team, reconciling accounts, and reducing receivables turnover period.
▪ Involved in implementing new accounting manufacturing module in Oracle JDE 9.2 with better reporting and automation.
▪Experience in the implementation of accounting principles. including the evaluation of financial policies, systems, and procedures.
▪Comfortable interacting with all levels of management in multiple areas.
▪Solid analytical skills, understanding of business processes, and system optimization.
▪ Planned audit job and supervision, including close liaison with client’s management.
▪ Ensured compliance of International Financial Reporting Standards and making and assessment of GAP analysis from conversion of SOCPA to IFRS.
▪ Reviewed analytical, substantive and overall audit procedure performed on various sections of financial statements during external audits of different companies.
▪ Managed all phases of audit from planning to client deliverables, led team, reported directly to senior manager and partners working in a team environment.
▪ Prepared, posted and updated standard journal vouchers and adjustment journal voucher entries at the month end, such as prepaid expense, operating provisions, payroll, payroll accruals, general stores issues, engineering store issues, reconciliation of food & beverage cost, accruals, provisions, allocation of expense, etc.
▪ Managed and oversee the monthly and yearly financial closing process working on actual profit and loss, balance sheet, cash flows statements as per IFRS, and analyzing the main variances primarily vs budgets
▪ Management of accounts payable, ensured complete supplier invoices were processed, maintained sufficient working capital, cash management, credit control and supervised payments
▪ Assisted Group Financial Controller in the development of the Company’s tax strategies and developing tax-efficient organizational and operational structures
▪ Produced accurate and timely financial information about the company’s financial status and performance to enable
decisions to be taken relating to the company’s financial strength and security
▪ Processed pending entries (200k), controlled food cost to 32% from 45%.
-Statutory audits which include analysis and reviews of financial statements including cash flow statements of various
industry clients. Scope of work included ensuring compliance with management policies, identification of
weaknesses in the system for potential risks and examining financial statements to ensure compliance with
National and International Reporting Frameworks, primarily comprising of International Financial Reporting
Standards (IFRS)
-Internal audits with firm approaches. Core responsibilities included planning risk assessments, understanding the
business, scoping and assessing the key risks, development and implementation of Improvement Plans.
-Compilation of financial statements in compliance with IFRS and Companies Ordinance 1984 (Corporate laws) while
assessing various areas of financial statements such as employee benefits, taxation, foreign currency transactions etc.
-Documentation and review of system documentation and policies which includes preparation of system
documentation in the form of Transaction Flow Reviews (TFRs), Policies & Procedures Manuals, Segregation of Duty (SOD)
matrices; carrying out detailed risk and control evaluation for significant business processes and development of initiatives
/ recommendations to rectify any control gaps identified.
-Ensuring compliance with applicable statutory legislatures including The Companies Ordinance 1984, Income Tax
Ordinance 2001, Sales Tax Act 1990, Sales Tax Rules 2006 and Value Added Tax (VAT) Rules etc.
-Providing consultancy to clients regarding registration procedure, scope and payment of tax, input and output tax
adjustment etc. as per the provisions of Sales Tax Act 1990, Sales Tax Rules 2006 and Value added Tax Rules
- Filling of income tax and sales tax returns on behalf of different clients after making necessary calculations and
adjustments as per applicable laws and have been involved in various taxation assignments i.e. identification of legal
implications in claiming / adjustments of tax refunds, representing the clients in tax authorities and tribunals etc.
-Evaluated the financial information produced by management of organization.
-Reviewed the working papers of the audit staff and further reviewed by the engagement partner.
-Used analytical review techniques in order to analyzed the overall performance of the companies and identified areas of risk.
-Presentation of work to the Manager and /or Partner with respect to engagement progress risks, issues, variances from plan in terms of time, budget, cost and discussing key areas of concern with the client.
-Developed the knowledge of junior team members through on the job reviewing, coaching and sharing best practices on the completion of their sections.
-Identified weakness, addressed risk and gave suggestion through preparation of management letter highlighting ways to improve internal control system.
-Performed other assignments like Bookkeeping assignments and preparing Chart of Accounts.
-Preparation of accounts and disclosures and projected financial statements.
-Developed audit programs and testing procedures relevant to risk and test objectives.
-Obtained and reviewed evidence ensuring audit conclusions are well-documented
-Communicated assigned tasks to engagement team in a manner that is clear and concise ensured high quality, accurate, and efficient results.
-Performed other related duties as assigned
MY KEY CLIENTS SECTORS:
*Manufacturing
*Engineering
*Financial Institutions (Banks & Insurance)
*Education
*Sports
*Investments
