HEAD – CORPORATE, FINANCE & ACCOUNTS
Ajmal Perfumes
Total years of experience :20 years, 6 Months
Reporting to the Director - Group Finance.
The Organization is a Manufacturer, Exporter and Retailer of Perfumes and related products.
Oversaw month end closing by analysing trial balances and researching general ledger activity and variances with budget and prior year expenses. Directed finance operations at group shared service centre for accounts payable, receivable, payroll, cash, and other payments by collaborating with group treasury for appropriate funding. Ensured accuracy, timeliness, and compliance of group VAT related matters. Supervised cost structure of business units whilst ensuring monthly preparation and review of cash forecast & unit wise P/L analysis. Administered budget of all corporate departments whilst ensuring consistency and alignment with actuals and forecasts, delivered budget guidance and advisory assistance across the group, and supported stakeholders in budget presentations for board meetings. Proactively participated in product cost optimisation exercise whilst ensuring timely deliverables. Conducted costing, pricing, and margin analysis for region’s products, export markets, travel retail, and private label brands. Implemented performance management systems and highlighted deviations for action. Played an integral role in digitisation initiative (SAP implementation).
• Led the execution of companywide monthly divisional reporting system and monthly circulation of corporate department overheads to stakeholders which was earlier done adhoc/quarterly.
• Managed credit function thereby reducing overdue receivables, linked related accounts of receivables & payables to mitigate risk of over exposure, introduced monthly reconciliation before processing vendor payments.
• Optimised forecasting mechanism by revisiting processes resulting in improved reporting functionality.
• Developed and implemented CAPEX tracking and allocation systems; monitored the same with budgets and ensured gaps in requisitioning / ordering are tracked and actioned.
• Collaborated with business and operation heads to resolve critical issues whilst ensuring compliance.
Reporting to the General Manager and the Group CFO.
Ensured effective utilisation of financial resources by establishing division wise reporting and budgeting as well as rolling forecasts and long term projection systems. Oversaw preparation and reviewed business plans for presentation to executive committee and board for foray into new ventures. Monitored performance of new ventures and ensured returns are viable in line with benchmarks. Conducted monthly performance reviews of departments with the executive committee, highlighted areas of concern for action. Presented quarterly performance reviews in Board meetings and implemented the execution of Board’s strategy in coordination with the GM. Designed, developed, and deployed systems and procedures to provide real time information for decision making purposes. Formulated consolidated financial statements, including analysing deviations with divisional budgets, performing forecasts, and developing/recommending corrective action. Monitored fund movements to ensure operations are unhindered, directed preparation of monthly cash forecasts. Developed and implemented VAT framework whilst ensuring proper and timely filing of VAT returns. Collaborated with external/internal auditor, tax consultant, banker, customers, and vendors. Ensured preparation & implementation of approved corporate policies and SOP’s.
• Collaborated with group legal advisor and GM to negotiate and secure distribution and other contracts.
• Implemented cost reduction plan for business units which resulted in savings of $250k.
• Drove increase in operating income by $150k+ via revenue growth of $675k.
• Led planning, selection, and execution of Microsoft Dynamics Navision ERP system as well as created report formats to drive organisation’s reporting system improvement.
• Introduced and implemented performance management systems to improve decision making and highlight gaps for remedial action to save resources and enhance profitability.
• Managed significant containment of customer overdue by analysing customer wise activity which reduced receivables related risks in compliance with credit policy.
• Managed significant reduction in Inventory by 20% which reduced risks associated with non-moving & expired items.
The Organisation has offices spread across the Gulf providing support services to the US Government.
Prepared financial statements and profitability projection for projects, analyzed variances from budgeted figures. Ensured timely invoicing for projects, analyzed receivables, and followed up collections to ensure cash availability for smooth functioning of operations and for investments in new projects to maximize returns. Negotiated with bankers for credit facilities and for owner’s investments. Liaised with external auditors, negotiated with Vendors for cost effective procurement.
Besides conventional advertising, the company made a foray in allied marketing and distributing activities by acquiring/investing in companies engaged in call centre services, interactive business, e-services etc.
Monitored finance, accounting, and company law aspects of acquired companies on behalf of the holding company. Prepared budgets, projections, MIS statements, analysed the same for onward reporting to the management. Involved in restructuring & cost cutting exercise of the acquired companies thereby enabling the holding company to part with unprofitable ventures, save resources and improve profitability.
Chartered Accountant (CA)
Cost & Management Accountant