Chief Financial Officer (CFO)
Summit Auto Trade Facilities PSC (Sumitomo Corporation - Japan)
Total years of experience :24 years, 2 Months
Achievements:
• Enhance the business circle by expanding affordable sources of finance & implementing aggressive measures to control spending. This includes adopting a spend control tower approach to prioritize payments and implementing clear reporting metrics to track liquidity in real time. These initiatives have resulted in a portfolio growth of over 40% for the company.
• Preparing a long-term borrowing plan from banks that provides liquidity to the company at the lowest possible cost.
• Applying various tools or mechanisms to assess the companys liquidity in order to optimize cash reserves, which will enable smooth operational spending even in the worst-case scenario of zero cash collection.
• Improving the calculation of provisions under IFRS 9 during the Covid-19 pandemic by creating customized management Overlay approaches that made a significant contribution to the companys Risk Elimination.
• Supervising and monitoring all tasks and responsibilities related to the companys merger with Bindar for Trade and Investment Company (Accounting, Finance, Legal and tax matters).
Duties
Strategic Planning & Analysis:
• Providing strategic management of the accounting and finance functions
• Develops financial strategies by forecasting capital, facilities, and staff requirements; identifying monetary resources; and developing action plans.
• Balance top and bottom-line growth to build the business and deliver a sustainable business model ongoing.
• Preparing comprehensive budgets (annual, semi-annual, quarterly, and monthly) and discussing them with higher-level management and board members at each stage.
• Review the results and compare them with the numbers from previous years as well as the forecasted numbers.
• Analyze the results and causes, whether they are negative or positive.
Controllership:
• Directing accounting policies, procedures, and internal controls
• Formulate and apply KPIs, benchmarks, drive strong business performance, develop financial operational strategies, strategic and financial analysis, valuation, consolidation, Forecasting budgeting, compliance and Audit, and project management infrastructure solutions.
• Recommending improvements to ensure the integrity of a companys financial information.
• Managing & overseeing the relationship with independent auditors and consultants.
• Systemically track progress against goals and identify key top and bottom-line growth opportunities.
Training & Staff Management:
• Accomplishes finance human resource strategies by determining accountabilities; communicating and enforcing values, policies, and procedures; implementing recruitment, selection, orientation, training, coaching, counselling, disciplinary, and communication programs; planning, monitoring, appraising, and reviewing job contributions; and planning and reviewing compensation strategies.
• Hiring, training and retaining skilled accounting and finance staff.
Reporting, Budgets, and Forecasting:
• Building a robust budgeting control system to reduce costs and expenses.
• Reports financial status by developing forecasts, reporting results, analyzing variances, and developing improvements.
• Collaborating with chief information officers on technology decisions and positive operation decisions.
• Overseeing financial systems implementations and upgrades.
• Managing relationships with investors, investment institutions and banks.
• Identifying & managing business risks and suitable insurance requirements.
• Balance top and bottom-line growth to build the business and deliver a sustainable business model ongoing.
• Manage the overall financial forecast, processes, policies, procedures, controls and reporting systems.
• Preparing and executing scheduled audits including planning, preparation, execution, reporting and follow-up.
• Developing audit scopes, including assigning internal controls and risk areas.
• Performing various aspects of the execution of risk-based operational audits.
• Documenting all information pertaining to audit results including findings, opportunities, and observations.
• Following up with management on remedial action.
• Preparing Audit and Executive Summary report.
• Promoting value and recommendations including efficiency and cost-savings opportunities.
• Evaluating the overall efficiency and effectiveness of internal controls and risk areas in compliance with applicable process standards.
• Demonstrating high standards of conduct and ethics as well as the ability to use appropriate judgment and discretion
• Assisting with implementing audit tools to improve audit efficiencies.
• Creating, revising and documenting Internal Audit policies and procedures.
• Creating, revising and submitting Internal Audit Charter and Audit Plan to Management for approval as needed.
• Coordinating and conducting special audits, investigations, and/or ad-hoc projects with minimal supervision and direction.
• Developed practical audit objectives and testing plans.
• Determined control frameworks to ensure value for money.
• Led many fraud investigations.
• Prepared reports highlighting operational issues for dissemination across the company.
• Researched and assessed the effectiveness of risk management processes and documented the results.
• Spearheaded the implementation of best practice measures during audit reviews.
• Communicate Identified control deficiencies and communicated them effectively to management.
• Compiled financial information, figures and forecasts for budgetary decision-making.
• Helped departmental managers develop and optimize inventory controls.
• Reported operating income, expenses against budgets and forecasted trends.
• Maintained updated chart of accounts following correct procedures and including current, accurate details.
• Established procedures and controls to keep staff in compliance with accounting standards, regulatory requirements, and budget targets.
• Reviewed financial statements and tax audits in detail to identify and correct discrepancies.
• Used exceptional communication and relationship-building skills to develop positive, professional relations with staff and customers.
• Created employees’ work schedules based on contracted hours, company payroll budgets and busy periods.
• Managed staff performance through careful monitoring, and implanting training programs as required.
• Ensured staff followed regulations and policies by closely monitoring operations and providing extra training and assistance to underachievers.
• Set company sales targets and other goals based on previous performance and forecasts.
• Managed company budgets effectively to deliver continually against monthly profit goals.
• Ensured daily business operations ran smoothly and efficiently by closely monitoring procedures and staff operations.
• Engaged staff in monthly performance goals, motivating and incentivizing effectively to achieve them.
• Conducted daily staff meetings to communicate target and delicate tasks.
• Provided summaries of non-conformity, recording objective evidence, providing records, investigating root causes, and recording corrective actions taken.
• Conducted comprehensive audits of manual systems, verifying activities complied with procedures and policies.
• Prepared annual audit reports highlighting issues, liaising with managerial staff and presenting findings to resolve problems.
• Meticulously examined company accounts and financial control systems, safeguarding against all errors
• Completed detailed reviews of accounts and bookkeeping records to verify compliance with standards.
• Generated financial statements documenting revenue, expenses and liabilities.
• Reviewed monthly and year-end closing statements, financial documents and invoices.
• Reviewed financial statements and tax audits in detail to identify and correct discrepancies.
• Addressed recurring operational inefficiencies and poor financial governance with optimized accounting processes.