Section Manager, Financial Policies and Procedures
Saudi Telecom Company STC
مجموع سنوات الخبرة :28 years, 0 أشهر
• Moved from AR department to Policies and Procedures department to be part of technical team handling convergence project of accounting standards from SOCPA to IFRS.
• Assigned project management of preparing operations and financial processes for future application of IFRS 9 and IFRS 15.
In addition of handling IFRS convergence project, as Policies and Procedures Section Manager:
• Manages the development and implementation of the Financial Policies & Procedures plans in line with the corporate objectives.
• Created policies and procedures for structured investments, short-term investments for excess cash, credit and collection, Bad Debt, Capitalization, Non-equity partnerships, and Merger and Acquisitions.
• Prepared models for provision for bad debts using roll rate, fixed assets impairment test, and loyalty program liability and fair value calculations.
• Prepared accounting treatments applying implemented standards of SOCPA and IFRS (e.g. Investments using equity method, loyalty program, government grants, IRU revenue recognition, and sales for devises)
• Interprets and guide the change in the Chart of Accounts Section providing guidance and support, necessary for continuous improvement.
• Manages the identification of new financial activities and responsibilities to develop the need for new financial policies and procedures.
• Manages the revision and update on financial policies and procedures to meet changing business needs and professional standards.
• Communicates financial policies and procedures implemented across STC.
• Defines goals and key performance indicators for each member of the team and ensures effective application of the STC performance management process.
• Providing training courses for CFA level 1 to prepare the candidates in the preparation for the exam. Subjects covered are FRA, Corporate Finance, Equity Investments, Fixed Income Investments, Alternative Investments, and Derivatives.
• Conducting training programs for public and in-house trainings for institutes.
• Provided CFA level I courses for Capital Market Authority (CMA) and big Investment Company employees covering the subjects of FRA, Corporate Finance, Equity Investment, Fixed Income, Alternative Investments, and Portfolio Management.
• Participates in the development and implementation of the AR plans in line with the corporate objectives.
• Directs and manages the Section mandates, providing leadership and facilitating work processes in order to achieve high performance standards.
• Interprets and implements change in the Section providing guidance and support, necessary for continuous improvement.
• Ensures compliance with organizational policies, procedures and quality standards in the Section.
• Verify the control of correctness and completeness of recording and verification of AR documentation to ensure accuracy of various accounting positions.
• Manages the process of reconciliation between STC Collection Channels, Oracle and Billing Systems in order to ensure that payments are processed smoothly and on time.
• Performs variance analysis to detect deviations and unusual operations in the accounts receivables processes.
• Liaises with external and internal auditors as well as the Public Audit Bureau to ensure statutory compliance of the AR processes with existing standards.
• Defines goals and key performance indicators for each member of the team and ensures effective application of the STC performance management process.
• Ensures high level of employee engagement and capability development by providing on-going feedback and coaching team members within the Closing, Reconciliation & Reporting Section.
• Analysis of STC-KSA trial balance and accounts and those received from subsidiaries.
• Analysis of sector's direct expenses reports.
• Prepare comparative financial reports and analyze the variations; monthly, quarterly and annually.
• Support and review feasibility studies.
• Handle the accounting treatment of loans provided to subsidiaries.
• Interpret accounting standards in affiliates' countries.
• Respond to the inquiries from other departments and management.
• Applying financial modeling and VBA in analysis and preparing reports.
• Ensure timely and accurate financial reporting; for 40+ companies in UAE; according to the Group’s PPM and IAS.
• Negotiating with financial institutions to bring and maintain financial facilities for the organization.
• Cooperate with other departments to enhance the control over financial related transactions.
• Ensure the compliance of accounting department with Franchise agreements signed with Franchisors for financial related matters.
• Prepare financial feasibilities and Capex needs for new shops to be opened.
• Enhancing the effectiveness and productivity of the accounting team members.
• Improved the operations' cycle in cooperation with OPS manager especially financial related transactions.
• Conduct risk management for foreign currencies exchanges through hedging activities using forward and option contracts.
• Provide "Finance" trainings for shop and brand managers.
• Managing and supervising 26 accounting team members.
• Managing both the accounting department and credit department (7 persons).
• Preparing monthly reports (income statement and its supporting schedules and analytical reports) plus quarterly reports (balance sheet and its schedules).
• Preparing yearly budgeted Income Statement and Cash flow.
• Direct reporting to the head office in Jordan for financial issues.
• Local reporting to the Country Manager.
• Average daily transactions of 300 and yearly turnover of $ 8.7M for BAH station.
• Responsible of granting the credit facility to the new customers and in charge of collecting the due amounts from them.
• Making reconciliations of accounts with the customers regarding disputed amounts.
• Monitoring the credit limits and credit terms of clients.
• Preparing daily, weekly and monthly reports and analysis to the Country Manager and to Head Office in Jordan.
• ACP reduced from 58 days in 2002 to 51 days in 2004.
• Receivables above 365 days reduced to zero by end of 2004.
* Provide annual audit of the accounts for clients in accordance to international standards & compliance with statutory laws.
* Providing management consultancy services (e.g. feasibility studies, incorporation of companies & registration of quality marks).
* Acting as Custodian or liquidator appointed by court and accounting expert in litigation.
* Responsible for the accounting section contains 4 accountants and a purchasing employee.
* Direct reporting about the company’s financial position, receivables, payables and cash flow to the General Manager.
* Improve the cost accounting procedures for company’s behalf with cooperation with all other departments.
* Prepared a Financial System that describes the work cycle for all departments.
* Review the accounting entries and transactions made by accountants.
* Prepare annual budget and projected cash flow for the company.
* Contact with bankers for financing.
* Participate and cooperate with KPMG (External Auditors) in preparation of the company’s Financial Statements for the year ended 2000.
* Started from the beginning of July 2001, preparing all company’s records & operations for a liquidation process cause the company sold to another party & during this time I worked in addition to the accounts work as Administration Manager & supervisor for all departments to hand over the company to the buyer & all reports submitted to the Board of Directors.
* I am carrying on with the company until the liquidation process is completed & I am the only person who is working, to settle down all pending issues on behalf of the company (e.g. suppliers’ settlement, workers settlements, any pending issues for customers, Etc.)
* Responsible for the project department at the company.
* Reviewing all the entries and accounting issues concerning the expenses and revenues for projects.
* Prepare monthly and quarterly statements and making analysis concerning the revenues and expenses for the Financial Manager.
* Coordinating with other departments in preparing the quarterly financial statements for the company.
* Participated shortly in preparing end of year Financial Statement for the year 2000.
* Implementing new accounting software (Great Plain Dynamics / by ORACLE).
* Responsible for the expenditures section in the financial and administrative department.
* Controlling the A/R accounts for the institution.
* Prepare most of the accounting entries concerning the transactions of the institution.
* Prepare the payroll for employees.
* Make financial analysis for JSC’s accounts.
* Prepare the annual budget and financial statements and the monthly reports.
* Prepare the Saving Fund accounts for employees
* Study of 132 hours containing different courses in the fields of Finance, Economics, Banking & Accounting. * Grade 86.4%, Excellent, Top of my colleagues.