Group Finance Manager
AL Yarmok
Total years of experience :16 years, 8 Months
AL Yarmok Decor Group: Company is engaged in contracting, Manufacturing of all the interior fit outs, designing and supervision with head office in Sharjah and branches in Dubai, Ajman and Amman (Jordan).
SPECIFIC DUTIES AND RESPONSIBILITIES
Operational
• Implemented the overall financial plans and accounting practices of all the companies of group.
• Oversees financial and accounting systems controls and standards and ensured timely financial and statistical Reports for board of Directors.
• Implemented activity based allocation basis for overheads and identified real cost drivers and potential cost drivers for establishing an efficient cost control mechanism.
• Implemented driving cost strategies in coordination with other departments
• Carried out project pricing, estimation reviews and providing project profitability analyses
• Produced & provided management with accurate timely financial data, related to business financial performance, quantitative analysis & KPIs to support day to day business & investment decision
• Led the business plan process, in coordination with other departments and provided business plan reports, strategic forecast plans, feasibility studies and improved existing performance by analyzing & interpreting financial & non-financial risks.
• Monitored Accounts Receivable balances, highlight significant overdue amounts, and conducted reconciliations as needed and made adequate provisioning.
• Conducted forecasting analysis to align the existing business plan with realistic /current estimates & liaise with senior management.
• Designed budgets, and monitors actual expenditures against budget estimates throughout the year.
• Reviewed and finalized financial statements, month end closing to meet deadlines and ensured smooth flow processes for all subsidiaries and confirmed accuracy of financial data.
VAT
• Applied & received certificate of Tax Group Registration
• Gained a comprehensive knowledge on:
• The Federal Decree Law No. (8) of 2017 on Value Added Tax (“VAT Law”);
• The Value Added Tax Executive Regulations; and
• The Federal Law No. (7) Of 2017 on Tax Procedures (“Procedures”).
• Prepared and filed Quarterly VAT returns for the group before the due dates.
• Introduced & implemented tax invoices, system of Input and Output VAT
Funding
• Monitor cash balances and cash forecasts
• Arrange for debt and equity financing
• Managed Credit facilities and loans from different banks
• Invest funds
Relations
• Coordinated with other managers to ensure smooth operations and all activities of the Group.
• Participated in conference calls with the investment community.
• Represented the company with investment bankers & external Auditors
Key Achievements
• Implemented and designed the structure of the financial software for the company
• Treasury Management-working capital availability, surplus funds investment, management of balance sheet exposures, cash projections & management that overturned financial fortune from overdraft daily liquidity balance to bank balances running of 1m on average in 2017
• Successfully established a financial module to raise the invoice on the basis of work done resulting in raising working capital of 2m on average
• Implemented Job costing system & allocation of overhead of 3m using activity based costing resulting in accurate job costing
• Established an effective control system for job costing to make sure the cost of the job does not exceed from the revenue
• Designed and Managed Payroll system of over 90 workers
• Reduced the account receivable by 25% with continues follow up & reminders
• Raised profitability by 15% with the help of cost reduction strategies and minimizing the wastage of Material
Company is engaged in retail, Import & export, contracting, logistics, electronics, hotel and restaurant with head office in Dubai and branches in Ajman and Moscow (Russia). SPECIFIC DUTIES AND RESPONSIBILITIES
Operational
• Implemented the overall financial plans and accounting practices of all the companies of group.
• Oversees financial and accounting systems controls and standards and ensures timely financial and statistical Reports for board of Directors.
• Designed budgets, and monitors actual expenditures against budget estimates throughout the year.
• Ensures adequate audit trails are in place for all transactions; conducts regular reconciliation of cash and banking records.
• Make the monthly closure of management accounts along with the supporting schedules. Consolidation of financial results between entities.
• Proactively analyzed and interpreted financial data and recommended changes to improve systems and financial performance.
• Keep track of all revisions to IFRS, IAS and ensure compliance in areas of relevance/impact to company accounting practices. Developed internal controls to ensure integrity, accuracy and
timeliness of financial data.
• Monitor Accounts Receivable balances, highlight significant overdue amounts, and conduct reconciliations as needed and make adequate provisioning.
• Ensured sufficient operating funds are securely held at all times, while observing highest standards of risk management both to organization and individuals.
• Advised board of Directors and operations management of any budget irregularities or potential fiscal problems, and acted to promptly resolve these issues.
• Managed, evaluated and provided professional guidance for existing financial & administrative staff.
• Ensured that administrative records (correspondence, inventory etc.) in all offices are well-organized, maintained and updated.
• Monitored inventory counts to ensure for accuracy and balance with accounting records.
• Analyzed Key general ledgers and made sure that all the Balance Sheet reconciliations are up to date.
• Ensured bank statements are received weekly and balanced with a list of un- presented checks which are kept and marked off when presented to ensure correct cash flow and Profit and Loss statements.
Funding
• Monitor cash balances and cash forecasts
• Arrange for debt and equity financing
• Managed Credit facilities and loans from different banks
• Invest funds
Relations
• Reports to Board of Director and if applicable works closely with designated Corporate Executives.
• Directed and supervised activities of the departments concurred.
• Coordinated with other managers to ensure smooth operations and all activities of the Group.
• Participate in conference calls with the investment community
• Maintained banking relationships
• Represented the company with investment bankers and investors
Key Achievements
• Introduce and Implemented Sage Accounting software in group
• Designed the Chart of Accounts for all the companies of group as per their requirements
• Successfully implement Standard Operative Procedures on all the companies of the group
• Increased Profitability by 20% in 2014 as compared to 2013 through increase in revenue and reduction in expenses.
• Conducted internal Audit of restaurant and prepared report highlighting the weakness in the financial record and system of internal control
• Saved significant amount of interest by way of efficient control over utilization of funds
• Negotiated exchange rate and bank charges with the bank on online transfer resulting in the reduction of expense by 40%
• Designed and implemented system for inventory that facilitated to identify the idle items and maintain the stock at optimal level and saving excess handling and storage cost
•Improved the aging Profile of Receivable and payable
• Performed analytical calculation on the loans offered by different banks and suggested the best option
CALL BIZ, FEB 2011 to APRIL 2012)
Job Experience: as "ACCOUNTS AND FINANCE MANAGER"
Responsibilities: • Managing and reviewing the financial statements.
• Monitoring the day to day running of the finance section and the procurement and maintenance section
• To direct and control the general accounting function of the organization and approved accounting practices in line with international financial reporting standard and statutory regulations
• To prepare and submit budget estimates, financial statement, statutory returns and monthly, quarterly and final accounts
• To monitor the budget control processes within the organization
• To work collaboratively with the other units to assess the financial aspects of each unit in relation to its operation as a cost center.
• To monitor and review the internal control system with the accounts and finance section
• To supervise and train staff working under his responsibility
• To be responsible for monitoring debts collection and revenue collection
• Advise management and council on financial matters.
• Reviewing Payroll and ensuring that income tax is deducted according to the law.
• Variance analysis and management accounts preparation periodically.
• Preparing due diligence and business planning reports of various clients.
Key Achievements & Highlights
• Prepared and performed financial analysis on the financial statements of last
3 years
• Identified and got reconciled the receivables which consisted 30% of total receivables, which were already collected but was not accounted for in the books of accounts
• Identified and got reconciled the difference between the Bank Ledger and Bank amounting to 0.5 million
• Prepared and implemented business plan of how to improve business
• Converted the Partnership into Private Limited Company by preparing M.O.A,
A.O.A, Directors Forms and submitting to SECP
• Trained the accounts team to work independently and assisted them how to
Prepare Financial Statements
•Planning, execution and supervision of statutory audit and other financial advisory services.
•Reviewing, analyzing and evaluating work performed by assistants.
•Liaison with key management of respective clients in light of specific statutory regulations and general trends followed in the industry. In addition, advising the management on key accounting and auditing issues and their subsequent resolution.
•Review of financial and operational performance of the clients and preparation of financial statements in light of statutory requirements and relevant professional guidelines.
•Identification of weaknesses and the instances of fraud & errors and giving suggestions for improvements in the internal control and accounting system.
Preparation and filing of all type of tax and corporate related returns and documents as required by income tax authorities and security and exchange commission of Pakistan.
Trained the client staff in required accounting software and implement the policies and procedures for all departments according to the nature of business.
Key Achievements & Highlights
• Identified, got reconciled and proposed adjustment in the books, the post
Dated checks which were not cleared from the past 5 years resulting in
Difference in bank ledger and bank
• Identified the inconsistent selling price followed for different customers
• Recommended activity based allocation basis for overheads and helped management in identifying real cost drivers and potential cost drivers for establishing an efficient cost control mechanism.
• Planned a huge physical inventory count and reconciliation exercise at a multi-location client all over Pakistan. Also, lead teams in various inventory count and reconciliation assignments
• Prepared Management letter for education institution highlighting the weakness of internal control and accounting policies and suggested the solution
• Identified the fraud of transferring all the staff salaries to one bank account
• Prepared estimated financial statements for 3 years for a client
• Identified deficiency in chart of Account for cost of sales resulting in incorrect Gross and net profit
• Prepared and submitted annual income tax return online of many clients including companies, individual and A.O.P
• Prepared feasibility report for Departmental Store with investment of 229M
• Manage audit jobs and consultancy practices& liaison with clients
• Performed special audit assignments and engagements agreed upon procedures
• Preparation of financial statements in accordance with companies ordinance, local law and international financial reporting standards
Institute of Chartered Accountants of Pakistan (ICAP) •C.A (Inter)
B.com Punjab University. (Punjab College of Commerce)
