Regional Finance Manager (MENA)
Interserve PLC
Total years of experience :23 years, 0 Months
KEY RESPONSIBILITES:
• Direct Supervise and monitor team of 9 senior accountants providing the general Ledger accounting to 6 group companies where each has then 3-5 subsidiaries in manufacturing and trading sectors.
• Overlooking the entire gamut of financial accounts including managing the accounts right from checking and approving the transaction using Oracle Financial and Hyperion system, monitor and maintain the chart of account; solution provider on accounting treatment; and provide accounting and ERP in-house training to the entire finance team.
• Corporate Closing & consolidations; Monitor the monthly closing of the accounts and preparing monthly individual and consolidated reports.
• Liaising regularly with overseas subsidiaries, finance department heads and the operation managers to assess appropriateness of accounting treatments and adequacy of provisions and accruals at operational level.
• Intercompany accounting; Supervise the cost allocation matters and checking the interest calculation and the transaction for related parties & shareholders to avoid discrepancies.
• Monitoring the consolidated financials and perform elimination and consolidation using the line by line and equity method.
• Payroll; Reconcile the payroll & employee benefits accounts for more that 1500 staff and monitor employee deductions, advances, and EOS to ensure accurate payroll module reconciliation with GL.
• Cash Management; monitor booking of loans, acceptance and LC loans and review the monthly interest calculation and the accrual booking; maintain Zero balances for the AP/AR control accounts and review bank reconciliation of 70+ bank accounts.
• Fixed Assets, review fixed assets report and monitor the movement of the CWIP accounts to insure the timely capitalization of the assets.
• Inventories, Oversee the provision of Goods in Transit and monitor freight & Insurance loading for the commodities purchased, checking the PMAC for the intergroup transfers, and perform year end NRV and COGS analysis.
• Co-ordination with external and internal auditors and ensure the timely completion of annual audit of all the group companies and subsidiaries along with other reporting & disclosure requirements.
ACHIEVMENTS:
• Decrease the deadline of submitting the financial reports to 4th working day, and HFM loading with validation clearance to the 6th.
• Restructured the GL department by rotating the responsibilities to enhance a smooth positive environment and provide a financial and technical training to the team to facilitate the management requirements with accurate and timely reports.
• Established internal control systems & maintaining the books of accounts of the organization as per the statutory requirements and GAAP compliance
• Remaining the contact point between all finance sub-modules, purchasing, sales and production frequently suggested and implemented an internal procedure to enhance the productivity and implement the best practice in the industry.
• Contributed to Hyperion system implementation for thirteen companies and six subsidiaries by developing Oracle-HFM mapping and performing the end user testing for the entire group.
• Identify and reconciled inventory module balances with GL and supervised quarterly stock take assignments of the group.
• Successfully achieved completion of multiple assignments like Discrete inventory, Physical Fixed Asset verification and tagging, Payable double booking control system, many appreciation letter received from multiple management levels.
KEY RESPONSIBILITES:
• Leading team of seven accountants to transfer the account payable department to be the most punctual and fastest section in Al Ghurair Food corporate finance
• Responsible to monitor and validate the posting of suppliers invoices for 9 companies with dimension of 200 invoices and 100 payment vouchers daily.
• Built trust and strong relationships with the main vendor’s relationship, and took part in daily communications with plants managers and purchasing departments to further streamline the two-way purchase order match process.
• Verified that all Accounting Policies were being followed including keeping formal records of authorized signatures.
• Assisted in the development of Purchasing and General Accounting Policies and Procedures as well as implementing “best practices” in order to streamline the entire procurement process; performed training for first line and headquarter staff on these procedures as necessary.
ACHIEVMENTS:
• Established control system to cover all the possible key risks and to insure a tracking system for all Account payable documentations.
• Identified problem areas which led to the realignment of the department to be more consistent with "best practices” and Compliance with internal control policy.
• Lead the Payable team to perform a detailed Reconciled for the prepaid accounts, AP inventory, and creditors accounts for the entire group.
(supervised one accountant)
KEY RESPONSIBILITES:
• Involved in the preparation of Company's 5-year Business Plan and Financial Strategy/ annual budget.
• Active participation in financial decision making focusing on maximizing profit and cut-back on cost.
• Delivering feasibility projects based on the analysis of market's supply-demand factors, pricing studies and cost analysis.
• Introducing, developing and implementing time-saving and cost-effective internal financial procedures.
• Preparing variance analysis report; advising Departments and devising corrective action.
• In charge of the monthly closing; review of Trial Balance, adjusting financial entries and preparing financial statement.
• In charge of Bank reconciliation and Inter-Company reconciliation.
• Compiling periodic reporting for Istithmar World (holding company)
• Reviewing all company contracts and service level agreements; suggestion on payment terms.
• Prepared projected cash flow statement and monitored Company's financial position and liquidity.
• Annual External Audit Preparation; holding meetings with the audit carrier and assured smooth conduct of the audit; presenting supporting verifications as directed.
• Trained staff on ORACLE, Maximo and financial procedures; initiated further development.
ACHIEVMENTS:
• Reduced the monthly closing cycle by three days; accomplished through enhancing the procedure by including closing tasks in the daily routine.
• Achieved "Green Lights", a Dubai World merit, for submitting monthly reporting in a timely and consistent manner; received appreciation letter from the holding company CFO.
• Successfully decentralized finance and implemented Oracle finance application and Hyperion.
• Designed system and procedures to handle third party invoices.
• Set up commission system rewarding the advertising sales.
• Handled audit for financial year 2006.
• Finance study for delegations department.
• Decreased outstanding; initiated and successfully implemented the quarterly advanced invoice system, which resulted to great support for the cash flow commission.
• Initiated new procedure for the "Charge back" invoicing.
• Replaced entirely the Finance Manager for the first three months and awarded with two weeks complimentary vacation for successfully handling the Finance Department.
KEY RESPONSIBILITES:
• Prepared monthly and annual financial statements (Bank reconciliation, Inter- company reconciliation, Income Statement, Cash flow statement, Balance Sheet).
• Scrutinized the general ledger, trial balance and aging report; reconcile GL/SL, making final adjustment entries and check amortization and depreciation entries.
• Direct contact to the Head Office in the Middle East and responsible for branch's monthly cost control and profitability; sent reports and held conference KPI- review meetings.
• Reports Preparation for Annual External Audit; follow-up on the Audit requirements and provision of additional justification/evidence and supporting as requested.
ACHIEVMENTS
• Decreased the total outstanding by 30%.; achieved through introducing a new follow-up system with the credit controller.
• Decreased bad debt by 15%; initiated a system of recollecting debt by attracting back old students.
• Reduced the monthly closing cycle by four days.
• Prepared financial reporting along with sales charts for the Head office in Saudi Arabia.
• Responsible for Credit Control / review of aging report. Carried out General Ledger functions.
• Comparative reporting between Inventory findings and actual sales; proactive action to prevent fraud.
Bachelors Degree in Business Administration.