Finance and Accounting Manager
Omran Buildings LTD (Saudi Bin Ladin Group)
مجموع سنوات الخبرة :26 years, 1 أشهر
Job Description:
-Execute all finance activities including accounting, financial affairs, treasury, reporting, planning, budgeting, and financial systems.
-Manage the Financial Structure for the company by deciding how much money should be borrowed and the best mixture of debt and equity to obtain, also to find the least expensive sources of funds for the company to use and Negotiate financial terms with Creditors/banks (banks’ relationships) and financial institutions.
-Formulate short and long-term strategic financial objectives for the company, in line with the overall business strategy of the company, as well as the overall financial strategy of the group.
-Implement an effective working capital management system and inventory management to ensure a company has sufficient cash flow in order to meet its short-term debt obligations and operating expenses.
- Manage the cash-flow position of the company. Responsibility includes authority to establish credit and collections terms in purchase and sales policies and to establish schedules for the payment of bills and financial obligations.
-Monitor the execution of collections plan, and takes the imperative measures when necessary to ensure timely recovery of dues.
-Responsible for ensuring the company complies with local and international accounting standards and procedures. This also includes an adherence to local Zakat / taxation rules.
-Develop financial policies and procedures and update them according to business need to maintain an internally controlled workflow in order to ensure the safeguarding of assets and efficient cost control.
- Prepare financial statements, business activity reports, financial position forecasts, annual budgets, and/or reports required by CEO.
-Monitor the Departments / projects budgets and ensures that all accounting records are accurately and appropriately maintained versus budget in order to prepare the variance analysis report and suggest corrective actions.
-Analyze cash flow, cost controls, expenses and financial statements to guide senior management to pinpoint potential and weak areas.
-Establish and maintain pricing models for each division/activity in accordance with financial policies and Track contracts profitability.
- Understand the dynamics of different businesses of the company, identify & evaluate effective cost reduction techniques available to the business.
- Set targets/ budgets for finance department, manage activities according to priorities, select/ develop subordinates, appraise their performance and motivate them to meet business objectives.
-Coordinate with External Auditors to facilitate their review of financial statements/ documents and discusses comments (if any).
- Prepare the financial feasibility studies (Income statement projection, Balance sheet projection, Cash flow projection, Break even analysis, Capex Requirements, expected Return on investment (ROI) & Pricing policy)
- Implement and develop an effective system of accounting and payroll system, which includes maintaining of chart of accounts and ensuring that daily accounting records are passed in the system as per the Generally Accepted Accounting Principles(GAAP) and in line with International Financial Reporting Standards (IFRS).
-Managing the Financial Structure for the company by deciding how much money should be borrowed and the best mixture of debt and equity to obtain also to find the least expensive sources of funds for the company to use and Negotiate financial terms with Creditors/banks (banks’ relationships) and financial institutions.
-Implementing an effective working capital management system to ensure a company has sufficient cash flow in order to meet its short-term debt obligations and operating expenses.
-Prepare monthly, quarterly and yearly-end closing of financial reporting of the Company.
-Provide professional advice to internal departments on accounting/financial issues.
-Develop financial policies and procedures and update them according to business need to maintain an internally controlled workflow in order to ensure the safeguarding of assets and efficient cost control.
-Establish and maintain pricing models for each division/activity in accordance with financial policies and Track contracts profitability.
- Set targets/ budgets for finance department, manage activities according to priorities, select/ develop subordinates, appraise their performance and motivate them to meet business objectives.
-Coordinate the annual budget and planning exercise; forecast operating results throughout the year; explain and monitor variance to plan prior year results.
-Review and approve customers / suppliers credit limit, duration and payments according to the authority matrix in light of the company policy and guarantees offered, Reviews key customer credit situation on monthly basis and authorize over credit limits/ hold sales supply to avoid risk exposure.
-Monitor the execution of Insurance policies, set and review progress against collections plan and takes the imperative measures when necessary to ensure timely recovery of dues.
-Coordinate with External Auditors to facilitate their review of financial statements/ documents and discusses comments (if any).
-Develop and implement an effective system of accounting and payroll system, which includes maintaining of chart of accounts and ensuring that daily accounting records are passed in the system as per the Generally Accepted Accounting Principles(GAAP) and in line with International Financial Reporting Standards (IFRS).
• Handle full spectrum of financial and cost accounting role eg. AR, AP, GL, forecasting, budgeting etc
• Responsible for day to day finance and accounts operations
• Perform full set of accounts and ensure timely closing of accounts
• Perform project cost forecasts/budgets, cost tracking, monitoring and controls
• Responsible for timely monthly consolidated financial statements, payments, cash-flow management reporting for submission to HQ in Finance
• Review & approve payment vouchers & journal entries
• Perform cash flow forecasting, budgeting and working closely with the operations and project teams in analyzing margins, variances and cost analysis
• Issue project cost reports for review and approval
• Develop and maintain internal control and effective accounting system and policies for the set up
• Support CFO in ensuring that intercompany cost allocations are in line with management agreements and transfer pricing policy
• Establish and maintain systems for cost-sensitivity analysis and early-warning of cost-overruns
• Work consultatively with the respective departments on cost reduction initiatives
•Preparing the financial statements and analysis reports on a monthly and quarterly basis including variance analysis of profit and loss accounts, balance sheet accounts and statement of cash flow .
•Preparing the daily cash position with local and foreign currencies and monthly bank reconciliation.
•Auditing facilities contracts, comparing with previous one and recommend the required financial facilities to the management.
•Ensure effective Receivables Management in order to secure the outstanding Debts and its recovery to facilitate "CASH" flow .
•Maintain inventory control system for all movements /transactions of stock .
•Audit all accounting transactions/entries, payment vouchers (cash/cheque) and bank transactions (transfers - letters - L/C’s - L/G’s ) along with appropriate supporting documentation (e.g. invoice, contract, statement…etc.)
•Review the monthly payroll and calculation of leave and indemnity provision.
•Execute cash inventory on a weekly basis.
Manage stock and assets inventory on a quarterly basis.
•Review fixed asset transactions and monthly depreciation process .
•Ensure the maintenance of the periodical financial close transactions and the monthly trial balances .
•Arrange for the audit of the company’s accounts and provide the required reports and information to the auditors.
•Advising operations staff on all control programs, financial issues and assist in developing appropriate plans .
•Plane and supervise the process of work/document flow with other departments to support the financial control.
•Supervising the preparation of the annual budgeting process and preparing the financial budgets .
•Implement accounting software program (Orion) ERP system.
•Preparing the financial statements and analysis reports on a monthly and quarterly basis .
•Preparing the monthly payroll and calculation of leave and indemnity provision .
•Review all financial documents and records of all transactions in accordance with company policy and accounting standards.
•Liaison with the Bankers / Auditors / suppliers and management on financial issues.
•Maintain strong internal control environment to comply with company policies .
•Continuous review of appropriate internal controls, accounting policies and procedures are sufficient to safeguard the assets of the company.
•Participate in preparing the annual budgets and arranging a quarterly meeting with the management for discussing the actual performance comparing with the budgets and analyzing the variances.
(RIC) Refrigeration Industries & Cold Store Co.(KSC) one of the largest companies in the Middle East in the field of cold Store and Air-Conditioning Industries (Kuwait).
Job Description:
•Executing all the accounting cycles in the company.
•Preparing regular entries & posting to all accounting modules ( GL / AR / AP / FA / Inventory / Project / Costing / Payroll).
•Responsible for all bank transactions and preparing Banks Reconciliation.
•Opening of L/C’s and sharing in goods pricing.
•Revaluation of short & long terms investments.
•Stock control, evaluation of inventory and maintaining costing system .
•Maintain control system in project cost in accordance to financial policies, While comparing actual cost to planned cost and completed work for earned value.
•Participate in Financial Statements, Budget and Reporting (Divisions & Company wise) to Management.
•Responsible for preparing and computing of shareholder’s share dividends.
•Implement three accounting programs systems (Alkamal (Visual basic) - Facts (ERP system) - Oracle 11.9).
develop and improve my experience in Audit Procedures, Accounting Standards and preparation of Financial Statements.
CMA Certificate (Certified Management Accountant) training Courses.