Finance Manager
Doosan Babcock
مجموع سنوات الخبرة :21 years, 9 أشهر
● Developed and implemented project financial status report for budgeting, forecasting, cost controlling, actual cost accumulation and consistent reporting.
Oversee finance and accounting function in Oracle environment to maintain financial health of the company.
Management financial reporting for UAE, Qatar, Kuwait and KSA to UK Office to facilitate critical business decision making and analysis.
Business unit level budgeting i.e. Long Range Planning, Annual Operating Plan. Forecasting latest position on month on month basis.
Project work in progress follow-up to enforce timely billing and recovery within commercial terms.
Timely accumulation of project cost through high level project review, strengthening monthly accrual, and enforcing requisition raising process.
Risk assessment and commercial terms review of anticipated projects at proposal stage.
• Consolidation of accounts at the group level to report the results of the local and overseas business areas including UAE, Qatar & KSA to the Board.
• Preparation of consolidated budget at the group level and presentation to the Board for review and approval.
• Project Budgeting and Monitoring on monthly basis to ensure that the Revenue & PAT targets are achieved while keeping the cost with in the approved numbers. Major projects include Daewoo Ruwais Refinery, CME&I of Shah Gas, Borouge P3A, Borouge PO Flare, Baraka Nuclear Power Plant.
• Monitoring and controlling of project so as to ensure that accrued billing is timely converted into receivables followed by timely collection from the client in order to achieve an efficient operating cycle.
• Ensure timely management reporting on M/M basis illustrating comparison with budget and forecast.
• Annual Budgeting, quarterly forecasting at business area level for financial target setting and monitoring on monthly / annual basis.
• Project financial controlling including appropriate revenue recognition under IFRS 11 and monitoring of Balance Cost to Complete. Major segments include, construction, plant services, E&I, manufacturing.
• Organize and compilation of data relating to the manpower of around 5000 people working at around 26 sites/projects for the purpose of monitoring direct labor cost at the site and disbursement through Payroll / C3 system.
• Coordinate with the external auditor for the statutory audit of accounts and facilitating further consolidation in Pakistan
• Overseeing accounting, controlling, treasury, administration, and logistics functions of the company using FICO, PM, SD, FSCM, MM module of SAP (ERP). Worked as part of the team and process owner, responsible for wall to wall implantation of SAP in the company.
• Oversight of financial activities for timely financial reporting to the Board including trends, anticipated risks, which are critical to the financial performance of the company. Advise the Board, CEO and Project Head on the financial implications of business / project activities.
• Setting financial goals in support of strategic directions, business operations of the company and the requirement of financial control system.
• Collaboratively developed operating policies & procedures for efficient management, cost optimization and process effectiveness. Also designed financial policy & procedures to record financial transactions in a structured & controlled manner.
• Coordination with the financial institutions for arrangement of funded and unfunded facilities on project to project basis.
• Ensure adherence to International Financial Reporting Standards in the company. Also built in both entity and activity level controls over financial reporting in order to fulfill the requirement of EFX Canada.
• Designed and implemented framework for assessment of internal as well as external risks associated with the operations of the Company (proposal and project execution stage) enabling it to take timely action for control / transfer of risks.
• Responsible for successful execution of the logistics function of the company for timely import and customs clearance of plant, machinery, equipment etc for the projects.
• Responsible for smooth running of the administrative function of the Company.
• Implemented system of forecasting the future financial requirements of the Company in the light of upcoming projects and obtained necessary approval from BOD.
• Timely arranged and effectively utilized funded and unfunded facilities for the projects including but not limited to SRU of OGDCL, Kandhkot of PPL, and Manazali project of MOL Pakistan.
• Ensured that a well defined, auditable, accounting system is in place and practiced for accurate and timely reporting to BOD for both local and international operations.
• Prepared investment strategy for the placement of surplus funds arising as a result of large advances on the projects in the secured investment channels and approved by BOD
• Designed and implement financial model for preparation of Company budget annually followed by latest forecast on each quarter to forecast the anticipated results and take appropriate action well in time.
• Strengthened and implemented a well defined project cost control system (PCCS) to forecast the latest profitability on the project for successful execution of the projects included but not limited to projects highlighted above and Rehmat of Petronas Charigali, Makori / Gurguri of MOL Pakistan, and Mazrani of Pakistan Petroleum Limited.
• Ensured that Company benefits from the most tax efficient option pertaining to taxes and duties i.e. arrangement of Consortium of companies to execute the project(s).
• Designed and implemented system for efficient and smooth import of plant & machinery for the projects.
• Ensured timely and correctly recording of financial transactions in the books of accounts and facilitate audit of accounts from the external auditors.
• Successfully prepared annual budget of the Company for the approval of BOD and monitored throughout the financial year of the company.
• Designed and implemented financial model to evaluate the fund position on the project and propose commercial terms leading positive position during the execution.
• Provided support to the Procurement Department with respect to the commercial terms including letter of credit arrangements.
Fellow member of the Institute of Cost & Management Accountants of Pakistan