Finance Manager
FMCG Company
Total years of experience :14 years, 11 Months
• Liaising with the international suppliers for procurement of wheat grain, wheat bran, sugar and pet resin on commercial aspects of the contract and documentations as per GAFTA.
• Documentation and liasing for payment by Import Letter of Credit on procurement of commodities- wheat grain, from Russia and Canada and sending export invoices to associate company in Kenya.
• Dealing with banks for various facilities like Import Letter of Credit, Export Letter of Credit, bank guarantees, invoice financing and overdraft facility.
• Develop the forecasting process and cash flow budgeting to ensure timely and accurate Profit and Loss Account projections can be produced for periods up to one year.
• Preparation of Financial statements, Statements of Cash flow and the management reports as per IFRS on a monthly basis.
• Closely working with the management for managing the funds and on the investment of surplus funds, as and when available.
• Set up the accounting system and the VAT compliant system.
• Forex Management: Liaise with head Office on foreign exchange currency requirement so as to ensure that all committed Forex expenditure is hedged. Monitor and ensure that the respective hedges are effective as per IAS 39 / IFRS 9 and meet the purpose of the hedge until settlement of the commitment. Review, scope and implement new sources and models for reporting, forecasting and planning purposes and to identify and deliver improvements to the way financial information is collected and reported.
• Ensure annual physical verification of fixed assets and its reconciliation with fixed asset register.
• Analyzing and actively participating in negotiations with suppliers and service providers on costs viz.; freight, insurance, customs duty, clearing and transportation
• Verification & timely disbursement of employees’ dues like Leave Settlement, Final Settlement etc
• Collection of Accounts Receivables. Doing regular follow-up with customers and sales staff, to see that Receivables is at the lowest level possible, thereby ensuring high liquidity of funds.
• Monitoring of Accounts Payable: Ensure that the payments are made to the accounts payable within the stipulated due dates.
Key Responsibilities:
• • Liaising with the international suppliers for procurement of wheat grain, wheat bran, sugar and pet resin on commercial aspects of the contract and documentations as per GAFTA.
• Documentation and payment by Import Letter of Credit on procurement of commodities- wheat grain, sugar and pet resin from Russia, Canada, Lithuania, Latvia, Australia etc and sending export invoices to associate companies in Africa- Tanzania, Rwanda, Burundi, Malawi and Mozambique.
• Documentation and receiving payment by opening Export Letter of Credit on sale of wheat bran to various GCC countries and Vietnam
• Dealing with banks for various facilities like Import Letter of Credit, Export Letter of Credit, bank guarantees, invoice financing and overdraft facility.
• Develop the forecasting process and cash flow budgeting to ensure timely and accurate Profit and Loss Account projections can be produced for periods up to one year.
• Preparation of Financial statements, Statements of Cash flow and the management reports as per IFRS on a monthly basis.
• Closely working with the management for managing the funds and on the investment of surplus funds, as and when available.
• Provide analysis on main drivers of the business, including variance analysis and suggest way-forward for improvement/profitability.
• Forex Management: Liaise with head Office on foreign exchange currency requirement so as to ensure that all committed Forex expenditure is hedged. Monitor and ensure that the respective hedges are effective as per IAS 39 / IFRS 9 and meet the purpose of the hedge until settlement of the commitment. Review, scope and implement new sources and models for reporting, forecasting and planning purposes and to identify and deliver improvements to the way financial information is collected and reported.
• Identify inefficient procedures in the Finance function and propose and implement improvements.
• Support the business by involvement in ad-hoc projects as and when required.
• Coordinate with external auditors for timely conclusion of audits.
• Ensure annual physical verification of fixed assets and its reconciliation with fixed asset register.
• Identifying expense areas that could be controlled by the business and formulate an action plan in conjunction with the divisions & finance team to control these expenses resulting in increased profitability of the business.
• Analyzing and actively participating in negotiations with suppliers and service providers on costs viz.; freight, insurance, customs duty, clearing and transportation
• In charge of payroll. Attendance recording, Processing & Payment of salaries for employees.
• Verification & timely disbursement of employees’ dues like Leave Settlement, Final Settlement etc
• Inventory control. Monitoring stock records. Screening of orders placed to procure materials, to control the quantity purchased. Dealing appropriately with slow moving and non-moving stock
• Collection of Accounts Receivables. Doing regular follow-up with customers and sales staff, to see that Receivables is at the lowest level possible, thereby ensuring high liquidity of funds.
• Monitoring of Accounts Payable: Ensure that the payments are made to the accounts payable within the stipulated due dates.
Senior Auditor
2.1 Qatar Railway Company (Secondment to finance team from February 2012 - December 2012)
Qatar Rail Company was a newly formed company at that time and I was assigned for a challenging profile of setting up of accounts system
Key Responsibilities (Accounting Services):
• Migration of accounting data from Tally software to Oracle system
• Reviewing of accounts and ensuring that the accounts are in line with the IFRS and accrual system of accounting.
• Review of business processes and suggesting recommendations.
• Month end financial reporting in Oracle software.
• Preparation of Financial Budget which contains the following
Capital budgets,
Projected cash payment schedule,
Projected cash collection schedule,
Cash budget
Proforma statement of financial position and cash flow
Preparation of project budget which uses resources from many part of organization example design, engineering, production, accounting and human resources
Preparation of Variance analysis after comparing the actual with the standards
• Ensuring that the company is complying with the provisions of Qatar Income tax law, including Withholding tax and Tax retention.
• Proficiency in Oracle Applications Modules: General Ledger, Accounts Payable, Accounts Receivable, Project Accounting, and Cash Management.
• Post entries in the General ledger in Oracle module, generate create accounting program and generating the Trial Balance.
• Acting as an interface between the accounting team and Oracle implementation team and providing financial advice to the implementation team.
• Clearing the cash clearing account and performing the cash reconciliation in the cash management Oracle module.
• Participated in the implementation of the data migration under tight deadlines.
2.2 Major clients handled for External Audit assignments
Qatar Gas (Oil & Gas industry), Qatar Foundation, Vodafone Qatar (Telecom Industry), Doha Insurance Company, Qatar Insurance Company, SEIB Insurance, Oman Insurance LLC (Insurance companies), Companies in the trading Industry, Hotel industry ( Ritz Carlton, Grand Regency Hotel) and Contracting Companies
Served as team leader in all the assignments and always adhered to time & budget requirements. Reporting to respective Audit Managers. The major activities included the following:
• Conducted annual audit of the accounts and preparation of consolidated Financial statements in accordance with IAS-1 (presentation of Financial statements which includes statement of Financial position, income statement, statements of comprehensive income, cash flow statement and notes to financial statement)
• Understanding the system flow of revenue, expenditure, fixed assets, payroll and Financial reporting process
• Analyzed entity level components of internal control and suggested measures to improve deficiency
• Performed audit using sampling methodology and latest audit methodologies.
• Tested trade receivables and ensured sufficient provision against the doubtful debts
• Engaged in system study of underwriting process, claims process & reinsurance process of motor, marine, engineering, general accident, fire & liability segments (In case of insurance companies)
• Verification of calculation of Claims Incurred, But Not Reported (IBNR) (In case of insurance companies)
• Verified and ensured that the contract revenue is recognized in accordance with percentage of completion method as per IAS-11 (Construction contracts)
• Studied the 10 year business plan approved by the management to ensure that the present value of discounted expected future cash flows is greater than the carrying amount of the license from ICT Qatar. This is to ensure no impairment exists (as per IAS-36 - Impairment of assets) (Telecommunication company)
• Preparation of management letter highlighting the internal control weakness
Assistant Business Analyst (Reported to Team Manager)
Key Responsibilities:
• Market assessment and reviewing the success of the project in the current market scenario for conducting feasibility studies
• Detailed Financial Analysis to determine Investment evaluation Indicators (Eg: Return on Investment, Payback Period, Internal rate of Return & Net Present Value)
• Building financial models, which are presented to the banks by the business units for obtaining financial assistance. Financial models consist of financial assumption sheet, various calculation schedules, Financial Statements, Cash Flow statement, Key Performance Indicators (Ratios), Valuation & IRR sheet
courses: CIA ( Certified Internal Auditor)-2015 CA Final