Business finance officer
Emirates Airline
Total years of experience :19 years, 4 Months
Analysis of financial statements and provide executive reports to VP’s and SVP’s
Budgeting - prepare the budget of 150 outstations and engineering departments, transit and CAPEX. Actively involved in negotiations of budgets including manpower budget. Successfully implemented budget in 3 months. Track Group’s fixed asset spending in relation to its CAPEX budget and check the accuracy of fixed asset register.
Review of adequacy of provisions, accruals and transit month end. Month end activities and reporting to management.
AOG (aircraft on ground) repair reporting, coordination, collection and costing for warranty and third party claims.
Validate and approve the claims from warranty & third parties. Update the documents in share point.
Review of receivables and bad debt provisioning based in EK policies and principles.
Approve reconciliation report after identifying irregularities to improve the accuracy of financial reporting.
Support warranty team in calculation, negotiation and collection of evidences for 3rd party claims as well as warranty.
Support vendor and coordinating with AP for reconciliation and ensure payment within the cycle
Outstation tax submission to different countries for tax payment of engineering income. Prepare the tax P&L for submission.
Adhoc work costing and support business to avail business from third party airlines.
Financial analysis of the sector and profitability analysis (feasibility) of own station / transit service by third parties.
Oversight of station costs and department cost/revenue & MIS reporting.
Impact of foreign currency on operation (forex) station cost as well as transit cost advice the variance.
Assist & update incident receivables, allocation, reconciliation and reporting to management.
Set up accounts and migrated data from excel to Microsoft Dynamics for a year and audited successfully.
Contribute to the formulation and implementation of the Accounting Section strategy and plans as befitting the section needs and objectives
Set Accounting Section performance objectives, in coordination with the Director and continuously monitor progress and development towards organizational and section strategic objectives
Manage the implementation of Accounting Section policies and procedures.
Manage all accounting operations including Billing, A/R, A/P, GL and Counsel, Cost Accounting, Inventory Accounting and Revenue Recognition..
Successfully implemented VAT configured the software and system testing. Coordinate and complete annual audits
Supporting the team in preparing the quarterly VAT reporting and submission to FTA.
Set up of bank accounts, payroll transfers, implemented internal controls & finance policies as per the standards. Improve \
systems and procedures and initiate corrective actions
Finalized accounts, Consolidation, inclusive of treasury management and supervision of receipts and payments.
Compiled reporting package for the Management Committee on a monthly basis comprising of Accounts, Schedules and MIS.
Submitted Statutory Accounts in alignment with Local and International Accounting Standards i.e. IFRS.
Handle escalated problems/delays in systems to avoid disruption that might impact internal and external stakeholders.
Prepare the section yearly budget and continuously follow-up on expenditures to ensure adherence to allocated budget.
Approve reconciliation report after identifying irregularities to improve the accuracy of financial reporting.
Assisted internal and external audit until the finalization and presenting of audit report to BOD.
Coordinate and direct the preparation of the budget and financial forecasts and report variances.
Key Responsibilities:
• Controlling income and expenses through the provisioning of accurate financial information and analysis / tracking of costs and expenditures.
• Making valuable contributions in Performance Monitoring through the development and implementation of KPIs inclusive of exception reporting to the Management Committee of the key drivers that influence costs and revenues.
• Sharing strategic and financial benefits of potential investments with the Management Committee for …
• Coordinating with Cost Centre holders for timely completion and consolidation of budget at the division level with emphasis on productivity improvements over the years.
• Challenging budgetary assumptions made by BFMs/FMs by providing evidence backed with comprehensive analysis and endeavoring to align the budget with the long term strategic objectives of the company.
• Analyzing income and expenses to track movements in cash inflows and outflows; determining if the 3 month rolling forecast needs to be adjusted along with the rationale behind major deviations between the actual and budgeted figures.
• Enhancing the skill-sets and expertise of Business Managers through professional development sessions on Financial Management, Spreadsheet Modelling and Capital Budgeting.
• Making adjustments in the budget for developments that are not originally planned i.e. unbudgeted routes, aircraft acquisitions and delayed recruitment and incorporating the changes at the department and corporate level.
• Managing work flow processes (RFPs, P2P, ITSRs and MREs) by providing financial information to Business Managers and by giving approvals as per the limits on authority manual.
• Providing guidance to Business Managers in new business initiatives to secure financially acceptable solutions; highlighting issues where new ventures and initiatives influence existing financial processes, procedures and policies.
• Performing financial accounting activities applicable in EK Engineering, Skywards, Service Delivery and Corporate Communications; validating invoices, generating accruals and reconciling with proper analysis to justify accounting activities to internal and statutory auditors.
• Leveraging Competitor Intelligence tools and setting benchmarks for performance monitoring and evaluation; providing recommendations on how to steer the growth and profitability of the company.
• Covering financial and operational risks linked with high value contracts through thorough analysis and evaluation.
• Sharing multiple reports including L1, L2, DCRs, MFRs, revenue/cost reports and subject specific granular level reports with the Management Committee to facilitate strategic planning and decision making.
• Preparing incentive reports and summarized incentive pay-outs.
• Consolidating monthly reports for events, sponsorships, advertising, PR and internal communication.
• Actively participated in the formulation of Budget for the year 2016-17.
• Analyzing revenue KPIs and the impact of exchange on commercial operations for all stations.
• Compiling CASA & RCC cost reports, Variance Analysis, Key Cost Analysis and Corporate Communication Spend (Market-Wise).
• Reconciling prepayments and accruals as per EK’s policies, contracts and cost sheets.
• Drafting business case for all major sponsorships.
• Checking all ledgers related to events and sponsorships, evaluating the adequacy of accruals and recommending rectification entries.
• Approving all invoices related to corporate communications in Aurora.
Notable Accomplishments:
• Promoted as Finance Manager for valuable contributions towards the Annual Audit in the absence of Finance Manager.
• Completed Audit of 2 years in just 6 months and settled the dispute with Hong Kong taxation authority at X Calibur.
• Resolved issues with vendors, streamlined inventory leakage and implemented a perpetual inventory system.
• Installed a global rebate system for distributors for meeting bulk qty vs. price targets.
Key Responsibilities:
• Finalized accounts inclusive of treasury management and supervision of receipts and payments.
• Compared revenues and expenditures with budgeted figures and identified / rectified major variances.
• Approved vouchers, invoices, payments and journals linked with closing entries.
• Transferred data from old to new company and reconciled all balances.
• Provided assistance in the closing and rectification of books and cooperated with auditors in the preparation of draft audit report.
• Compiled reporting package for the Management Committee on a monthly basis comprising of Accounts, Schedules and MIS.
• Prepared monthly payroll after incorporating leaves, gratuity payments and end of service settlements.
• Performed monthly reconciliation of accruals against budget and provisions and determined the adequacy of provisions and accruals.
• Facilitated implementation of an ERP System through data migration and by providing training to end users.
• Supervised financial accounting activities for the assured realization of accurate and timely financial reporting (GL, AP and AR).
• Submitted Statutory Accounts in alignment with Local and International Accounting Standards i.e. IFRS.
• Monitored Cash Inflows and Outflows and took remedial action whenever there was a mismatch between the actual and forecast.
• Managed all aspects of cash flow i.e. monthly cash flow forecasts, payments, receipts and bonding with banks and external parties.
• Collaborated with senior representatives from Sales & Marketing and accelerated the pace of growth within the region.
Concentration: Manufacturing
Consolidated financial statements and reported directly to the President and CEO of the Group.
Key Responsibilities
• Facilitated KSI Shah and Associates in auditing financial statements of 2009 and 2010.
• Submitted consolidated financial statements and statutory audit report to the tax authorities as per the deadline.
• Planned production based on customer demand and assigned priority based on profit margins.
• Managed business and financial risks through analysis and evaluation of financial statements.
• Developed effective costing systems that allocated overheads based on most relevant cost drivers and not only helped in figuring out actual product costs but also facilitated in setting appropriate selling prices.
• Supported the Management Committee in strategic planning and decision making by providing information on why products are absorbing more labor hours and why they are popular along with analysis of products with highest / lowest machine wastage, cycle time and output per hour.
• Coordinated with representatives from multiple departments and prepared weekly, monthly and yearly group wide cash flow forecasts; developed multiple channels of funding for operational and capital expenditures.
• Provided feedback on credit facility documents inclusive of term loans, working capital facilities and trade finance for both Conventional and Islamic financing.
• Spearheaded the Financial Management Division with emphasis on cost reduction and efficiency improvement.
• Earmarked funds and made principal and loan payments as per the schedule agreed with Banks / Financial Institutions.
• Developed strategic alliances with banks, auditors, government authorities, customers and suppliers for long term growth and sustainability of the company.
• Shared financial statements with the Management Committee within a week from the date of monthly closing.
• Conducted meetings with representatives from Sales and Production at regular intervals for problem solving, decision making and to promote cross functional integration.
• Leveraged capital budgeting techniques (NPV, IRR and Payback) to evaluate multiple projects and recommended projects with potential to enhance overall shareholder value.
• Maintained strict controls on inventories and coordinated with Custom Officials for deposit refunds.
• Implemented a rebate scheme for distributors to recognize and reward their efforts in delivering products on-time.
Concentration: Manufacturing (Manufacturer of Cranes & Winches for ships - marine / oil & gas sector)
Supervised financial accounting for the Division and Head Office, managed a team of 4 accountants and reported to the Group Finance Director at the Head Office.
Key Responsibilities:
Working Capital
• Raised concerns linked with potential cash deficits with the Management Committee and asked for additional funds to manage working capital; kept close tabs on T/R loan balances and O/D facilities.
• Recorded availability of funds in control accounts and reconciled the accounts as per the reporting cycle.
• Assured that Current & Quick Ratios did not deviate significantly from the standards set by the Management Committee.
• Resolved issues linked with debt collection by coordinating with the General Manager and Department Heads whenever there was a major slowdown in the collection process.
• Arranged Financing through red clause LCs, LC discounting, Invoice discounting and TRs.
Credit Control
• Managed the mismatch in maturities between credit given to customers and received from suppliers.
• Assessed creditworthiness of customers, defined credit limits and made adjustments based on actual performance.
• Shared performances of multiple customers with the Management Committee and recommended corrective actions along with an assessment of the impact of extending credit on working capital.
• Coordinated with Department Managers and cancelled contracts with customers who were not making payments as per the credit terms agreed with them.
• Cancelled orders for stocks that were made without proper justification or without reviewing exiting stocks or fell into the category of slow moving to reduce the working capital tied up in stocks.
• Computed interest payable on red clause LC’s and reclaimed the LIBOR rate upon maturity.
Stock Management
• Computed ordering, holding and obsolescence costs prior to placing new orders.
• Maintained sufficient stocks of all raw and packing materials to meet anticipated / unanticipated demand.
• Liquidated obsolete and slow moving items and freed working capital tied in stocks.
• Approved GRNs and Stores Issue Notes; tracked all issues for entry in the appropriate Job / WIP A/c.
Financial Reporting
• Analyzed financial transactions, passed Journal entries and posted in General Ledger.
• Prepared monthly, quarterly and annual financial statements in sync with applicable financial reporting standards.
• Performed ratio analysis to gauge profitability, liquidity and solvency of the company
• Provided requisite information to external auditors and addressed their concerns to the level of their satisfaction.
• Collaborated with Department Heads and prepared the Annual Budget; conducted variance analysis of actual against budgeted revenues & expenditures.
Banking & Treasury
• Maintained cordial relations with banks and negotiated soft terms and conditions for auto loans, project financing and forex transactions (online spot and forward rates for multiple currencies).
• Made interest and principal payments in sync with the requirements of each loan agreement inclusive of redclause LCs.
• 2nd Position Globally in UK - Taxation (F6) and Business Law (Global F4). • Won the title of ‘Genius Hunt’ organized by opentuition for securing the highest marks in Advanced Performance Management (P5) and Advanced Auditing (P7). Education: • Certified Management Accountant (USA) • Bachelors of Business Administration, Madhurai Kamraj University, Madhurai, India
