Assistant Manager Finance
Comet Sports (PVT) LTD
Total des années d'expérience :5 years, 5 Mois
• Meticulously manage export articles costings, ensuring adherence to approved sheets. Proactively identify production cost overruns, optimizing financial efficiency. Integrated unaccounted thread costs, improved accuracy, and introduced an accessories issuance system, reducing waste and delivering substantial annual savings.
• Verify and approve payments cheque to parties were implemented a structured payment policy, authorizing maximum 40% monthly vendor payments, enhancing accuracy while maintaining financial stability. Validated payments against ledger records, departing from prior ad hoc practices for improved financial control.
• I meticulously verified and approved all vouchers, ensuring adherence to internal controls and comprehensive documentation, implementing a stringent verification process, and requiring proper authorization from the relevant in-charge. Notably, my approval was imperative for any voucher to impact the relevant ledgers, highlighting my commitment to maintaining robust financial integrity.
• As part of my role, I meticulously verify and validate the costing of imported materials and machinery. I cross-reference base documents, including invoices from foreign vendors, and oversee the closing of purchase orders upon material arrival at our premises. This ensures accurate reflection of costs in inventory and machinery capitalization. My responsibility includes managing the entire process efficiently for precise financial representation.
• Conduct precise financial analysis, ensuring compliance with IFRS and IAS. Provide strategic insights, communicate results, and prepare comprehensive reports for transparency, including forecasts for new orders, revenue projections, and cost estimates, ensuring comprehensive financial transparency.
• Perform reconciliation, reconciled outstanding balances of 4-5 years in vendors/payables/receivables, rectifying discrepancies through effective communication. Discovered and corrected an unrecorded payment of PKR 2, 500, 000, enhancing financial accuracy and ledger integrity.
• Informed on industry trends, established effective controls for policy compliance, managed audits, addressed findings, and implemented recommendations for stronger controls.
• Reviewed and rectified chart of accounts, addressing inaccuracies, duplications, and misclassifications. Collaborated with senior management to enhance financial reporting accuracy and transparency.
• "Examined trial balance, identifying prolonged stagnant balances, misclassified payments to vendors, and obsolete asset values. Rectified these discrepancies, resulting in heightened financial accuracy and transparency in the statements.
• Approved daily unit expenses, managed company cash flow, verified and closed the daily cash book for accuracy through ledger reconciliation, and conducted surprise cash counts.
• Managed and streamlined organization's payroll, identifying discrepancies in employee ledgers and stagnant balances in advances affecting loans. Through meticulous reconciliation, rectified discrepancies, resulting in the identification of bad debts and successful recovery from departing employees. This initiative significantly enhanced accuracy in payroll management and financial reporting.
• Lead the team of more than nine professionals in one of the biggest retail company in Pakistan with more than 2500 employees and more than 110 branches all over the country, providing guidance and supervision to three key departments expenses, cash flow, rents and utilities.
• As a head in the Expense Department, I oversaw daily expense postings for 110+ units nationwide using FQMS and SAP. Ensured seamless integration, conducted daily reconciliation, and streamlined the posting process.
• As Expense Department incharge, I verified daily vouchers for 110+ units, ensuring chart of account accuracy and compliance with accounting standards. Cross-referenced vouchers with evidence, bills, and authorizations, adhering to organizational controls for precise financial entries.
• Restructured the company's chart of accounts, introducing a streamlined structure that simplified reporting for my team and enhanced overall understanding. The meticulously revised system, implemented under my direction, not only improved accuracy but also significantly increased usability for more effective financial management.
• Managed monthly salaries for 2500+ employees across Pakistan, ensuring precise posting, verification, and completeness. This vital responsibility showcased my commitment to maintaining high standards in payroll management, contributing to overall employee satisfaction and financial well-being.
• Improved efficiency by requesting the IT department to display employee codes on FQMS software vouchers, streamlining verification for me, the payroll department, and senior management. This enhancement not only boosted accuracy but also reduced the risk of incorrect postings, ensuring a more reliable payroll process.
• Oversaw monthly rents and utilities for nationwide units, managing lease contracts, ensuring accurate accrual postings, and handling renewals and increments. This involved meticulous contract management for leased branches, optimizing operational costs. Additionally, I managed monthly rent vouchers, overseeing both bank and cash payments, ensuring accurate and timely payments and posting against those accrual across all units.
• Ensured timely accrual postings for all utility bills, including electricity, Landlines, internet, and Gas bills, for both nationwide units and head offices. Managing a substantial workload, I then ensured accurate payments of these accruals within due dates and precise postings of payments against accruals.
• In the Cash Department, I oversaw daily cash inflow and outflow, managing the daily cash deposits from all nationwide units in company accounts. This extensive responsibility included the reconciliation and closing of cash at all branches, ensuring accuracy in net cash calculations after expenses. Given the company's estimated monthly overall sales of 2.5 billion PKR, my role was crucial in guaranteeing the daily and accurate closure of net cash at branches and reconciling cash flow with same-day expenses.
• Implemented double verification for cash sheets and conducted rigorous bank reconciliation for deposits from branches. My responsibility extended to overseeing cash inflow and outflow, ensuring accuracy whether in banks or hard cash. This meticulous approach strengthened financial controls and upheld the integrity of cash management processes.
• Worked in globally recognized one of top firms were I have worked through assisting in audit to Lead audit teams for various organizations, including service providers, retailers, manufacturers, exporters, and non-profits, conducting thorough audits and assignments with versatility.
• Supervised and mentored audit staff, providing guidance and feedback. Conducted reviews of junior team work, offering constructive input.
• While contributing to an audit, played a pivotal role in stock takes for different organizations. A significant achievement was uncovering a 4.6 million PKR overstatement of inventory during one client's audit. This discovery was highlighted as one of key points in stock take report.
• As an auditor, frequently undertook diverse assignments, prominently focusing on the implementation of ERP software in various organizations. This experience not only showcased my in-depth knowledge of ERP systems but also highlighted my proficiency in successfully executing software implementations across different organizational settings.
• Evaluation of internal controls for compliance, conducted thorough financial statement analysis to identify risks, and managed client inquiries effectively. Additionally recommendation and improvements to internal controls, ensuring strict compliance with regulatory requirements.
• Crafted audit reports, including financial statements for diverse organizations. These reports underwent rigorous review by firm partners and received final approval and have actively participated in conclusive audit meetings with clients.
• Record Daily transactions and ensure entries are categorized correctly.
• Reconcile bank statements, accounts receivable, and accounts payable.
• Conduct financial analysis to support decision-making.
• Paying wages to employees.
• Proper documentation of the record and proper filling.
ACCA Membership: ACCA Qualified person get an ACCA membership after finishing ACCA Ethical module also professionalism module and Getting 26 months of field Experience From ACCA Approved Employers and those 26 months will be approved by member of any IFAC member body working in those ACCA Approved Employers as your Senior or Manager.
MAJOR: (Strategic Business Leader, Strategic Business Reporting, Advance Audit and Assurance, Cost management, Financial Management, Ethics, Corporate Governance)
Majors: (Business Leadership, Business Reporting, Audit and Assurance, Cost management, Financial Management)
MAJOR: (Business Leadership, Business Reporting, Audit and Assurance, Cost management, Financial Management)
Financial Accounting ,Financial Management, Financial costing,Ethics
MAJOR: (Accounting, Economics, Statistics, Commerce)