Finance Manager
Y K Almoayyed & Sons BSC (C), (Authorised dealership of Ford, Nissan, Tadano, and Renault in Bahrain
مجموع سنوات الخبرة :15 years, 4 أشهر
Played a key role in the implementation of Value Added Tax framework during 2017 which included serving as a key catalyst for all fiscal & accounting related work associated with the implementation.
Slashed down the admin costs (8%) in 2017 by enforcing the propriety control over expenses.
Mitigated risks and losses by aligning the operational and insurance plans with the corporate strategies.
Advised management on short-term and long-term financial strategies to tap into growth opportunities.
Devised and implemented many other cost-savings initiatives and process improvements saving almost a quarter million $ annually. (e.g. Introduced the electricity cost saving measures, solar power, and internal staff training)
Achieved significant improvement in contents, quality, presentation (by including analysis and explanations to variances, market & economic trends, graphs, visuals, and ratios), and timeliness (from 5 day lead time to merely 2 days), of monthly and quarterly MIS financial reports making them more effective in timely decision making.
Ensured the best utilization and allocation of funds by applying appropriate financial strategies for short and long term, at the least possible cost.
Controlled the variance of actual from the budgeted costs by reviewing budgetary controls.
Achieved zero staff turnover while leading a culturally diverse 15-person team (2 supervisors, 8 accountants, and 5 bookkeepers), performing accounting functions for this automotive dealership (turnover $ 370 million).
Consolidation of financial statement and results of all the 9 subsidiaries.
Turned around the loss making entity into a profitable one by enhancing the productivity, cornering the operational inefficiencies, and supervising the resources utilization (material, labor, stock, overheads).
Revived the internal performance reporting by rationalizing the flawed departmental transfer pricing.
Revamped the product portfolio by shepherding product profitability analysis, (revisiting and amending the cost accounting procedures, using BCG product matrix, recognizing and harvesting cash cows, developing stars, and divesting the question marks and dogs - loss making products).
Diminished the credit default risk by monitoring and reviewing credit terms with receivables.
Attained 10% growth in profits applying austerity and prudence measures for 2 consecutive years.
Took care of the working capital portfolio (dealing in the short and long financing instruments)
Scrutinized the insurance portfolio (reviewing of policies, filling the gaps, enhancing the coverage)
Prepared Financial Statement and disclosures in compliance with the IFRS, consolidation of subsidiaries.
Supervised Books of Accounts, including reconciliation of accounts, supplier payments.
Ensured proper recording, classification, and allocation of expenses.
Monitored Trade finance instruments like Letter of Credits (L/C), Guarantees, hedging instruments,
derivatives, forwards, swap deals, Currency forwards.
Took initiative to assume new assignments and responsibilities.
A team player of a diversified team of 32 people, supervising some of them for specific tasks.
Responsibilities Assigned:-
Preparing audit programs in consultation with client and the Directors/partners.
Preparation and analysis of financial statements including notes to accounts.
Performing analytical review of the financial statements.
Ensuring the compliance of reporting and disclosure requirements in accordance with IFRS.
Discussion on the issues involved in the course of audit with Managers/Directors.
Drafting the final Audit reports and management letter.
CIMA, London, UK Advanced diploma Management Accounting Nov 2012
Awarded as rank and merit holder by ICWAI (Management accountancy course) Final Exam Cleared in June’2008 (13th Rank). Intermediate Exam Cleared in Dec’2006 (Merit Holder).
Final Cleared in Nov’2007 (First Attempt). Intermediate Cleared in May’2005 (First Attempt).
Bachelor's degree in accounting (three years) Bachelor of Commerce,
12 years of formal education