Head of Finance (Family Office)
Themaar Investment LLC
Total des années d'expérience :25 years, 8 Mois
Accounting & Reporting
- Validate the Month-End closing process including accruals, journal entries, and all working schedules prepared by the junior accountants on A/P, A/R, vendor and bank reconciliations
- Record the fair value change in investments and maintain relevant investment schedule for the movements
- Finalizing month-end closing and ensuring the reporting is done as per the timelines
- Oversee the group accounting and IFRS application of all Group entities
- Consolidate and prepare elimination accounts for multiple entities within the group
- Perform daily, monthly, and other periodic accounting journal entry bookings in an accurate and timely nature
- Responsible for VAT and other applicable tax reconciliations, filing and documentation
- Prepare financial statements according to IFRS
Internal Audit, Controllership
- Ensure compliance with the approved authority matrix at all levels in the organization
- Ensure robust internal controls are properly defined and maintained so as to safeguard the assets of the company and to ensure optimum utilization of resources
- Create internal financial policies for the organization to manage risk and optimize financial controls
- Ensure that the chart of accounts is in line with accounting standards, group standards, and legal requirements
Stakeholder Management
- Maintain relationships with third parties including auditors, tax authorities, consultants, and other regulatory authorities
- Manage audit process with auditors for both group and statutory audits
- Assist the GM with maintaining internal controls to safeguard company assets
- Distribution of shareholder dividend as per the board resolution
Governance, Risk and Compliance
- Ensure that Themaar operates within the regulatory and statutory laws of each country
- Responsible for local GAAP and Group standards of bookkeeping
- Calculation and distribution of ZAKAT for on behalf of the company
Key Achievements:
Formulated policies and procedures for the finance department this help standardize operations
Set up IT infrastructure for storage and data sharing
Build the accounts for 2018 and started the yearly standalone and consolidated accounts for the company within 3 months of joining the company
Implemented SAP BI for accounting and real estate management this helped better control and reporting
Adopted lean accounting principles and thus increased productivity by 15% for the team by weeding out unnecessary steps
Achieved to close the books and produce the financial report in 3 days from the end of month end
- Operating within the Group Financial Control Framework and ensuring that the investee companies comply with the same
- Responsible for the integrity and relevance of chart of accounts
- Document, improve, and maintain internal financial controls, processes, and procedures
- Business planning for the year, thereafter, monitor and report on month-on-month variance based on KPIs for various entities under the platform
- Preparation of quarterly reports to be presented to the audit representation committee
- Ensure timely raising of invoice and follow up on the collections
- Resolution of financial accounting and other reporting issues as they arise
- Statutory reporting - undertake preparation of annual consolidated audited financial in accordance with IFRS. This involves review and consolidation of the divisional entities in accordance with IFRS
- Periodic reporting - facilitate interim audit on a quarterly basis
- Reporting to treasury about the underlying currency exposures in the payables and receivables
- Ad hoc reports to the shareholder, other business units or treasury, investor relations etc.
- being the point of contact for the statutory auditors and coordinating with them also co-ordinate with the regulatory authorities, where applicable
- Working with the asset finance teams assisting with the internal audit process
- Review, recommend and document new business processes for the finance function and actively contribute to improvements and development of the financial and performance management of the business unit.
Reporting to CFO, in addition to managing the day to day function of finance department, my role included reporting of monthly financials for both the Dubai and Qatar entity to the corporate office in US. Prepare the annual budgets and thereafter the monthly forecast of cash requirement for funding from our parent entity. Assist the CFO in the due diligence of various hospital projects. Liaise with the auditors for the completion of yearly audit and issuance of financial statements.
Key Achievements;
Formulated policies and procedures for the finance department.
Liaised with PWC and completed the 2 years backlog audit for the company.
Identified unused telephone lines and leased line connections and cancelled them which resulting in saving telephone expenditure by 5%.
Prepared a dynamic financial model to build 50 ambulatory centers where the results would populate automatically depending on timeline and size.
Completed the IRS audit for the year 2013 with zero recommendations.
Reporting to Director Finance my role is to ensure timely reporting of monthly financials to the management. Liaise with the auditors for the completion of mid-year and yearly audits. Manage the department in the day to day finance operation. Consolidation of subsidiaries and report to our holding company (Dubai World).Preparation of budgets, forecasts and report on the variances between actual and budgets.
Key Achievements;
Implemented Hyperion Financial Management for the purpose of consolidation of subsidiaries
Trained an AP team to handle GL accounting and independently handle monthly close activities
Designed and structured the monthly close process with schedules and reports
Designed an MS access application to automate the intercompany balance confirmation process.
Compiled travel & corporate credit card policy for the company.
Designed an automated expense claim form for employee reimbursement.
Conducted training on finance for non finance professionals of the organisation.
Supervising financial management functions including development of monthly/quarterly financial statements for the clients. Oversee general accounting functions, including AR/AP, account reconciliation, cash management and payroll function for various clients of KPMG. Setting up, administering all financial management systems, evaluating and integrating new applications for new and existing clients. Develop highly skilled accounting and financial management team to achieve established objectives. Interact with the Financial Controllers & Finance Directors of the clients concerning financial reports and other presentations.
Clients & Projects Managed;
• Hewlett Packard:
o Accounting and reporting of HP’s Abu Dhabi entity to holding company
o Payroll of over 400 employees spread over GCC.
o Compensation payments of Tier II distributors.
o Rebate claims processing for distributors
o Accounts payables
o Processing expense claims of all employees.
• ACS Business Solutions:
o Vendor payments
o Payroll processing
o Accounting and reporting to US firm.
• Dubai Aerospace Enterprise:
o Accounting and reporting
o Implemented SOX compliance for the entity.
Key Achievements;
Successfully implemented Oracle payroll in the department and transitioned the client data seamlessly into the new database.
Set up of Chart of Accounts for client companies such as Dubai Aerospace Enterprises, ACS, Terex etc.
Designed and implemented a semi automated database in MS Access that improved tracking of compensation payment of over 200 client’s sales partners thereby reducing the time spend by 30%.
Strategically restructured internal control process for and on behalf of clients.
Served as key leader in effectively managing 15% annual revenue of the department
Designed templates using macros etc to improve the departments billing to our clients.
Conducting regular audit of group’s distribution outlets and warehouses all around GCC countries both on their day to day operation and financial reporting. Reporting to the top management on the discrepancies observed along with recommendations to improve on the internal controls for the organization.
Key Achievements;
Able to bring out a quarterly newsletter for the internal audit department stating significant observation identified by the department and the action that the concerned department undertake to resolve the issue.
Was able to identify single piece stock worth more that $50, 000 that was lying unnoticed in the warehouse and inventory system.
Prepared and closed monthly financial statements for the management. Performed monthly account reconciliations and monitored general ledger transactions. Managing supplier payments and customer receivables. Worked in collaboration with the controller to ensure accuracy and integrity of financial information in support of overall business objectives.
Key Achievements;
Devised methodology in the Accounts Payable process whereby chances of double payment was minimized.
Increased productivity levels by providing key contributions toward automation of accounting processes.
Carried out general ledger functions, including account analysis and reconciliation, journal entries, and AR/AP. Preparing financial statement and forecasts for clients. Carrying out audit such as tax audit, statutory audit, internal audit, management audit, inspection audit, revenue audit & stock audit and preparation of reports thereon.
Key Achievement;
Consistently met deadlines while demonstrating strong analytical and problem-solving skills to achieve organization objectives.
Independently carried out the tax audit of share brokers, member Calcutta Stock Exchange.