Financial Controller
FKH TRANSEQUIP FZCO
Total years of experience :17 years, 4 Months
Responsibility:
Guiding financial decisions by establishing, monitoring, and enforcing a documented system of controlling processes, policies and procedures in accordance with Group Policies and requirements.
Develop and maintain timely and accurate financial statements and reports that are appropriate for the users and in accordance with IFRS/IAS.
Develop and maintain financial accounting systems for cash management, accounts payable, accounts receivable, credit control, and petty cash.
Managing budget processes, ensuring adequate annual planning is undertaken.
Preparing budgets by establishing schedules, collecting, analyzing, and consolidating financial data, recommending plans.
Managing the preparation of financial forecasts.
Manage the cash flow and prepare cash flow forecasts in accordance with policy.
Engaging in ongoing cost reduction analyses in all areas of the company.
Undertaking research into pricing, competitors and factors affecting performance.
Engaging in financial analysis in such areas as forecasting, budgeting, engaging in cost reduction analysis, and reviewing operational performance
Enforcing accountable invoicing processes to deliver business results. Maintaining tight invoicing deadlines.
Ensuring work is coordinated and delivered on time to a high standard of accuracy and quality - Document and maintain complete and accurate supporting information for all financial transactions.
Collecting, interpreting, and reporting financial data
Producing MIS reports as per IFRS standards including: Monthly, Quarterly and financial reports (such as cash flow statements weekly, Monthly P&L, Balance sheet, Aged credit and debit reports weekly).
Coordinating the provision of information to external auditors for the annual audit.
Key Achievement
I developed a new collection system that reduced outstanding sums due from customers and upgraded the existing systems which improved processes and doubled efficiencies within the department.
Increased year-on-year cash flow by 2.1 million by reducing accounts receivable days by 55 days.
In my current role I delivered process and control improvements and successfully implemented an ERP system across a broad range of industry sectors.
Effectively worked with the Chairman to generate strategic business plans, spending guidelines and helped reduce Opex 1.1 million.
Introduced sales funnel analysis which fostered 20% growth in large bid deals.
Developed, documented and implemented internal control policies and procedures
Responsibility:
Reporting to the Managing Director as Head of Department with a 6 - 8 members team
Responsible for financial reporting of balance sheet, income statement, cash flow statement as per IFRS/ IAS
Maintained General ledger and subsidiary ledgers like sales and accounts receivable, purchases and accounts payable
Maintained aging report of receivables & payables
Prepared annual accounts as per IFRS/ IAS
Interface with external auditor for statutory audits
Performed valuation of inventory and Estimated cost of imported products
Responsible to monitor entire process of financial transactions
Prepared Monthly Pak rupee & foreign currency bank account reconciliation of banks
Posting of all transactions to the ledgers
Maintained Fixed Asset ledger and associated depreciation schedules on the System.
Responsible for imports and its clearing documentation matters & remittances
Responsible for Payroll processing, maintained employee’s advances, deductions & disbursement.
Responsible for Internal audit control, highlighting risk areas and making recommendations
Corresponded with the bank and other business units to resolve operational & financial issues
Key Achievement
Managed to save 20% (1.2 Million) expenses for the fiscal year 2013-14
Devised and Participated in the implementation of Accounting Software and set up chart of accounts of the company. Which resulted into accuracy of financial reporting process and helped to provide information
Prepared projected financial statements for banks in order to avail the finances for new projects of the company
Implemented IFRS/ IAS throughout the company for the preparation of financial statements. Which lead to more easily read and useful statements and how transactions should be reported and what information should be disclosed in financial statements
Responsibility:
I was Responsible for financial reporting as per IFRS/ IAS. Prepared periodical reports as per requirements of directors.
I was responsible for Cash Book and Bank Reconciliation, Maintained Petty Cash account and all related vouchers.
I was responsible for Controlling & reconciliation of payable, receivable ledgers, payments and all related matters.
Prepared Cash flow statements and was involved in some administrative works.
Responsible for Appraisal of inventory and analysis.
I was processed employees payroll and disbursements.
Monitored all invoices, payment and recovery.
Liaison with banks and handled all banking matters. Interface with Auditors to ensure statutory audit is carried out smoothly.
Key Achievement
Devised & Implemented IFRS/IAS in the company for preparation of final accounts.
Introduced and implemented inventory management system in the company and by the help of this have solved inventory management and costing problems and earlier they used a hand count of inventory method which was matter for days, but after implementation of inventory management system the same process can be done in a matter of hours.
• CPIA (Certified Professional Internal Auditor) from The Institute of Certified Forensic Accountants – Canada * Under Chartered Federally Letters Patent Granted by the Government of Canada * Under Chartered the Laws of the State of Delaware USA The ICFA exam is offered in four parts. • The Internal Audit Activity’s Role in Governance, Risk, and Control Topics tested include aspects of The ICFA’s International Professional Practices Framework (IPPF), responsibilities of the internal audit activity, independence and objectivity, governance concepts, risk identification and management, management controls, and audit planning. • Conducting the Internal Audit Engagement Topics tested include steps for conducting audit engagements, types of engagements (such as technology, financial, or operational), fraud elements, audit engagement tools, audit documentation and reporting, and follow-up procedures. • Business Analysis and Information Technology Topics tested include business process analysis, quality management, balanced scorecard, financial accounting, managerial accounting, regulatory and economic impacts on business, and information technology concepts. • Business Management Skills* Topics tested include strategic decision-making, competitive analysis and strategies, product and industry life cycles, managing in a global business environment, organizational behavior, team building, negotiation, and leadership skills.
CFA Program: Module A (Foundation Stage) Basic Accounting Tests & Techniques Industrial and Commercial Laws Strategic Business Management Corporate Governance Module B (Certificate Stage) Advanced Accounting Concepts Financial Statement Analysis Business Taxation Fundamentals of Financial Management Module C (Professional Group I) Strategic Business Communication Corporate Performance Evaluation Managerial Accounting & Decision Making Professional Values & Ethics Module D (Professional Group II) IFRS & External Independent Reports Financial Management Policy & Procedure Total Quality Management Audit & Assurance
2007 to 2008 Master in Business Administration - “Finance” CGPA: 3.46 out of 4