Finance Manager
Abdulla & Hamad Al Ghurair Investment LLC (Division- Middle East Insulation LLC)
مجموع سنوات الخبرة :24 years, 8 أشهر
• Handling finance & accounts functions of manufacturing and construction contracting business division of the group -Middle East Insulation LLC as Finance Manager.
• Responsible for treasury function and maintaining relationship with banks and providing bank financing for operations and various projects of the business.
• Accounting books closing and audit of company financials as per compliance requirements with timely completion of Audit and submitting inhouse and or audited financials to management as well as bankers.
• Reviewing company’s operational & financial performance, sales targets, on regular basis and discussing with department supervisors for necessary steps for improvement.
• Regular monitoring of cashflow with all receivables and payment plan review for all vendors, banks, employee payments, ensuring healthy relations will all stake holders.
• Preparing Annual Budget and presentation of various business proposals to the business head and management.
• Reporting to group CFO & Directors on performance & profitability, and assisting in reviewing various new business opportunities.
• Handling annual insurance renewal negotiation & finalization, working capital facility offers and renewal negotiation and finalization.
Partnering with the senior management team on business planning and expansion, strategic development while establishing and maintaining the company’s financial policies and procedures by providing “hands-on” operations and administrative functions in the areas of accounting, budgeting, financial reporting, corporate finance & audit, and business review.
•Assuring that the finance function of the organization consistently performs its core accounting and reporting duties effectively and efficiently and in accordance with generally accepted accounting principles issued and followed by the regulatory and advisory system of the region.
•Reporting company / division financials to management on monthly/quarterly/annually as per plan.
•Responsible for annual budget preparation, reviewing actuals and providing variance details with suggestions for improvement to the concerned functional manager.
•Analyze & forecast business financial situation all the times and taking suitable measures to improve cash flow for the current and future financial health of organization.
•VAT returns data finalization, review and making tax payment & filing returns.
•Preparing and presenting various financial & non-financial review and analysis reports, statements, plans and projections to the senior leadership, as and when needed.
•Regularly reviewing operational efficiency including progress of EPC projects, sales and service businesses and presenting factual data and recommending to top management.
•Actively involving in negotiation and finalization of employees group medical insurance including analyzing claim ratio, getting competitive quotes for yearly renewal, negotiate best possible table of benefits at competitive premium rates.
•Reviewing and taking steps for cash flow and profitability improvement including strict credit policy and collection mechanism for accounts receivables, aged inventory liquidation as well as control and reduction of unproductive cost elements.
•Coordinated in implementing various management tools, B S C, ISO, DMS and online customer survey.
Presented monthly, quarterly, yearly financials and costing reports to CFO.
•Reviewed production and consumption quantities and ratios of all cost elements on daily basis.
•Regularly monitored inventory levels separately for projects as well as regular operations.
•Implemented costing procedures and systems for product costing, cost of goods sold.
•Prepared annual operational budget in coordination with all department heads.
•Periodically reviewed standard cost of production and amendment based on actual trends of material consumption / cost ratios and conversion cost changes.
•Reviewed and allocated monthly fixed overhead, product contribution / margin and reporting.
•Coordinated with implementation team for materials, finance and HR modules of SAP.
•Finalized and reported quarterly financials of major division and assisted for group consolidation.
•Supervised statutory audit and internal audit.
•Validating and approving suppliers and service providers' agreements at division level.
Preparing Budgets for support circles, coordinated with department heads & corporate finance.
•Monthly MIS reports for support circles, with performance review & analysis, variance reporting.
•Highlighted trends of overall organization expenditure in the areas of employee travels, recruitment, BG checks, employee insurance, visa / work Permits and legal & professional fees & suggested for performance improvement / cost reduction based on the reviews.
•Reviewing vendor agreements with in the scope of budgets.
•Lead accounts payable team for quality processing of vendor bills and timely payments as per policies and agreements, which has resulted in improved credibility among vendors with better scope of further negotiations.
•Scrutinized Employee Foreign Travel Settlements and other expenses reimbursement process - Reduced processing time resulting in improved satisfaction among employees.
•Handled Internal and Statutory Audits.
Prepared and submitted monthly MIS on manufacturing cost (raw material & fuel consumption and product costing). Evaluated periodic business performance/outlook vs. plan.
•Various financial modelling / ad-hoc analysis / reports worked out and as per management requirement, time to time.
•Played key role in revenue forecasting, target settings for marketing/sales teams.
•Minimized accounts receivables levels and average debtors ageing from 4 to 3 months by regular interaction / follow up with sales force and joint meetings for critical-delayed customers.
•Collaborated with peers for statutory compliance requirements and liaised with auditors, government bodies and external agencies.
Production & operational budgets composed and periodically reported actual production and cost with variances.
•Formulated new product cost estimations and product mix evaluations as per marketing department proposals and other ad-hoc reports as and when required.
•Monitored & analyzed consumptions of raw materials, stores & spares and closing stock valuation by periodical stock takings with coordination of manufacturing / process team.
•Assisted to manager in accounts finalization quarterly/annually.
•Managed entire factory workers & officers' payroll and accounts payables for 2 years at factory.
•Engaged with internal, statutory and government departments' inspections and audits with respect to factory accounts and coordinated consortium bankers' quarterly stock takings for working capital limits.
CMA professional degree (Certified Cost & Management Accountant)
Graduate degree in Commerce (with Accountancy, Costing & Taxation as majors)