Wael Sayed Ibrahim

Finance Manager

Novomet Petroleum Services FZ

Location: Egypt - Cairo
Education: Master's degree, Advanced Accounting System
Experience: 24 years, 1 Months

Work Experience

Total years of experience :24 years, 1 Months

Finance Manager at Novomet Petroleum Services FZ

Egypt - Cairo
My current job since January 2013

 Responsible for the full spectrum of Finance and Accounting functions of operations of the entity.
 Set up and maintain proper management accounting based on guidelines and templates from headquarters, maintain budgeting process, control over statutory accounting, timely monthly and year end reporting in accordance with IFRS and Group accounting policies and schedules.
 Manage relationships with tax authorities, solicitors, bankers, auditors and other statutory bodies, Novomet partners on finance issues
 Preparation of tender/quotation calculations in case needed
 Prepare budget and actual P&L for Novomet Egypt as a unit, and for other countries until they start up their own legal entities.
 Preparation of Annual Financial Statements of Novomet Egypt with assistance of local accountants and passing of compulsory audits if needed.
 Signatory authority In accordance with Power of Attorney which may be issued by Directors of legal entities under financial responsibility for duties performance in the statutory bodies and banks
 Control of cash inflows and disbursements - monitoring of bank account to ensure the bank does not reject our payment orders, to prevent any cash gaps, to watch up if the bank charges any unusual commission, to provide all necessary contract documentation to the bank, to prepare payment orders for authorization; supply weekly cash flow reports to HQ.
 Supervise local accountant - to arrange that she/he receives all necessary documents to be booked in the accounting system (both local accounting software and SyteLine), to ensure there are no systematic omissions in accounting.
 Perform intercompany reconciliations with other Group entities and Partners, Clients if needed each month: to reconcile receivables/payables/loans, as well as purchases/sales/interest accrued during the period.
 Review and analyze contracts/purchase/service orders concluded between Novomet Egypt and other entities - to ensure that they are booked properly in accounts.
 Prepare annual budget and update it throughout the year - in the format preset by HQ.
 Prepare monthly P&L and BS in the preset format. Compare actual P&L against budget, monitor and explain principal deviations (in liaison with Country Manager). Assist to HQ in implementation of SyteLine ERP system, which is done step-by-step.
 The first step of SyteLine implementation is inventory, so the Candidate is responsible to set up and maintain proper inventory accounting within SyteLine
 Develop positive relations with local bank in order to obtain credit facility/overdrafts, receipt of bank guarantees for tenders and/or contracts execution. If required development of relationship with insurance companies to obtain necessary insurance policies.
 Provide financial information to HQ on their request.
 Any other reasonable finance-related responsibilities as instructed by Novomet Egypt Director or Deputy VP Finance within the timeframe specified in a safe and efficient manner to meet business requirements.
 Preparation of Annual Financial Statements of Novomet Egypt based on accounting data entered by local accountants and passing of compulsory audits and global IFRS audit.
 Manage relationships with tax authorities, solicitors, bankers, auditors and other statutory bodies, Novomet partners on finance issues. Exercise control on observation of payment schedules and keep BDM/Country manager informed.
 Control and bear full responsibility for timely and proper provision of all accounting/finance papers, including but not limited to: acts of acceptance, invoice, customs declarations properly stamped, etc. which may be needed by the accounting/finance departments in HQ or other company locations with regards to any goods/materials transactions
 Control of DSO, timely payments under all contracts including intercompany ones and with third parties.
 Strictly adhere to Company Code of Conduct.

Financial Supervisor at Scimitar Production Egypt Ltd. (Multinational Petroleum Co

Egypt - Cairo
July 2012 to November 2012

Duties & Responsibilities
* Compile and analyze financial information to prepare financial statements including monthly and annual reports.
* Handle full spectrum of financial and cost accounting role e.g. AR, AP, GL, forecasting, budgeting.
* Review and approve all payment transactions: reimbursements, payments on accounts, vouchers, checks, etc.
* Oversee the operations of all accounting functions including Accounts Payable, Accounts receivable, Treasury, Fixed Assets, Payroll, Month end accruals and provisions.
* Review balance sheet account reconciliations.
* Supervise the accounting team members and other support staff, including distributing and reviewing work accomplished.
* Respond to all queries related to financial matters.
* Preparing cost center by analyzes costing per product and its effect on Profit and Loss Accounts, controlling inventory.
* Preparing and compiling monthly financial statements, expenditure analysis, and a budget control to ensure transparency within departments.
* Execute and support taxation issues such as WHT, Corporate tax starting from finalizing the quarterly report and ending with the check issuance.
* Develop and maintain financial data bases.
* Preparing proper accounting cycles and documentation.
* financial audit preparation and coordinate the audit process.
* analyze and advise on business operations including revenue and expenditure trends, financial commitments and future revenues
* analyze financial information to recommend or develop efficient use of resources and procedures, provide strategic recommendations and maintain solutions to business and financial problems