Payable Manager
El Hamra Oil Company
Total years of experience :24 years, 6 Months
Managing daily cash balances among different bank accounts.
Ensuring that cash flows are adequate to allow business units to operate effectively;
Forecasting cash payments and anticipating challenges arising from limited cash flow and prioritize payments to keep the business running smoothly
Maintain banking relationships and negotiating deposits interest rates, loans & bank commissions and merchant services for business units
Maintaining our accounts system;
Working with executives and business heads to prepare budgets and track profit / loss performance by business unit and on consolidated basis
Creating solutions to new financial challenges by applying financial/treasury knowledge
Maintaining all type of Letter of Guarantee submitted by suppliers and contractors (Bid, Performance, Advance Payment, Retention) and follow up with its related banks in order to follow its validity.
Liaising with other departments and business units on a range of issues
Providing advice on financial matters impacting on the company as a whole as a financial member in several company committees (Bid Committees, Tender, negotiation, renewal of contracts, discussing price increase …).
Taking responsibility for, and supervising the work of, more junior members of staff
Preparing financial reports and submissions to relevant government entities such as Tax authority, External Auditors )
Arranging financial audits and reviews as required
Manage payroll disbursement for all company employees among different banks through internet banking.
Recommend and maintain a system of policies and procedures that impose an adequate level of control over Finance Department activities.
maintain confidentiality and discretion in all aspects and be comfortable with flexible working schedule to meet the needs of the Company and its executives
Manages accounting functions including maintenance of general ledger, accounts payable, accounts receivable, and project accounting; ensures accuracy and timeliness.
Develops implements and maintains systems, procedures and policies, including accounts payable functions to ensure adherence to company guidelines.
Manages monthly closing of financial records and posting of month end information; ensures accuracy of financial statements.
Provides accounting assistance to project managers and operations staff; responds to financial questions/concerns to meet business needs.
Acts as a liaison between the company, government and external accountants to meet information needs and to ensure that proper information is maintained for historical purposes.
Addresses performance issues and makes recommendations for personnel actions. Motivates and rewards employees including providing salary increases, bonuses and promotions within allocated budgets and company guidelines.
Prepares and recommends operating and personnel budgets for approval. Monitors spending for adherence to budget, recommends variances as necessary.
Acting as a project Manager for executing an ERP system - Sun software in order to facilitate the work process inside the Finance Division
To provide professional advice, expertise and practical assistance to the staff of designated end-user divisions / departments in contracting strategies, reviewing scope of work, contractor pre-qualification, completion of tender documents, bid evaluations, contract Negotiation, finalizing contract documents, contract controls and contract administration.
Develop standards for contracts, including presentation of budget, payment terms, and reasonable technical & financial scenarios for evaluation purpose, risk management, general language and provisions.
Conduct contract strategy meetings to identify issues and client requirements, facilitate pricing discussions, and obtain senior management input on timelines and deliverables.
review invoices and check requests
sort and match invoices and check requests
set invoices up for payment
process check requests
prepare and process accounts payable checks, wire transfers and ACH payments
reconciliation of payments
prepare analysis of accounts
monitor accounts to ensure payments are up to date
resolve invoice discrepancies
vendor file maintenance
correspond with vendors and respond to inquiries
produce monthly reports
assist in month end closing
Manage special projects as assigned
Maintain files and documentation thoroughly and accurately, in accordance with company policy and accepted accounting practices.
Perform routine accounting functions, including accounts payable, check disbursement, expense report processing, etc.
Maintain and oversee the control of accounts and records
Primary liaison between management, staff, factoring company, suppliers, and customers
Handles vendor complaints and complex payment issues that require immediate attention and handling the issue through company managers and key persons.
Performs tasks like reviewing accounts payable documents to ensure completeness, accuracy, and conformance to the organizational mode of payment
Monitors staff activities and reviews statistical reports prepared by staff members in order to follow their activities and performance.
Preparing the budget plan prior to the financial year, taking into consideration the actual expenses charged during the last year & the last approved budget and make the required corrections in coordination with the concerned divisions.
•Reviewing all the vouchers charged per month and making the correction if needed, in order to analyze the expenses which occur during the month based on capital & operating expenses, in order to prepare the follow up report (Which is prepared monthly, Quarterly, Semi Annually) verifying the amounts of activities which occur during the month in comparison with the approved budget assigned to it, specially for the drilled wells and the analysis of the AFE as well. In addition to submitting the detailed report for the financial manager & a summary report for the Managing Directors.
•Reviewing the overheads entries for each month according to the time sheets received from the divisions & the actual activities during the month and distribute those overheads on the exploration, development & operating activities.
•Reviewing the cost statement recovery sheet concerning the costs charged for the said categories (Exploration, Development, Operating Expense)
•Organizing all the company’s insurance activities in coordination with the concerned divisions or departments on the one hand & the insurance companies, on the other hand, for Assets, Liabilities , Well Control ( Work over, Dev, Exploratory ), Marine Insurance, crude oil, Funds & assisting in the annually negotiation with the insurance company in order to minimize the company’s risks and obtaining best offers .
•Reviewing the materials & assets activities during the month including, but not limited to the following:
•Reviewing all transactions which occur during the month (Issuing, Receiving, Transfer, and Junk)
•Analyzing the inventory status for each month in order to determine the movement of inventory items and submitting a report for the finance manager concerning the movement of the inventory classified into inventory groups, shown in amounts & charts in order to control the movement of the inventory and especially for some groups.
•Assisting in all inventory committees during the year for materials, assets & Junk.
•Assisting in purchasing, contracting & negotiations committees as financial member & reviewing contracts articles especially which have impact on company liability.
•Assisting in the preparation of agendas, Chairman’s speech and minutes of meeting for the Board of Directors meetings and the General Assemblies meetings.
•Supervise projects from inception through execution and provide progress reports and action plans, in order to facilitate the decision making process
Preparing the annual audit program using risk assessment models with my colleagues including financial, operational & compliance with auditing.
•Taking the Managing Directors’ ( Mr. Chairman & General Manager ) approval - taking into consideration that we don't have an audit committee assigned for the organization - for the work program before the financial year begins, including the audit programs, time of execution, concerned departments, the assisting team & the period of execution .
•Before each program, we prepare the scope of work including the objectives of the audit program, scope, period & the audit team who will participate in the audit program.
•Discussing the scope with the Divisions’ Managers and send it to the concerned division one week prior the audit program.
•Executing detailed audit procedures, including reviewing transactions, documents, records, reports in the light of the approved policies & procedures.
•Evaluating the effectiveness & efficiency of the internal control.
•Preparing work papers which records & summarizes the audit procedures enhanced by the required attachments.
•Discussing the draft report with the Internal Audit Manager according to the field work & the scope assigned.
•Assisting in the discussion meeting for the draft report with the concerned departments in order to reach an acceptance from each department concerning the findings & recommendations.
•Preparing the final audit report with the summarized findings & recommendations according to the discussion meeting.
•Issuing the audit report for the concerned departments & a summarized report for the managing directors.
•Following up the report recommendations & its execution.
•Preparing the annual report, by the end of each financial year, including the summarized findings & recommendations for our division activities & the execution of the audit recommendations.
•In addition to the above activities, the internal auditing follows the external auditor's reports recommendations.
•In some cases, there are special tasks assigned by the managing Directors for reviewing some areas of the company’s activities and accordingly, the report is merely submitted directly to the Managing Directors.
•Some audit reports have been carried out according to the request of the different division managers, not as audit report but as a consultant audit in order to retrieve useful information ( Examples : cost of barrel analysis in order to determine the controllable cost & uncontrollable cost, accounts payable, accounts receivable, etc….)
•Assisting in the monthly internal Audit division meeting for all joint venture companies to discuss any subject concerning the job & its related activities.