Wakeel Ahmed, Finance Manager

Wakeel Ahmed

Finance Manager

Lloyd & Co. (Emirates) Insurance Brokers LLC

Location
United Arab Emirates
Education
Higher diploma, AFA, MIPA
Experience
19 years, 1 Months

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Work Experience

Total years of experience :19 years, 1 Months

Finance Manager at Lloyd & Co. (Emirates) Insurance Brokers LLC
  • United Arab Emirates - Abu Dhabi
  • My current job since January 2017

Designation : Finance Manager
Function/Role : Team Leader- Finance &
Strategic planning.

Industry : Insurance Services Industry
Reporting to : CEO & Group Finance Director

• Managing the annual budgeting cycle, Develop and analyze information to assess the current and future financial status of firms.
• Work with advisers to implement VAT across the group in advance of 1 January 2018
• Contribute and working with advisers to the development and implementation of VAT policies, principles, processes, and procedures.
• Preparation of VAT returns and other VAT reports for submission to government bodies
• Overall compliance with the VAT laws and regulations
• Submission of the reporting requirements related to VAT audits to external auditors and government bodies
• Developing and implementing VAT strategies, ensuring compliance with local VAT laws
• Identify the VAT risks, plan remediation action and manage the implementation of the remediation plan and resolution of the risks
• Assist in providing advice to the Group on VAT implications of transactions
• Collation of other data required for VAT for submission to government bodies
• Identify all changes in the VAT legislation, determine the VAT consequences for the Group and provide remediation plan and solutions. This will include liaising with external advisors
• Review terms and conditions in contracts and agreements to determine VAT implications
• Provide inputs from a VAT perspective into company strategies, policies, and procedures
• Managing, ensuring data collection, review, consolidation, preparation and payment of monthly VAT liability
• Maintaining accurate accounts and records of the company, deal with financial irregularities and take counteractive procedures to rectify the same
• Filing of VAT returns on a timely basis and following up for payments/refunds. Providing Tax Reports internally for provision purpose and Reporting.
• Preparing financial and regulatory reports required by laws, regulations, and boards of directors.
• Managing Compliance report of Insurance Authority
• Coordinating the production of high-quality MIS.
• Prepare operational and risk reports for management analysis
• Ensuring compliance with required financial controls
• Review collection reports determining the status of collections and the amounts of outstanding balances
• Calculate Staff Payroll and transfer/upload in banks according to WPS rules and regulation.
• Analysing and enhancing key controls to ensuring the accuracy and completeness of the MIS and internal management accounts and to upgrade the efficiency of the accounts preparation process
• Documenting finance procedures and processes
• Advising business management on new and existing business initiatives from a finance perspective
• Managing and developing the unit staff to deliver proactive support to business line management
• Communicate with stockholders and other investors to provide information, and to raise capital

Senior Group Financial Accountant at Speed House Group
  • United Arab Emirates - Ajman
  • January 2015 to January 2017

Function/Role : Team Leader- Finance &
Strategic planning.
Industry : Constriction and Fabrication.
Reporting to : Group Financial Controller

Speed House is in the construction industry, supplying those projects with the prefabricated house, GRC products, GRP products and other products manufactured and traded under the group, based in Ajman Industrial Area having international projects and into the business of production with vertical Integrations

Major Responsibilities

Responsible for Budgeting:
• Preparing, managing and maintaining annual budgets, quarterly and monthly forecast.
• Report to senior management about the progress of actual versus budget on monthly basis, analysing the major variations and suggesting action plans.
• Undertaking strategic analysis and assisting with strategic planning
• formulating strategic and long-term business plans
• Computing performance ratios for each department and project and determine the productive and non-productive performance areas
• Monitor all elements affecting the cost of sales and recommend and implement changes that would positively impact costs.
• carrying out business modelling and risk assessments

Management Reports:
• Generating monthly Group financial reports and discussing with senior Group management.
• Preparing and analyzing monthly management accounts and discuss with management team every month.
• Production of the cost of sales reports each month end showing GP by the contractor as compared to prior month.
• Interpret the company's financial results to management & recommend improvement activities
• Interact with banks, suppliers, auditors, and other third parties dealing with the company.
• Ensure Implementation and maintaining of strong internal controls, group policies, and procedures.
• Communicating with the statutory auditors and assisting them in closing the audit by providing the information requested.
• Ensuring the conversion of WIP into billing on a timely basis.
• Project profitability analysis and giving the alarm to the management on a timely basis.
• Cost control measures and effective implementation of the same.

Financial Analysis:
• Oversee the operations of the treasury department, including the design of an organizational structure adequate for achieving the department's goals and objectives
• Conducting reviews, evaluating for cost-reduction opportunities and suggesting measures to improve the cost efficiency and time effectiveness of the organization's processes.
• Keeping abreast of changes in financial regulations and legislation
• Review the performance of competitors and report on key issues to management
• Preparing analysis for pricing, Cost of sales budgeting, Sales and margin analysis
• Analysing the promotions run, discounts given and taken, stock adjustments & revaluations
• Formulating strategic and long-term business plans
• carrying out business modeling and risk assessments
• Participate in target costing activities to create products that meet predetermined price goals
• Compile key business metrics and report on them to management
• Create additional analyses and reports as requested by management
• Reviewing Client and supplier credit Appraisal, ensuring timely payments/collections are received
• Experienced in using ERP systems to ensure smooth flow of work

Funds Management:
• Monitoring and interpreting cash flow, forecast future trends on monthly basis and in charge for daily banking related activities.
• Analysis and arrangement of short term and long term fund requirement of the company.
• Ensure that sufficient funds are available to meet ongoing operational and capital investment requirements
• Arranging new sources of finance for a company's debt facilities
• Use hedging to mitigate financial risks related to the interest rates on the company's borrowings, as well as on its foreign exchange positions

Chief Accountant at V.V & Sons LLC (Bhatia Brothers Group)
  • United Arab Emirates - Dubai
  • March 2011 to December 2014

Note: Main job Responsibility was same as Speed House Group some responsibilities and introduction of the group described here,

Bhatia Brothers, Head Quarters is in Dubai, U.A.E is one of the oldest Business House in the region and has offices and warehouses spread over the Middle East.
Professional Division was formed in 1993 to cater the bustling business of professional sound and lighting industry. The Division has become the largest distributor of professional products in the region. We are best known for Professional Sound Systems, DJ Equipment’s and Lighting Control System

• Management Accounting tasks including accruals, prepayments, depreciation, intercompany recharge and foreign exchange revaluation.
• Production of P&L reporting packs each month end showing actual results against budget/ forecast.
• Production of balance sheet reporting packs each month end, showing full reconciliation for every balance sheet nominal code in use.
• Ensure intercompany accounts are 100% reconciled on a monthly basis.
• Preparing of financial statements
• Preparing of budgets and forecast
• Making requests for funds disbursement according to the procedure of the company
• Maintains accounts Receivables, Accounts payables, cash book
• Prepare & maintain import record related to indenters, suppliers, banks, clearing agents & Ministry of Health.
• Internal audit working for purpose of the annual audit.
• Initiated and established improved internal controls
• Reconciled all the banks, cash book, Debtors and creditors

Financial Analyst at Pakistan Textile corporation Ltd.
  • Pakistan - Hyderabad
  • May 2007 to December 2010

A Semi- Govt. A public Textile company involved in textile Viewing and Spinning products & Operators. Major client base -- European, USA, and Asian Countries.

Designation : Financial Analyst
Function/Role : Team Member- Finance.
Industry : Textile Industry.
Reporting to: Finance Manager

Started with Pakistan Textile Corporation Ltd. as Finance and Taxation Officer, promoted as Finance Analyst. I was supervising the Finance Team and taking care of finance, audit, taxation, MIS, compliance.

Job Responsibility was same as Speed House Group

Assistant Finance Coordinator at PAHCHAN-(Protection And Help of Children Against Abuse and Neglect)
  • Pakistan - Lahore
  • January 2005 to March 2007

Job Responsibilities

During my job, I have performed combined assignments with certain multinational NGO’s like;
• Save The Children Sweden,
• Group Development (GD) France and
• European Union (EU)
• Accounts payable-screening invoices, verifying all supporting documents, and processing payments.
• Bank reconciliations, ensuring our GL balance agree with bank balance on monthly basis.
• Preparing Financial Reports
• Assisting in Funds Arrangement
• Handling Fixed Assets Register
• Tax Handling
• Compiling daily and monthly reports, - preparing summaries of donations and plans achieved on monthly basis.
• Ensure the quality level of service expected by the project donors

Education

Higher diploma, AFA, MIPA
  • at Institute of Financial Accountant UK
  • July 2020

Established in 1916, the Institute of Financial Accountants (IFA) is an internationally recognised professional accountancy membership body. We are a full member of the International Federation of Accountants (IFAC) the global accounting standard-setter and regulator. The IFA is part of the Institute of Public Accountants (IPA) of Australia Group, the world’s largest SME-focused accountancy group, with more than 46,000 members and students in over 80 countries. Our members work within micro and small- to medium-sized enterprises (SMEs) or in micro and small- to medium-sized accounting practices (SMPs) advising micro and SME clients.

Master's degree, MBA FInance
  • at Virtual University Pakistan
  • September 2019

Distance Learning MBA Executive in Finance

Master's degree, MBA Finance
  • at virtual University Pakistan
  • September 2019
Higher diploma, ACCA (FINALIST)
  • at ACCA
  • June 2019

ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. such a qualification is evidence that the holder possesses skills and knowledge which are in high demand by employers in industry, banking, auditing, consulting as well as other professions like taxation and law. the qualification is based on international accounting and auditing standards and is IFAC compliant

Higher diploma, Associate Public Accountant (APA)
  • at Pakistan Institute of Public Financial Accountants (PIPFA)
  • June 2010

Pakistan Institute of Public Finance Accountants (PIPFA) is an autonomous body recognized mainly in the government sector and established under license from the Securities and Exchange Commission of Pakistan by the authority given under section 42 of the Companies Ordinance, 1984. The body is co-sponsored by the Institute of Chartered Accountants of Pakistan, the Institute of Cost and Management Accountants of Pakistan and the Auditor General of Pakistan. PIPFA is the associate member of International Federation of Accountants (IFAC). PIPFA has more than 50,000 members and a number of them are members of ICAP and ICMAP. The institute was established to produce a second tier of accounting professionals in Pakistan.

Bachelor's degree, Bachelor of Commerce ( B.Com)
  • at University Of Sindh (Pakistan)
  • December 2008

Bachelor of Commerce is an undergraduate degree in commerce and related subjects. B.Com provide the student with a wide range of managerial skills while at the same time building competence in a particular area

Specialties & Skills

Cash Flow Management
Budgeting
International Financial Reporting Standards
MIS Reporting
Financial Modeling
Budgeting
Payroll
Project Planning
Variance Analysis
Financial Modeling
Value Added Tax (VAT)
Financial Reporting
Financial Analysis
Internal Controls
Microsoft Dynamics ERP
Accounts Payable
Accounts Receivable
Oracle ERP
Peachtree
SAP - FICO
Orion ERP
Cash Flow Management
Accounts Reconciliation
Corporate Finance
Budgeting & Forecasting
Financial Statements
Auditing
Book Keeping
Accounting
Focus ERP
Annual Budgets
Planning
Analysis
MIS Reporting
Team Management

Languages

English
Expert
Urdu
Expert
Arabic
Beginner

Memberships

ACCA
  • Student
  • July 2007
PIPFA
  • Professional Member
  • June 2010

Training and Certifications

Certificate of Merit in advance financial Reporting (Training)
Training Institute:
Certifiacte of Adavnced Financial Reporting
Date Attended:
June 2010
Agenda- Trainging for Time Managemnt (Training)
Training Institute:
Time Management
Date Attended:
May 2012

Hobbies

  • Chess
  • Cricket