Associate Director Budgeting & Management Reporting
Saudia Dairy & Foodstuff Company (SADAFCO)
Total years of experience :22 years, 7 Months
Designation Chronology:
• Oct 2022 - Present: Associate Director Budgeting & Management Reporting
• Jun 2019 - Oct 2022: Budgeting, Management Reporting Manager
Accomplishments:
• Head-hunted to support exciting transformation, expansion and modernization of the Company by enhancing the reporting systems which support strategic decision-making and thus aid in improving the company's profitability, sustainability and maximizing shareholders' wealth.
• Optimized the Budgeting process by developing clear guidance, budget instructions, and automation of payroll costs calculation through the JAHIZ system.
• Authored financial and accounting policies and procedures manual for the finance department in SADAFCO.
• Functioned as the analytical engine of the Company, proffered data-driven insights to support optimal financial business decisions of the Executive Management through long-range plans, budgets & forecasts.
• Served as a Trusted Advisor to the commercial team on business proposals and evaluations.
• Ownership of a collection of processes between recording financial transactions and the publication of financial reports.
• Leveraged finance competencies model as a fundamental tool for Individual Development Plan (IDP).
Responsibilities:
• Commanding the MLTP “Medium & Long-term Plan” budgeting process, reviewing and analyzing inputs received from all functions to ensure meeting the target for each key element in budget P&L. Reporting to the CFO.
• Driving financial excellence and improvement of financial planning and analysis capabilities across Group entities. Controlling expenditures and engaging in ongoing cost reduction analyses in all areas of the company.
• Enhancing the company’s profitability through analyzing SKUs' gross margin, along with providing corrective actions/ recommendations.
• Partnering with the senior management team on maintaining the proper level of working capital as set by BoD.
• Providing real-time visibility into performance across all business functions. Generating monthly, quarterly, and annual management reports being shared with Senior Management.
• Superintending, mentoring & empowering a dynamic team of finance and accounting professionals, to be of high caliber, recognizing/utilizing throughout the business as value-added business partners.
Accomplishments and Responsibilities as Budgeting, Management Reporting Manager (Jun 2019 - Oct 2022):
• Headed the budgeting process, which included the development of the budget manual and templates, and the creation of tools to develop work plans. Reported to Chief Finance Officer.
• Embraced data and analytics in conjunction with well-established planning and forecasting best practices, thereby enhancing strategic decision-making.
• Owner of short- & long-term budgetary planning process, monitoring and controlling spending/expenditures while suggesting optimum measures to reduce expenses, determining budget variances, and reporting the same to management
• Developed an accurate budget package as per the agreed timetable for senior management review and approval.
• Produced financial information for the senior management & functional heads on cost, expenses, earnings, and forecasts.
• Built, developed, and maintained data models, reporting systems, data automation systems, dashboards and performance metrics support that support key business decisions.
Designation Chronology:
• Oct 2017 - May 2019: Internal Audit Manager
• Apr 2016 - Sep 2017: Business Plan, Budgeting & Compliance Manager
Accomplishments:
• Instrumental in establishing the internal audit plan. Embedded agile auditing methodology & tools to provide stronger assurance. Committed to the internal audit manual approved by the Board of Directors & provided necessary reports.
• Adopted an ethos of continuous improvement, process standardization and automation, which facilitated planning, budgeting and forecasting with greater speed, agility and foresight.
Responsibilities:
• Designed audit procedures of internal systems, policies and plans and procedures, laws and instructions that have a significant impact on the business and are implemented within the company. Reported to the Chief Audit Executive.
• Led annual risk assessment, in line with Enterprise Risk Management & approved Audit policy and procedures.
• Led the year-end closing procedures and quarter financial review.
• Performed quality review of all scheduled audit projects in audit management software (Teammate)
Accomplishments and Responsibilities as Business Plan, Budgeting & Compliance Manager (Apr 2016 - Sep 2017):
• Led the business plan & budget process of CSS encompassing Ma’aden Corporate, MGBM, MIC, and IMC. Reported to CSS (Consolidated Shared Services) VP Finance.
• Handled the annual business plan and budget presentation for management review and finalization.
• Delivered monthly, quarterly & annual management performance reports/statutory report packs. Guaranteed timely MIS Financial Reporting, generating variance analysis on performance, financial position & key ratios.
• Tracked internal audit findings and managed corrective actions to close. Catered to all General Audit of Bureau (GAB) requirements.
• Provided insights into OPEX spend analytics and projections. Generated daily performance progress report VS target & monthly trend dashboards.
Accomplishments:
• Transformed lagging financial systems into intelligent frameworks, resulting in streamlined revenues, operating expenses, and positive cash flows.
• Supported Financial Controller with special projects and workflow process improvements such as Oracle Enhancements & Oracle Business Intelligence projects.
• Successfully led the transmission project from Saudi Organization Certified Public Accountant (SOCPA) to International Financial Reporting Standards (IFRS).
• Accredited with Performance award for extraordinary efforts and outstanding performance in 2014.
Responsibilities:
• Presided over day-to-day aspects of accounting operations to ensure finance and accounting activities, and ensured compliance with SOCPA and IFRS standards as practiced in Saudi Arabia. Reported to Financial Controller.
• Ownership of managing CAPEX & OPEX in coordination with all concerned departments to facilitate business operations and achieve a satisfactory level of financial performance.
• Collated the quarter & annual financial statements in audit format for both English & Arabic versions.
Previous Professional Experiences:
• Jan 2007 - Dec 2009: Senior Financial Analyst, ibn rushd, Yanbu, Saudi Arabia
• Dec 2004 -Dec 2006: Senior Accountant, Petrolube, Jeddah, Saudi Arabia
• Sep 2001 - Oct 2004: Senior External Auditor, KPMG, Jeddah, Saudi Arabia
-Work closely with the Share Service accounting team to ensure proper monthly/quarterly and annual closing of the books.
-Coordinate with all operations and service departments to obtain and review the annual budget data forms.
-Formulation of the budget package for management review.
- Prepare financial/management reports with reliable conclusions that management can use to implement more effective operational strategies
- Improves financial status by analyzing results; monitoring variances; identifying trends; recommending actions to management
- Present the final budget presentation to management committee.
- Guides cost analysis process by establishing and enforcing policies and procedures; providing trends and forecasts; explaining processes and techniques; recommending actions.
-Preparing and recording asset, liability, revenue, and expenses entries by compiling and analyzing account information.
- Maintains and balances subsidiary accounts by verifying, allocating, posting, reconciling transactions; resolving discrepancies.
Summarize financial status by collecting information; preparing balance sheet, profit and loss, and other statements.
- Prepare accurate, timely financial statements in accordance with our established schedule and with input from the rest of the accounting department.
- Conduct monthly and quarterly account reconciliations to ensure accurate reporting and ledger maintenance.
- Analyze financial statements for discrepancies and other issues that should be brought to the accounting manager attention.
- Arrange to provide all external & Internal and General Audit of Bureau requirements.
-Plans financial audits by understanding organization objectives, structure, policies, processes, internal controls, and external regulations; identifying risk areas; preparing audit scope and objectives; preparing audit programs.
Assesses compliance with financial regulations and controls by executing audit program steps; testing general ledger, account balances, examining and analyzing records.
Assesses risks and internal controls by identifying areas of non-compliance; evaluating manual and automated financial processes; identifying process weaknesses and inefficiencies and operational issues.
Completes audit work papers and memoranda by documenting audit tests and findings.
Actively participate in audit of major clients such as:
o Saudi Arabian Airlines Corporation.
o Saudi Arabian Airlines Catering Division.
o Saudi Dairy & Foodstuff Company - well-known manufacturer of dairy in Saudi Arabia.
Handle special audit assignment which includes but not limited: cash fraud, Inventory assessment and evaluation.
Bachelor of Science in accounting, Faculty of Economics & Administration, King Abdelaziz University