WAQAR NAFEES

I was appointed as Process and ERP Control Manager at Ebara Pumps Middle East FZE, Dubai then moved to Ebara Pumps Saudi Arabia LLC as Manager Finance & Accounts. Both companies are wholly owned subsidiaries of Ebara Corporation Japan, which are established to respond to a wide range of service and support needs, including repair and maintenance of the process pumps, large scale pumps and high-pressure pumps that have been delivered to GCC. In addition, the workshop manufactures standard pumps for markets such as water infrastructure, building equipment and general industries.


Working as Manager Finance & Accounts. My key achievements are:
 Implementation of Microsoft Dynamics NAV ERP for the Improved processes and procedure for the recording of financial transcations and established the system for the fair preparation of financial statements.
 Established the system of documentation and review of working papers ensuring proper segregation of duties and accountability of the job responsibilities (including organised work flow for order administration, purchase and logistics describing each job description & workflow).
 Direct timely management reporting to MD, group admistration, board of directors and division manager as it relates to monthly/ annual budgeted sales targets, operating margins including all related KPIs and variances and areas for improvement.
 Reporting quarterly financials results to the parent company and its auditors based on IFRS for group consolidation and financial analysis to overview the subsidiary business and financial transactions.
 Streamlined cash management through system of timely followups for collection and payments organised by release on certain dates in a month (after reconciliation with vendor statements including related party transactions).
 Introduction of weekly management update to managers on sales, orders received, receivables and collection.
 Introduction of monthly meeting with division managers to discuss the monthly divisional financial performance and provide oversight of actual results against the forecasted plan and budget.
 Introduced system of cost control and sale statistics to ascertain cost of each job and highlight variances from budgeted costs.
 Established a system of monthly review of orders in process to highlight the variances from planned deliveries and expected work completion dates.
 Implemented process of compliance of withholding tax provisions by review of each individual payment to non-residents against the income tax laws and regulations including assessing the benefits available in international conventions of KSA for double taxation.
 Filing of monthly WHT returns and VAT returns ensuring tax compliance.
 Preparing the board material for financial presentation in quarterly board review meetings, discussing actual results and overview of forecasted annual results against the annual plan submitted to the group and board members.
 Accruing monthly tax provision and working for current and deferred tax for annual income tax filing and audited financial statements.
 Monitoring audit progress and findings by providing information in status meetings; resolving queries and issues; preparing requisite working papers and annual financial statements for audit report.

- Direct monthly management reporting to CEO, directors and other stakeholders as it relates to monthly/ annual budgeted sales targets, gross margins including all related KPIs and variances and areas for improvement.
- Direct accounting, budgetary control and audit function across the enterprise in compliance with generally accepted accounting principles and company procedures and filing of VAT returns as per Federal Tax laws and FTA guidelines.
- Monthly/annual budgeted cash flow statements for forecast monthly expenses for cost centers, timely communication of any trend difference than expected in saving initiatives with the respective pro-active actions to meet budgeted target results.
- Reduced work load of the accounting staff by almost 50% through Implementation of new ERP system and development of process flow of the documents taking in account effectiveness of internal controls and efficient accounting system and enforcing policies of the company.
- Negotiating appropriate loan structures, collaterals and covenants with banks and other financial intermediates on regular basis for short term and long term project financing,
- Financial ratio analysis for entity's liquidity, performance, position and valuation and prepare related presentations for corrective actions of the management.
- Credit control through Credit Review Assessments and Credit Insurance including market analysis to evaluate and manage all risks through mitigating factors and ascertain repayment capacity of customers and support the final credit decision.
- Ensure that the transactions with the customers do not exceed the approved credit limits and all collection from the customers are made within the allowed period and report accordingly.
- Reduction of direct material cost by 30% through enforcement for purchase on EOQ basis, proper sales planning, elimination of middleman, taking advantage for market value declines through forward bookings and negotiating best price and payment terms for materials, equipment and accessories in conjunction with procurement manager.
- Analyzing projections of sales and profit against actual figures, budgeted expenses against final totals, and suggests methods of improving the budgeted net profit performance through cost reducing ideas.
- Meets regularly with department heads to keep them informed and to offer direction on the cost reduction initiatives and financial implications of operations so as to ensure the achievement of the budgeted net profits.
- Monthly production analysis/variance report (Actual vs Budgeted) and segregate internal and external causes.
- Regularized Imports and Exports customs clearance, Pre-shipment and post-shipment Costing with variance analysis.
- Audit for inventory stock and salaries/wages on monthly basis.
- Approve payment vouchers & journal entries, investigates, and corrects errors and inconsistencies in financial entries, documents, and reports.
- Project feasibility study /Capital Budgeting using Investment appraisal methods like NPV, IRR & discounted payback methods. Calculating entity’s cost of capital for future project evaluations.
- Issue project cost reports for review and approval.
- Risk assessment and implementation of risk management procedures and manual and automated financial processes.
- Establish and maintain systems for cost-sensitivity analysis and early-warning of cost-overruns.

Worked at BIG4 Audit Firms, KPMG Dubai and KPMG Taseer Hadi & Co., Chartered Accountants, Pakistan (member firms of KPMG International) . I was involved in the supervision, review and performance of statutory audits and group reporting engagements in Trading, Technology, Hospitality, Manufacturing, Financial and other services sectors.
Working as Supervisory Senior Audit at KPMG. My key responsibilities were:

- Engagement planning based on the understanding of the client’s business processes and assessment of business and audit risks, supervision of the engagement, review and finalization, including close liaison with client's management;
- Assessing compliance with regulations and controls by executing audit program steps; examining and analyzing records, reports, operating practices, and documentation.
- Reviewing annual and limited scope financial statements for the purposes of statutory audit and requirements of group auditors for the purpose of group reporting.
- Applying KPMG audit methodology on each audit client.
- Communicating audit progress and findings by providing information in status meetings; highlighting unresolved issues; reviewing working papers; preparing final audit reports.
- Assisting clients in preparation of financial statements in accordance with the applicable financial reporting framework including compliance with International Financial Reporting Standards (IFRS), local corporate laws and directives of regulatory authorities;
- Providing ongoing assurance and advisory services to clients regarding compliance with corporate governance laws and regulatory requirements of regulatory authorities;
- Evaluating internal control systems, risk management procedures and manual and automated financial processes, identifying weaknesses and areas of non-compliance therein and making recommendations to management;
- On-the-job training and professional development of staff.
- Regulatory and other certifications.