Finance Manager (Head of Finance)
Cladtech International LLC
Total years of experience :16 years, 10 Months
Initially joined in a temporary financial advisory role as Financial Analyst, wherein my core responsibility includes assisting and advising Group Executive Director in formulating a business turnaround plan for the company. Later on promoted to a full time role of Finance Manager (Head of Finance) and now handling accounting/finance function of the company.
My key contributions include:
-Handling complete finance operations of the company.
-Successful in improving financial health of a company by taking control of all receivables, payables, and assets, negotiating settlements and restructuring financial liabilities with bankers, suppliers and holding company
-Acting as an advisor to the Chairman on all commercial matters.
-Redesigned and significantly improved management reporting and monitoring system through applying best practices, to meet the shareholders’ expectations.
-Financial Reporting,
-Management Reporting,
-Budgeting & Forecasting,
-Cost Control,
-Cash Flow Management,
-Credit Control,
-Contracts Management,
-Policy Making.
Contracts Management:
-Ensuring KE interests are best safeguarded through review and benchmarking of PPAs
-Ensure compliance with existing PPAs, and participate in meetings with Power Producers (IPPs) and lawyers
-In coordination with Power Purchase Department ensuring compliance of Regulatory (NEPRA) requirements with regard to all kind of dealings with Power Producers and PPAs
-Ensuring issues related to Invoicing/payment/settlement are timely resolved in the best interest of KE
-Reviewing and processing of project, IPPs and other invoices and ensuring compliance with contracts/ POs
-Ensure timely and accurate recording of accounting transactions related to power purchase in books of accounts
Project Evaluation:
-Evaluating potential Power Generation Projects with different fuels (coal, gas, furnace oil) and financing (equity and debt) options
-Maintain and develop various financial models and standard templates for use during the planning processes, ensuring quality, accuracy and focused analytic review
-Preparing detailed project cost budgets for presentation to management during feasibility stages
-Preparing different scenario-based analysis and their implications on the Project IRR
Budgeting and Controlling:
-Reviewing and controlling financial/ commercial activities of user departments
-Analyze and review CAPEX and REVEX Budget for user department with Business Plan and ensure that unbudgeted transactions are minimized along with regular monitoring and controlling to rationalize budget spend
-Monitoring variances; identifying trends; recommending actions to management
Reporting / MIS / Analytics:
-Monthly Finance report for CFO including Capex spending and commitment reports
-Describe an insightful use of financial analysis techniques, tools, and concepts, to provide practical counsel to the management to drive business results, be the first point of contact for issues and questions
-Served as a member of Executive Management
-Headed Finance, Credit Control and Commercial Departments.
-Assisted President (GM) in developing business strategies including short and long terms business plans.
-Successfully managed company's financial accounting and reporting systems and making sure that financial reporting deadlines set by the Group are met with quality reporting.
-Presenting entity’s results to board management in Monthly Business Review Meetings.
-Designed, implemented and monitored cost optimization program across the company with a view to save costs on non-value adding activities and to maintain price competitiveness of company products.
-Organized Budget preparation meetings, to set targets in coordination with other departments based on short and long term vision of the company and the group.
-Led VAT implementation process, attended workshops & conference calls with consultants, trained financial & non-financial staff, liaised with IT for development of VAT system and filed VAT returns.
-Liaised with internal and external auditors. Monitored preparation of audit schedules and supervised audit process.
-Managed existing financing facilities and negotiated new ones with the banks to meet upcoming business requirements including both projects based financing and general working capital financing lines.
-Review and close monitoring of cash flows to ensure availability of funds for working capital and other short/long term liquidity requirements.
-Advisor to sales teams over contractual (financial and commercial) matters in relation to new potential projects.
-Payroll processing and management.
-Oversaw financial department employees, including managers, accountants, financial assistants, accounting clerks etc.
Initially appointed as a Cost Accountant, later promoted to a position of Senior Cost and Financial Accountant.
Cost Accounting, Analysis and Reporting:
-Cost Estimation and Pricing of new and proposed products and projects
-Bills of Materials (BOM) Setup and interact with Production Dept to ensure BOMs are accurate and up to date
-Analyzing changes in product design / specification and manufacturing process to establish its impact on cost
-Through study of all production processes, collecting data and identify main cost drivers in order to drive costs related to activities
-Analyzing cost data to determine correct product sales margins and suggesting cost saving measures to production department
-Profitability analysis of individual projects and divisions
-Inventory Management
Budgeting
-Preparation of divisional performance budget and ongoing monitoring by comparing with actual results on regular intervals
-Studying the previous budget and also taking into consideration the benefits and losses occurred during the previous financial years, due to budget planning
-Annual review of all products to set standards as part of budget process
-Controlling expenses and aligning with the budget control procedures
Review and Approval of Documents
-Clearing / Approval of all material requisitions and local purchase orders to ensure all purchases are complying with budget
-Review / Approval of subcontract agreement and payments
-Checking / Approval of each job estimation prepared by sales estimation teams and ensuring each project is taken at acceptable margin and material to sales price ratio should not exceed the defined limits
Fixed Asset and Capital Work In Progress:
-Handled the fixed assets books of accounts.
-Maintains and updates the detailed Fixed Asset Register for original cost and accumulated depreciation for proper recording of all fixed assets of the company.
-Maintaining capital work in process account.
Cost Accounting:
-Assist in month-end closing by validating the cost of goods produced sold and prepare journal entries as necessary.
-Update labor and burden standard costs in a system and ensure all costs are classified and recorded accurately and timely.
-Prepare and Analyze project wise cost of goods produced and sold report.
-Booking of scrap and preparing monthly scrap vs. production analysis report.
-Allocation of production overheads to projects worked on during the month.
Financial Accounting and Reporting:
-Involve in the monthly closing process from finalization of monthly shipment (sales), cost of sales and other expenses.
-Review petty cash details received from area offices.
-Monitoring and control of various accrued and pre-paid expenses like insurance, subcontractor costs etc.
-Responsible for providing financial data to govt. authorities, financial institutions, insurance brokers etc.
-Develop Product Line wise Monthly Sales Revenue Analysis Report and Monthly Production and Shipment Cost Breakup.
-Assist with preparation of annual audit schedules and coordination of the audit process.
Inventory Management:
-Analyzing movement of all inventory items from purchasing to selling with regard to both quantities and values.
-Coordinate physical inventory counts and investigate variances and resolve issues.
-Reconcile perpetual vs. GL inventory balances and supervise all the inventory related issues in the ERP System (EPICOR).
-Verify closing work in process and finished goods at every month end and perform value testing on random sampling basis.
-Develop various ERP (EPICOR) reports in close coordination with IT department for the effective monitoring and control.
Joined as a Finance Trainee, later promoted to a position of Assistant Manager (Finance / SAP-ISU).
Reporting:
-Preparation of monthly group reporting package
-Preparation of region wise performance monitoring report to be reviewed by regional heads
-Preparation of monthly performance monitoring report which includes brief information regarding sales, recovery, performance against budget and same period of last year, to be used by senior management for decision making
Budgeting, Forecasting:
-Preparation of sales and recovery budget and communicate it to the concerned departments
-Comparison of actual performance with budget and perform in-depth analysis of variances found
-Communicating abnormal variance to concerned departments in order to take necessary steps to mitigate their effect on future results
Variance Reporting and Analytical Review:
-Billing trends and Recovery Ratios
-Aging of the different classes / types of consumers
Involved in various activities of Revenue Protection Department (RPD):
-Involved in designing sales system on Oracle Financial in liaison with IT application team and custom designed and obtained multiple reports from IT department for the review of sales and recovery on a day to day and monthly basis
-Worked in close coordination with IT application team in monthly closing process of billing and recovery
-Receivables analysis at regular intervals and prepare dues position report to be used by recovery department
-Member of RPD Allowance Committee responsible for writing off of bad debts
-Monitoring and follow-up of court cases
-Responsible for managing audit tasks and coordinating with internal auditors
-Successfully leading a team including four subordinates
ERP (SAP) Implementation Project
-Member of team responsible for implementation of SAP-ISU in the organization and mainly responsible for the reconciliation and validation of data migrated from legacy system to SAP-ISU
I was appointed as an audit trainee and initially I had to work under supervision, as the time progressed I learnt new skills and gained valuable experience and therefore promoted as an audit semi senior.
My duties and responsibilities while working at BDO includes:
-Involve in planning and conducting the assignment from initial planning to issuance of final report.
-To coordinate with the client, vouching the internal controls and accounting policies.
-Gathering the information regarding the nature of client’s business through different sources and preparing planning files.
Exposure of working at following entities:
1. Engaged in the Annual Audit of NGO Aahung.
-Verification of income & expenditures.
-Treatment of donations & grants, etc.
2. Engaged in Internal Audit of Gerry’s Travels Agency (Pvt.) Limited.
-Preparation of system notes, audit programs & Process Flow Diagrams and performed Test of Controls.
-Thorough use of Oracle Software.
-Reviewed bank reconciliations & verified cash & bank balances.
Initially appointed as accounting clerk and was responsible for:
- Preparing and maintaining payment vouchers after matching invoices received from vendors with purchase orders
- Performing bank reconciliation
- Preparing and maintaining expense claim forms
- Matching payments received from customers with their outstanding balances and post them into their accounts
- Prepare various reports on daily and weekly basis
- Assist senior accounting staff
Based on my hard work and satisfactory performance, I was promoted to a position of Accounts Assistant.
UAE Chartered Accountant (UAECA)
Masters in Commerce Received exemption from Higher Education Commission of Pakistan on the basis of ACCA Membership.
Associate Chartered Certified Accountant
Bachelors of Commerce