Group Financial Controller
First Projects Co.
مجموع سنوات الخبرة :16 years, 4 أشهر
Reporting to the CEO, leading a team of 12 staff including 2 Managers, my key area of
responsibility oversees the finance and accounting function, covering 20 entities in the group.
• Upon joining the company, I had been tasked with implementing and improving a range of reporting
processes, and redesign the Chart of Accounts.
• Produce the management accounts of the group, oversee the cash-flow reports, generating the
management accounting packs (balance sheet, Profit & Loss, current asset & liability details,
receivable/payable aging reports) to present to the CEO.
• Liaise with the Project Director on cost reports, and cash flow forecasting.
• Review the company's financial statements.
• Improving the VAT and TAX standards with robust, structural changes.
• Overseeing the recruitment and growth in the team.
• Created the budgeting and forecasting process, streamlining and automating the transaction accounts,
enabling the team to run more efficiently.
• Overseeing all financial planning and analysis.
• Recommending changes to improve financial performance using the balance scorecard.
• Improving intercompany accounts reporting, streamlining efficiencies.
• Implemented a new payment request process, improving the software system to automate the
transactional function.
• Improving the accounting policies and procedures, bringing the process up to IFRS standards.
• Manage the auditing process of the group and sister companies for 20 entities.
• Review the down-stream and upstream contracts following the best practices.
• Implement Activity-Based Costing methods on the direct overhead of the projects.
Reporting into the CFO and the Project Director, the key areas of responsibilities are to cover all the financial information of Cost-plus projects within a limited ceiling cost. Manage a team of 15 finance professionals, including accountants, analysts, and ERP software developers.
The total value of these projects is more than 1 billion SAR (Cost-plus methods) our division has delivered more than 30 projects The total turnover is more than 3.2 billion SAR over the last four years.
Provide all financial information to the CFO related to responsibility center (Division) which are:
• Supporting/ assisting the CFO in preparation of the management accounts and also the management accounts pack for the company (balance sheet, Profit & Loss, current asset & liability details, receivable/payable aging reports).
• Oversee the accounting operating cycle and control the accounts payable and receivable.
• Income analysis report as well as cost breakdown report.
• Report the balances of advance payments to suppliers & subcontractors by project.
• Liaise with commercial director about the unbilled revenue to be recognized.
• Vendor reconciliation of sister companies.
• Vat return report.
I also work closely with the Project Director on mega cost-plus projects, urgent projects with a short-term delivery, and budgeted projects providing all financial information.
• The most demanding part is the profitability, cash flow, outstanding orders, payable/receivable (working capital), and top ten vendors for each project.
• Creating cash-flow report for each project, interproject transactions analysis, highlight the deficits.
• Analysis the projects’ profitability, liability, outstanding orders by a responsible person (project manager) and location using Power Bi tool.
• Cost analysis report each project, payable analysis report.
• Ensure the committed costs (outstanding orders) of the projects are correct in coordination with the procurement and contract department (downstream).
• Controlling the projects cash holders and reporting the status of the cash accounts.
Other key responsibilities include overseeing the finance function for 2 key subsidiaries, with a key focus on increasing their sizes, and the size of the projects of the division.
I oversee is the full accounts process for 2 main subsidiaries, the first is service company that provides manpower to Modern Building Leaders Co. are up to 1250 employees. Annual turnover is 100 million SAR.
• Fully responsible for the Management accounts packs on monthly basis.
• Communicate with auditor (PWC), managing the auditing process, and closing of Zakat files.
• Invoicing (MBL) monthly as per profit & cost center, eliminating the discrepancy of timesheet.
• Compliance with zakat & Tax regulations and laws, and IFRS .
• Submit Vat return to ZACTA on monthly basis.
The second subsidiary company is a catering company (FMCG), it provides meals to construction companies at sites with an annual turnover is more than 50 million SAR.
• I work closely with the General Manager in an advisory role as a finance consultant.
• Validate the management accounts packs on quarterly basis.
• Discuss the receivable aging reports.
• Attending client meetings, advise how to limit the allowance for doubtful accounts.
• Communicate with auditor (RSM), manage the auditing process, and close Zakat file.
• Submit Vat return to ZACTA on quarterly basis.
Achievement
• Reviewing the approved payment certificate by the consultant and highlighting the errors from accounting perspective.
• I played an important role in the implementation of Oracle E-Business Suits in 2022.
• Assist CFO structuring the accounting department.
• Validate Vat reports and the payable module of the company.
I managed the accounts of the Division of the company what its turnover was more 1.5 billion SAR
• Perform full set of accounts and ensure timely closing of accounts.
• Prepared monthly, quarterly and annual financial reports.
• Analyze financial discrepancies and recommend effective resolutions.
• Perform the VAT calculations and submissions of returns on a monthly basis.
• Assist preparation of management accounts.
• Manage and maintain all accounts payable/receivable.
• Involved deeply in the auditing process for the year-end 2019, 2020, 2021 of the company.
• Put a recommendation the policy of intercompany transactions (at that time, there are 13 sister companies).
• Assisted in developing, implementing, and coordinating internal control systems that improved financial accuracy and compliance.
• Oversees the implementation and compliance of accounting standards and uses the best practice.
Presenting a comprehensive report to the consultants showing the project status with full documentation as follows:
• Giving a detailed insight to the commercial director about the weakness of collecting information and using the best practice.
• Purchase order (PO) amount issued to the suppliers and subcontractors and amount paid for each PO.
• Manpower worked at site (the maximum manpower were more 3000 persons (labors, foremen, technician, engineers and so on).
• Liaising with the consultant the documentation of all the above figures (PO, proof of payment, purchase invoice, delivery note, timesheet and so on).
Achievements
• I was a key person for the implementation of ERP Microsoft Business Central in 2018.
• Develop the ERP system as per the requirements of the company in all aspects (we moved from Dynamic NAV 2018 to Business Central V21, as a result better performance and getting more features).
• Designed and implemented an application for the Division in 2019 and 2020 for billing of cost-plus projects as per the job tasks. The benefits are to get the accuracy, efficiency and deliver the documents on time (bi-weekly). As a result, speeding up the collection.
• Recruit and supervision the development of billing for cost plus projects valued more 1.5B SAR.
• I worked closely with the commercial director on how the project module can meets the requirements (details in job task, job planning, budgeting, billing, and cost variances).
• Perform full set of accounts and ensure timely closing of accounts.
• Examine all financial reports and date closely to check for discrepancies.
• Create systems to prevent errors in data collection and calculations.
• Preparation of monthly, quarterly and annual financial reports.
• Improving and maintaining the financial standing.
• Forecasting cash payment and anticipating the cash flow problem.
• Manage and maintain all accounts payable/receivable.
• Support costing variance analysis with project and workflow process improvements.
• Maintains and balances subsidiary accounts by verifying, allocating, posting, reconciling transactions.
• Assist providing financial analysis as needed.
• Assist preparation of monthly, quarterly and annual financial reports.
• Bank reconciliation.
• Manage the fixed assets of the organization in recording, controlling and assessment.
• Reporting the costing variances using job order costing.
• Manage and maintain all accounts payable.
• Recording the accounting transactions.
• Assist the month-end close activities including bank reconciliations.
• Assist collating, preparation and interpretation monthly reports, financial statements.
• Assist in year-end closing and audits.
• Auditing pruchasing invoices to comply with official standard.
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