Chief Financial Officer
Present Address: Kurtaba, Exit 8 Dammam Road Riyadh
Mobile: +966567866432 /(KSA) +91 97008570024
Email:email@example.com / firstname.lastname@example.org
Skype ID: mynaveed53 :
Iqama status: Transferable
FINANCE & ACCOUNTING /COSTING PROFESSIONAL
Seeking senior management assignment in the domain of Finance & Accounts / MIS with various MNCs/ prestigious International business houses in various Gulf regions and Asia Pacific.
· Academically qualified Cost & Works Accountant (ICWA)/CMA with professional success of over 24 years in steering entire range of finance and accounting operations with renowned commercial, industrial and various contracting establishments predominantly in Gulf Regions. Currently working in Al Arrab Contracting Riyadh (KSA) as s Chief Financial Officer. The experience combo includes 4years in Manufacturing, 4years in Trading and Service industries and 16 years in Engineering, Contracting, construction & service industries including Oil and Gas.
· Proven competencies in mapping financial needs of the company and mobilizing short / long-term financial resources through banks /FIs/ and international financial institutions. Expert in Project financing/ Project Accounting, Defining Standard Operating Procedures, Formulating Budget and implementing Budgetary Controls to enforce fiscal discipline across all functional domains. Deft in monitoring monthly project cost accruals, revenue recognition, billing and unbilled revenues of all projects based on accounting norms and GAAP policies.
· Strategic contributor in all key decisions of the company to generate financial advantage for overall operational competitiveness. Sound capabilities in developing and implementation of MIS reporting system including- global & internal Management reporting- to ensure smooth flow of vital information to top management. Adept in monitoring financial health, business risk, and providing analytical reports to CFO/ and the stakeholders.
· Comprehensive hands on experience in implementation of ERPs (Oracle, SAP, HFM, Microsoft Dynamic, Quick Books and Open ERP ) in MNC environments including training of end-users and troubleshooting
· Adjudged a star performer in last three yearly appraisals. Team leader, trainer and a motivator with well-honed, analytical, problem solving and man-management skills. Superior written and verbal communication.
Senior Management Positions Held:
· Chief Financial Officer – Al Arrab Contracting Co. KSA (Al Rajhi Holding Group) Current Since 2.5years
· Head Financial Accounting Al Arrab Contracting Co, KSA 5 Months
· Senior Finance Manager – AFGS LLC (Contracting and Construction Group) Kabul, 1 Year
· Manager FP & RA – Control & Application Emirates UAE (Constructin/Contracting Oil & gas) 3 ½ Years
· Senior Management Accountant – Honeywell Turki Arabia KSA (Contracting Company) 3 ½ Years
· Senior Reporting &Financial Analyst –Honeywell Saudi Arabia KSA (Contracting Company) 4 Years
· Senior Financial Accountant – Astra Polymer Compounding Co (A unit of Astra Group) 2 Years
· Senior Financial Accountant – Tamimi Food Division (Tamimi Group of Companies) 4 Years
· Chief Accountant – SAWIL (Saudi Spinning& Weaving Company Jeddah KSA 4 Years
Key Skills and Expertise:
Financial Control & Financial Strategy Management Accounting
Budgeting & Cost Control, implementation of Costing Financial Modeling
Financial & MIS Reporting Project Management & Product Costing
Cash Flow & Working Capital Management. Group Accounts & Consolidations
Oracle R12 Financial module implementation Core member Audit of financials , IFRS & US GAAP
MS Excel Advance Skills AS400, Microsoft Dyanmics
Sub-Contractor & Contracts Management Fund Management
Debtors Control & liaising with lawyers. Oracle Financial and Crystal Reporting
SOX /Corporate Governance Cost estimation and Forecasting
Zakat and Income TAX System Process Writing & Development
Inventory Control & Internal control. Change Management & Culture Shift
Corporate Finance & Re-structuring. Investment appraisals for projects business
Units, JV’s, Mergers & Acquisition
Presenting Reports to Board of Directors Leadership, Team Management, Organizing, planning, Communication and decision making skills.
Al Arrab Contracting Co. Riyadh KSA July 2013 – Till today
Is part of largest groups in Saudi Arabia(Al Rajhi Alliance) providing Real Estate, Construction Contracting & Infrastructure development, Building Solutions, and active in all Gulf Countries (GCC region) with great projects worth 5 Billion US$. The company is one of the largest contracting & Construction company in the kingdom of Saudi Arabia provides construction & Infrastructure development services through direct service to a range of mostly public sector clients in the KSA.
Current Position: CFO (Chief Financial Officer ) (Nov-13 till todate)
Head-Financial Accounting/ Finance Director (Jul 13-Nov-13) ;
Leading and supervising and managing all the financial functions of the company with a team of 89 Accounting staff across the various projects’ sites and Head Office in the KSA, with proven ability of managing the financial planning, budgeting, Reporting, MIS, and implementing the Cost reduction techniques across the areas and managing the Working capital effectively. Followings are the accomplishments and duties:
· Overall responsible for re-structuring Finance Department, resolving financial matters and played a vital role in controlling working capital through diversified cash flow management.
· Enhanced Budgeting, forecasting system and established strategic financials operation objectives. Established monitoring them through ERP Oracle to ensure effective budgetary control system in financial and operational planning. Presenting the financial results to stake holders and board of directors. Oversees the preparation and consolidation of the company Budget (Master Budget). Present the consolidated budgets to the CEO for acceptance and to the Board of Directors for approval.
· Established the Project financial reviews and CTCs reviews on monthly basis, and build a financial controllers team to control all big projects and streamline the cash management, strengthening the finance and accounting activities. Established individual objectives of finance staff to map with corporate objectives.
· Developed the various SOPs to strength the Accounting and financial operation. Reviewed the existing policies, and implemented the most effective process with compliances to streamline the accounting practices and establish the control and risk at various level of accounting activities.
· Handling and supervising the functions of treasury and Banking and liaising with banks for smooth and effective cash flow management.
· Ensured the external Audit done within the stipulated time and obtain Zakat/TAX certificates of company.
· Oversee the finance planning and preparing the cash flow by projects and corporate HO to control the working capital and cash management of various sites and HO.
· Attending the monthly project reviews, proposal reviews, ensures robust monitoring of capital expenditures.
· Drafted the policies and procedures for warehouse management system. Strengthening the functions by ERP support.
· Reduced the finance Head counts by 33% as per the management benchmarking with maximum utilization of resources replacing qualified staff by redundant staff.
· Established the weekly meetings to monitors day today activities and follow up strategic objectives.
· Played a strategic decision maker role in implementations of Oracle R12 (Fin. Modules) with proper suggestions and recommendations for effective implementation of Oracle ERP for most effective process across the business.
· Conversant with project management requirements and monitoring of claims and additional orders. Developing the collection strategies to collect the old balances of AR and AP advances and reduced the average collection days.
· Developed the effective costing and accounting system of Eagle manufacturing division for effective utilisation of fund resources with suggestive measures to maximize the profitability
· Designed operating effectiveness of controls and procedures and internal controls over financial reporting at both the entity and project level.
· Responsible for reviewing the all major contracts and agreements covering the commercial part and risk factors and payments terms and recommendations thereof to Project leads.
Maintain the delegation of authority matrix based on the direction of Board of Directors and reviews the compliances and risk and legal factors of financial transactions and impact thereof.
Supporting the business with feasibility studies to appraise feasibility and review the future business growth and to acquire the new business and diversification of the Company.
Implement adequate systems of internal control to ensure accuracy, and adequacy of accounting records and documentation, including appropriate manuals and standard practice instruction. Approval of payments and credit limits.
· Providing, direction guidance to responsible person and delegate authority and responsibility with view to establish the accountability and conduct annual performance appraisal to review employees’ work performance and award accordingly and recommend the salary adjustments.
Accomplishments: Re-structuring of Finance Department. Prepared Corporate Strategy and established SOPs for implementing the Oracle R12 and enabled automation in process. Prepared Finance Department Policy and procedures. Established Project financials reviews, EAC/CTC quarterly revisions to identifying risks. Established budgetary control across the whole business. Reduced finance Dept. HC by 50% and reduce finance cost by 25%. Reduction in overall HO office expenses against the budgeted by 25% per year. Established half yearly Performance Appraisal in finance dept.
Accomplished External Audit and Zakat certificate within deadlines. Designed & implement Monthly MIS reporting system. Regularized Material issuances and inventory count procedures. Cleaned all the backlog of reconciling items. Established monthly bank reconciliations. Established diversified cash management system by projects with effective cash flow management through FCs. Developed cash flow forecast system across the projects.
Implement Risk Register and control risk through Analytical process. Presents Monthly Financial
Package to Board of Directors and Shareholders (Owners)
AFS LLC, Mar 2012 – Dec 2012
Senior Finance Manager
The company is engaged in Logistic, support, SCM, Transportations, LSA, O&M, construction services, and contract management with network of branches in Kandhar, PV Bagram and Shorbak in Afghanistan. Web: www.afgs.af. It is also accredited as the largest defence contracting company in Kabul Afghanistan
Senior Finance Manager
Highlights of Major Responsibilities:
· Streamlined the financial activities and reporting structure to ensure effective functional control. Provided leadership to a team of 25 members and monitored their performance to maximise overall team productivity.
· Designed financial policies and procedures and contributed in strategic decisions with CFO.
· Recruited, trained and engaged qualified finance personnel to build a strong finance & accounting team. Restructured project accounting system by switching over from Quick books (A tiny ERP) to Open ERP to set up an integrated accounting system.
· Drawn up operational budget and internal controls to monitor the projects financials.
· Implemented project cost account and cost centre based accounting system. Driven cost control measured to contain cost spill over.
· Mobilised and managed working capital to ensure operational support for various project activities.
· Efficiently managed project cost accruals, revenue recognition, billing and unbilled revenues of all based on accounting norms and GAAP policies.
· Liaised with banks and financial institutions to mobilise short and long term project finances.
· Actively contributed in implementation of Open ERP and customised documentation to integrate all depts. & cost centres including branches along with JVs.
· Conducted training sessions for the team members to update their functional skills.
CONTROL APPLICATION EMIRATES City Abu Dhabi UAE Oct 2008 – Feb 2012
A renowned company engaged in Engineering, construction, procurement, Installation & commissioning, EPC and maintenance of systems and and expert in Electrical and power systems, control and instrumentations, Repairing & installation of Fire Alarm systems for off Shore / on shore Oil & Gas & Petro Chemicals Industries, Industrial plants and Civil Sector & Ministries oilfields. Web: www.caeme.com
Manager FP&RA/ Project Accounting
· Successfully managed 37 big & small projects’ financials with generating positive cash flow with improved Gross Margin.
· Efficiently handled several short-term big Project financials of above AED 50 M.
· Improved margins with effective inventory control and cost control techniques.
· =Introduced monthly project reviews instead of quarterly project reviews for effective project and budgetary controls.
· Developed an environment of project controllership with ownership/responsibilities. Established clear transparency of sharing cost data with non-financials business leaders.
· Completed two annual financial audits without deviation in revenue recognition and adverse comments.
· Successfully arranged project financing for big and small projects setting up effective liaison with banks and financial institutions. Ensured timely collections to save the cost of finance.
· Contributed significantly in implementation of AX 2009 Dynamics ERP and designed the COA for mapping process.
· Streamlined the accounting process and procedures to comply with Audit norms and GAAP policies.
HONEYWELL TURKI ARABIA LTD. City Dammam, Saudi Arabia Mar 2000 – Aug 2008
A Unit OF ACS Honeywell Inc. A 100 fortune MNC a contracting and trading Co. engaged in Engineering, Commissioning/Installations, Buildings constructions and maintenance, software management and providing Control process Solutions & Building Solutions, Automation Controls and Honeywell Industrial process solutions for O&G and petro chemical and other Industries, in Saudi Arabia.
Senior Management Accountant (Cost & Finance) Mar 2000 to Aug 2004
Senior Planning and Reporting Financial Analyst : Aug-2004 Aug 2008
· Prepared varied monthly financial reports including – quarterly forecasts, annual operating plans, budgets, cost metrics reports, head count reports, monthly financial reports, BS reviews report, aging analysis reports, for internal management reporting and uploaded them in HFM (Hyperion planning Solutions) for global reporting.
· Monitored contracts value, contract costs, Gross margin, Direct cost & overhead, allocation on projects, project profitability, revenue recognition based on POC, Backlog, Billing, Unbilled, Receivables and collections of nearly 350 projects Financials, Project accounting and Business units reporting of HBS and HPS of all divisions.
· Periodically reviewed projects costs to identify and eliminate redundancies to control project costs within budgetary norms.
· Prepared monthly comparison reports, conducted variance analysis and prepared analytical reports. Successfully run various reports in Oracle modules and handled month end closing activities in GL. Effectively monitored Oracle AR, AP, OM, PA, Purchasing and Inventory entries and interface Journals. Handled HFM reporting HPS input and managed various global reporting requirements of HWL finance team.
· Introduced BU’s reporting for Balance sheet items and cost entries and enhanced budgeting process.
· Initiated application of Oracle Budgets and customized various FSG reports in Oracle GL
· Included gross margin analysis and EAC reviews in Project Cost analysis data and cost monitoring techniques.
· Realigned the new Chart of Accounts to suit Oracle Financials 11i and mapped to HFM (for global reporting).
· Developed the process of cost collection & distributions through Business Units according to line of business and enhanced Cost centres accounting and head count reporting.
· Core team member in Oracle ERP 11i implementations to provide functional and mapping support. Trained end users of Project Accounting modules. Successfully managed Annual Audits & ISO Audits. Streamlined the process and procedures of accounting systems.
· Consistently met month-end closing schedule as per global reporting deadlines.
· Acquired comprehensive expertise on all Oracle financial modules (AR, GL AP, CM & OFA) and ERP Project Accounting & planning.
· Prime contributor in implementation of Oracle ERP & AX 2009 (Microsoft dynamics) ERP systems. Trained all end users/Super users of Oracle financials and provided functional support in streamlining the all MIS reporting.
Astra Polymers Compounding Co. Ltd. City Dammam (Saudi Arabia) Apr 1998 –Feb-2000
· A Unit of Astra Group of companies, engaged in manufacturing of Master Batches Granules and Polymers of different colours and shades located in Industrial area Dammam KKS.
· Efficiently handled accounting functions, AP, AR, GL entries, Reconciliation of Banks accounts & Sub ledgers with GL, inventory tracking. Batch costing, fixed Assets Mgt. Payroll checking, Month end closing of all Accpac financials Modules. Monthly cash flow, and analytical reporting to Head office etc. Established costing techniques and implemented the batch costing techniques. Managed cash flows, financial reporting, budgeting, and all orecasting of batches for bidding and qouatations.
TAMIMI Food Division City Dammam (K.S.A)Jun1994 – Mar 1998
Senior Financial Accountant
A division of TAMIMI Group of Companies (Chain of Safeway Super Markets) engaged in Trading & food Processing activities all over the Kingdom. FMCG units
Chief Accountant Saudi Spinning & Weaving Industry Ltd. City Jeddah (K.S.A). 1992 – 1994
The company is fully engaged in manufacturing and trading of looms and clothes.
· ICWA, Institute of Cost & Works Accountants of India – 1991
· B.Com -1984
Seminars and Courses attended:
IFRS Seminar at Riyadh KSA conducted by Emile Woolf International in Nov-2014 & Nov 2015
Zakat /Tax update Seminar by KPMG& PWC in Feb-2015 and Nov.
IT Skills: ERP Skills – Financial Modules:
· Oracle E_Bussiness Suite 11.5.8i (GL, AP, AR), Project Accounting, Inventory, Financial Analyzer and Purchasing (7 years’ experience in handling oracle financial modules). Trained as a key super user with certifications).
· HSP (Hyperion Sol. Planning) A Global reporting tool (End user Certification in Web based Training)
· ACCPAC financial Modules: (GL, MFG.AP, Inventory, AR etc.) Two years experience.
· AX 2009 (Microsoft Dynamics) currently working since two years .
· EzContracting one year experience. Open ERP and Quick Books.
· Oracle ERP R12 financials, GL AR, AP PM Self Services, HR, Inventory and Project Accounting for construction industry.
· Spread sheets (Excel), links and macros, (Excel), Word Documents, Power presentations, Microsoft outlook.
Seminars & Conferences: Attended annual/Quarterly Finance Functional Reviews Conferences conducted by Honeywell Group in Middle East.
Marital status: Married
Iqama Status: Transferable
Possess Valid Driving licence: Saudi Arabia & India.
1981 to 1984
Bachelor of commerce (With Specialization in Costing and Auditing) at SB College of commerce Karnataka Gulbarga
1987 to 1991
ICWA / CMA at Institute of cost and works Accountants of India