Director Financial Planning and Reporting

Job Purpose:

To be responsible for ASYAD Shipping Group’s Strategy Development and Budget changes and how all this is depicted in the Group’s Business plan and budgets preparation, monitoring, evaluation and reporting. To be responsible for the Group’s financial modelling and ensure the consolidated cash flow forecast model is up to date for decision making. To ensure the investment calculations are presented in a professional manner and as per company requirements, shipping practices and ready for review by Executive management and shareholders. To oversee general ledger, budgeting and tax matters on a daily basis. To manage the monthly, quarterly and annual financial statements for all the companies including the consolidated financial statements and ensuring compliance with all relevant regulatory, financial reporting and legal requirements. To manage that the Group Companies are in compliance with the rules and regulations issued by all relevant authorities and that all tax/financial reports are submitted accurately and timely. To ensure that the ERP system is developed correctly and used at its maximum potential.

Key Accountabilities

Description

• Manage the preparation of the five - year strategic business plan and standalone (more than 50 companies) and consolidate annual budget for ASYAD Shipping Company (more than 50 companies).
• Monitor, evaluate and review the reporting of annual budget monthly through Management Information Report (“MIR”) and quarterly through Quarterly Business Report (“QBR”) where actual vs budget figures are presented and variances are explained and submitted to the relevant department.
• Be responsible to review any other ad hoc report related to budget.
• Review all departments utilizations of the general and administrative expenses on a monthly basis.
• Review OPEX and CAPEX variances on a quarterly basis.
• Review revenue and voyage performance of the fleets on a monthly basis and report required actions.
• Review benchmarking with other shipping companies in terms of revenue and costing.

Strategic Financial Planning, Investments and Financial Modelling:

• Monitor and report quarterly the financial performance of a given area of activity and business segments versus budgets/project economics so that areas of unsatisfactory performance are identified and rectified promptly, and potential performance improvement opportunities are capitalized upon.
• Review all financial models/calculations, quarterly updating of cash flow forecast to be used for investment decisions, negotiation with third parties and other requirements as requested by the Executive Management.
• Development of different investment calculations as per company requirement/shipping practices for review by Executive Management and Shareholders.
• Ensure accuracy and proper development of templates and reports for the review and assessment of the departmental KPIs.
• Portfolio management of the difference future and existing business ventures and the assessment of current financial position aligned with the company’s business plan/direction to ensure market competitiveness and risk management.
• To be financial business partner when it comes to making decisions on current and future investments and leverage, aligning these views with the financial plan.
• Proposal of most tax efficient jurisdictions to operate new companies/ventures or suggest change of existing operations.
• Monitor process of liquidation of companies as and when required.
• To monitor and report company’s leverage and cash position to ensure the company’s finance health.
• Development of different investment calculations as per company requirement/shipping practices for review by Executive Management and Shareholders.

General Ledger and Financial Reporting:

• Manage and review monthly, quarterly and annual financial statements for the group companies, individual and consolidated.
• Ensure that any financial reporting projects or audits run smoothly and timely and manage relevant flow of information.
• Ensure that financial statements are in accordance with the International Accounting Standards (IAS), International Financial Reporting Standards (IFRS) and local legal framework.
• Ensure completeness of all entries posted on a monthly basis (accruals, fixed assets register, leases, etc.)
• To ensure timely submissions of information requests by State Audit.

Taxation, ERP and Finance Processes:

• Owner and approver of all ledgers created in the chart of accounts (i.e. ledger cards, changes in chart of accounts or reports layouts, flow of information with other departments, data processing).
• Ensure that the Group Companies are in compliance with the rules and regulations issued by all Tax Authorities (local and international).
• Build the Group’s tax strategy (i.e. dividends, commercial transactions) and cash flow projections are aligned with Value Added Tax (VAT)/ Goods and Service Tax (GST), Withholding Tax (WHT) and Corporate Income Tax (CIT) obligations or applicable tax benefits.
• Ensure that the Company is in compliance with VAT, GST, WHT and CIT regulations and make sure that Group strategy is aligned with relevant regulations.
• Ensure that all tax matters requested by the Tax Authorities such as Tax Assessments, special investigations, updating tax files and records are all dealt with in a timely matter.
• Manage and overview the submission process of CIT Returns and deferred tax calculations, WHT, VAT and GST Returns.
• Evaluate the current ERP Accounting / Financial Reporting Module and advise any changes, integration or customization enhancement.
• Manage the implementation of any new ERP system ensuring that the Accounting / Financial Reporting Module has all controls in place to support accurate and presentable flow of information.
• Ensure that the Finance Department employees update and use the ERP features at their best.

Internal/External Queries:

• Responsible for any clarifications, inquiry or reporting requirement from internal or external of the organization (including Shareholders, Executive Management, Finance Management team, auditors, tax authorities, other Departments) and any matter related to financial figures budgeted, actual or projected within or outside the organization.

Managing and Continuous Improvement:

• Managing the Budget and Financial Modelling Team, the General Ledger and Financial Reporting Team and the Taxation, ERP and Finance Process Team by providing leadership, guidance and supporting the teams on policies or transactions problems which require solutions.
• Managing the Teams by Interviewing, hiring and recommendation for training of employees.
• Helping the Teams understand performance targets and goals.
• Setting goals for performance and deadlines in ways that comply with Company’s plans and vision.
• Analyze current processes and procedures to ensure best practice implemented to participate in establishing policies.
• Monitoring employee productivity and providing constructive feedback and coaching.
• Implement reporting procedures and internal controls for the purpose of maintaining accurate records.
• Propose cost savings or control initiatives related to Group Companies’ expenditure.

Policies, Systems, Processes & Procedures and MOA:

• Ensure the team follows all relevant departmental policies, processes, standard operating procedures, instructions, and Manual of Authority (MOA) so that work is carried out in a controlled and consistent manner.

Qualifications:

Minimum Qualification:

• Bachelor’s Degree (preferably with an ACCA or CFA or, CMA or CPA accreditation, or a master’s degree holder)

Minimum Experience:

• Minimum 10 years’ experience in a similar role in accounting or related function.

Job Specific Skills:

• Communication skills
• Leadership and people development skills
• Ability to work under pressure.
• Internal Control
• Presentation skills
• Planning and forecasting Skills
• Priority Setting