EMPLOYEE JOB DESCRIPTION

1. POSITION DESCRIPTION: 

Position Title: Department Head - Finance

Reports to: Chief Financial Officer / CEO

Department: Finance

2. JOB PURPOSE:

To be responsible for ASYAD Drydock (ADC) (including ASYAD Drydock Parent Company, subsidiary DDC and Associate DND) general ledger and ensure all transactions are recorded accurately and in a timely manner and are in accordance with IFRS and local reporting standards.

Oversee budgeting, cash management, payments, risk management, audit liaisons, and tax matters daily and safeguard ADC’s financial best interest at all times.

Ensure that all tax/financial reports are submitted accurately and timely to meet the ADC’s policies and standards and departmental requirements.

To ensure the optimization of the departments processes and coordinate with all relevant departments/stakeholders regarding collections from customers and payments to suppliers and employees.

To review and approve high payments to suppliers and settlements with customers.

To ensure all reports and analyses are presented in a professional manner and as per company requirements and ready for review by Executive management and shareholders.

To be responsible for ADC’s Financial Business Plan and Budget preparation and monitoring.

To be responsible for ADC’s cash flow forecast model and ensure it is up to date for decision-making. To be responsible for assessing new projects or investments.

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 ensure that the ERP system is developed correctly and used at its maximum potential

.3. KEY ACCOUNTABILITIES: 

Description

Strategic Financial Planning:

Monitor and report quarterly the financial performance of a given area of business activity 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.

Monitoring the cash forecasting, investment, and reporting of each category of funds to ensure efficient debt and cash management for concerned projects is consistent with ASYAD Group Treasury policies for all ADC companies.

Ensure accuracy and proper development of templates and reports for the review and assessment of the departmental KPIs.

Relationship and follow-up on cash management and funding outsourced to ASYAD Group Treasury for ADC companies

Management Accounting (Budgeting & Control) Duties):

Manage the preparation of the five - year strategic business plan and standalone and consolidated annual budget for ADC.

Ensure all department heads are aware of their budgets according to ADC’S Operational Strategy.

Monitor, evaluate and review the reporting of annual budget 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.

For Operational costs and Capex: Produce quarterly “after the fact” evaluation of projects, to identify major differences between job estimation (commercial) and actual production costs (production). Investigate variances and recommend corrective action.

Review all departments utilizations monthly so that the business is aware of anticipated costs/ revenues, areas of unsatisfactory performance are identified, and potential areas of cost reduction or performance improvement opportunities are capitalized upon.

Be responsible for reviewing any other ad hoc report related to budget.

Review benchmarking with other companies in terms of revenue and cost.

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), Withholding Tax (WHT) and Corporate Income Tax (CIT) obligations or applicable tax benefits.

Ensure that the Company is in compliance with VAT, 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 in a timely matter.

Manage and overview the submission process of CIT Returns and deferred tax calculations, WHT and VAT 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 its best.

Accounting and Financial Reporting:

Overseeing and challenging routine department activities to ensure that they are completed accurately and on time. This involves ensuring completeness of invoices/entries are posted timely, crosschecked and approved by the authorized personnel as per the MOA. The final trial balance should be signed off on for completeness and accuracy for all operating companies.

Approve reports that all invoices/entries are recorded in the correct expense/asset account for which the goods or services pertain to and for the correct period.

Oversee all monthly and annual closing workings and ensure that they are in compliance with IFRS requirements.

Ensure all departments adhere to the cut-off time to submit all required information pertaining to the month.

Ensure proper coordination with treasury in advance for cash availability in the bank, any major payments should also be made aware by treasury in a timely manner.

Ensure accrual entries are posted on reasonable assumptions/estimates by concerned departments.

Ensure all bank reconciliations are performed on a monthly basis and for any discrepancies, appropriate action must be taken.

Ensure all tax report reconciliations are performed on a monthly basis (VAT & WHT).

Approve reconciliation of advances, prepayments and deposits are performed on a monthly basis.

Ensure supplier/customer reports are conducted as and when required.

Ensure Fixed assets are recorded in the system accurately as per company policy and best practices.

To be a financial business partner when it comes to making operational decisions on current and future commercial contracts and challenging supply chain/concerned departments on existing service contracts.

Manage and review monthly, quarterly and annual financial statements for the group companies, individual and consolidated and ensure that financial statements are in accordance with the International Accounting Standards (IAS), International Financial Reporting Standards (IFRS) and local legal framework.

Ensure that any financial reporting projects or audits run smoothly and timely and manage relevant flow of information.

Ensure completeness of all entries posted on a monthly basis (accruals, fixed assets register, etc.).

Ensure correct allocation of shared service costs and transfer prices.

Ensure financial input is reported for the KPI’s for the individual departments.

Managing and Continuous Improvement:

Managing the Teams by providing leadership, guidance and support 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.

Manage and oversee change in financial policies through continuous improvement of departmental systems, processes and practices taking into account international leading practices, changes in international standards and in the business environment, and recommend actions.

Internal/External Queries and Reporting:

Responsible for any clarifications, inquiries or reporting requirements from internal or external of the organization (including Shareholders, third-party shareholders, Executive Management, auditors, tax authorities, State audit, and other Departments) and any matter related to financial figures budgeted, actual or projected within or outside the organization.

Ensure the team is working closely with Supply Chain / Other ordering Departments to prepare monthly report of financial commitments as per signed contracts and update General Ledger and Financial Statement team accordingly.

Approve detailed ageing reports (receivables and payables) monthly and take the appropriate action.

Responsible for developing and submitting any other report as and when requested by the Executive Management Team.

Ensure that all departmental reports are prepared in a timely and accurate manner to meet the ADC’s policies and standards, and departmental requirements.

Policies, Systems, Processes & Procedures

Ensure that the team develops and follows departmental policies, procedures and controls covering all areas of department activity so that all relevant procedural/ legislative requirements and standards are fulfilled while delivering a quality, cost-effective service in a consistent manner.

Ensure compliance with all relevant quality, health, safety and environmental management policies, procedures and controls across the department to guarantee employee safety, delivery of high-quality products/ service and a responsible environmental attitude.

4. COMMUNICATIONS & WORKING RELATIONSHIPS:

Internal:

Direct Report

Finance top management ASYAD Drydock

Department Heads

Finance team

External:

Consultants

Auditors

Investors & Stakeholders

Vendors & Customers

5. QUALIFICATIONS, EXPERIENCE & SKILLS:

Minimum Qualifications:

Bachelor’s Degree in Finance

Preferably MBA or equivalent post-graduate qualification from an internationally recognized business school.

Preferably ACCA, CPA or CMA certified holder.

Minimum Experience:

12 years’ experience working in finance department of a large sized process/manufacturing industry, with a minimum of 5 years of experience in a finance management role

Job-Specific Knowledge & Skills:

Knowledge of ship repairing processes

Functioning of various departments

Financial guidelines and accounting

Taxation guidelines of Oman

Risk management