Visionary & result-oriented Finance Professional offering more than 22 years of impeccable success in spearheading Finance & Accounts functions with consistent record of delivering results in growth, revenue, cost, operational performance & profitability across Shipping industry (Warehousing, Transportation, Freight Forwarding, Agency, & Liner Business)
Provided insight to the financial decision-making process through analysis, financial projections (planning, budgeting & forecasting) and reporting; brought in scalable financial control in operations
Skills in reviewing financial statements & managing documents for streamlining systems to facilitate achievement of organizational objectives and ensure profitability of operations
Gained exceptional exposure in verifying AR/AP VAT registers, ensuring compliance on VAT return filing, maintenance of VAT records for future audit, rectifying issues on preparation, layout, and booking of AP/AR invoices, tallying figures of VAT return with trial balance
Compiling & finalizing cash flow projections; predicted cash shortages and surpluses, compared business expenses & income, estimated effects of business change, and determined any adjustments (e.g., cutting expenses)
Developed finance policies & procedures and ensured that the same were consistently followed; proven expertise in steering cost analysis, fund management and risk analysis
Proficient knowledge of IFRS, IND AS, IAS Accounting Standards and Statutory/Regulatory Compliances; provided timely, relevant & accurate reports & analysis of organization’s performance
Expertise in identifying areas of strength & weaknesses in the financial function, drive controllership of taxation area and manage systems effectively to improve efficiency, increase cost saving, productivity & bottom line
Formulated plans, translated business strategies into executable plans in the region with a large team including local resources
Leveraged People Management and Communication Skills to interface and deal with bankers for fund raising, lawyers for legal issues, government employees for grants, approvals and taxation issue
NOTABLE ACCOMPLISHMENTS ACROSS THE CAREER
Transworld Shipping Trading & Logistics Services LLC (Formerly Meridian Shipping & Trading Co. LLC) (Muscat, Oman)
Steered the liner accounting with the principal companies overseas, including Balaji Shipping Lines, Orient Express Lines, and Ignazio Messina & C, forwarding accounts with DAMCO and Worldwide Independent Network (WIN)
Familiarized IT related activities including Oracle Financials at user level, in coordination with the software/ hardware engineers locally for service supports and the Dubai/Chennai office for smooth functioning of IT related activities
Implemented various control procedures and systems to be followed for the smooth functioning of the company and to comply with the requirements of the set internal control procedures
Assigned & supervised the functions allotted to subordinates to ensure smooth functioning of the department and effective functioning of the organization
Avana Global FZCO (Formerly Balaji Shipping Lines FZCO) (Dubai, UAE)
Steered Finance & Accounts functions for 2 Subsidiaries, namely:
o Balaji Shipping (UK) Limited
o Transworld Shipping and Logistics LLC
Implemented Oracle fusion financials, that was done in coordination with the Software/ Hardware Engineers locally for service supports and the Dubai/Chennai office for smooth functioning of IT related activities
Completed external audit, query resolution with external auditors, and issuance of the signed financial statements by auditors within the prescribed timelines in coordination with Overseas Accounts Team, Cluster Team, Agency, and GSA Team
Developed the IND AS requirements and detailed workings for holding company to assist consolidation by external audit team and query resolution for closure of holding company’s consolidated financial statements
Highlighted & resolved the critical issues on interface with the IT desk
Rectified issues related to preparation, layout, and booking of AP/AR invoices to ensure VAT compliance Synchronized with MDM and interface team to ensure interface of AR/AP data
WORK EXPERIENCE
Since Dec’19: Transworld Logistics FZE & Transworld Logistics DWC LLC (Dubai, UAE)
Senior Manager (Finance & Accounts)
Key Result Areas:
Developing, reviewing, and completing annual financial statements and audit within the prescribed timelines
Coordinating with the Accounts Team and Cluster Team for the completion of external audit, query resolution with external auditors, and issuance of the signed financial statements by auditors within prescribed timelines
Formulating:
MIS, conducting business analysis, and submitting the same to management by 10th of the following month
Reviewing, and submitting the annual budgets, both operational and administration, as per prescribed timelines
Business variance and other analytical reports to support business decisions
Sustaining relationships with clients, bankers, and vendors via regular interactions for settlement of invoices, collections, smooth processing of payments and receipts, and systematic payments to vendors
Tracking credit periods for each customer as per norms, and following up with concerned Sales/CS team to obtain collections
Ensuring coaching/training of every team member in one job-related skill/topic within the year
Verifying the AR/AP VAT registers quarterly and ensuring compliance on VAT return filing and maintenance of VAT records for future audit
Rectifying issues on preparation, layout, and booking of AP/AR invoices to ensure VAT compliance
Tallying figures of VAT return with trial balance and reconciling the same for VAT consultants and external auditors
Compiling and finalizing cash flow projections by the 1st of every month
Apr’15-Dec’19: Avana Global FZCO (Formerly Balaji Shipping Lines FZCO) (Dubai, UAE) as
Senior Manager (Finance & Accounts)
Highlights:
Prepared & reviewed the quarterly/annual consolidated and standalone financial statements of parent and subsidiary companies within the prescribed timelines
Reviewed the trial balance periodically for parent and subsidiaries, and highlighted pending adjustments, rectifications, missing entries, sub-ledger exceptions to accounts, cluster GSA, and India agency team
Verified the AR/AP VAT Registers quarterly and ensured compliance on VAT Return filing and maintenance of VAT records for future audit
Tallied the figures of VAT return with trial balance and reconciled the same for VAT consultants and external auditors
Prepared, reviewed, and analyzed the migration data of parent and subsidiaries for accuracy and completeness
Coordinated and reviewed the migration data submitted by overseas subsidiaries to ensure smooth go-live for the entities
Harmonized with IT, MDM, and other service providers to ensure migration data upload
Verified the uploaded data and certified the accuracy and completeness of the same in UAT, development, and production instance
Coordinated with Oracle Fusion reports team to ensure provision of report requirements for the accounts users
Provided all inputs for the preparation, review, and analysis of financial information presented to the board
Assisted in the preparation of annual budgets, and liaised with banks to address specific issues related to telegraphic transfers, facilities, and day-to-day routine banking activities
Interacted with the shared service desk periodically to ensure that the check points and SOP's are strictly adhered to
Addressed all accounting and reporting issues/delays with shared service desk and ensure attending of the same on top priority
Followed up with all agents/network partners for timely reporting of GSAs and remittances, and addressed issues on GSA reporting
Monitored cash flows daily and ensured timely collections and payments to vendors
PREVIOUS EXPERIENCE
Jun’01-Apr’15: Transworld Shipping Trading & Logistics Services LLC (Formerly Meridian Shipping & Trading Co. LLC) (Muscat, Oman) as Head (Finance & Accounts)
Highlights:
Maintained the books of accounts within a computerized environment, including complete data entry of all day-to-day transactions in finance and accounts, to generate and analyze various reports for the General Manager/Directors
Worked on:
Reconciliations on a periodic basis to ensure effective and streamlined functioning of the organization
Accounts Finalization, closing of books of accounts, and submitted the annual reports to the external auditors with coordination during annual audits
Circulated & obtained year-end confirmations for debtors and creditors, bank confirmations, confirmation from related companies, and preparation of year-end schedules and reports as required by the external auditors
Monitored the bank facilities and coordinated with the bankers on a periodic basis
Coordinated & followed up regularly with Debtors for collection of outstanding dues
Ensured the attainment of credit control norms as defined for individual debtors in terms of period and value
Instructed the sales department with the outstanding list and followed up on the same
Formulated:
Annual budgets in coordination with the General Manager and the Sales & Accounts Teams
Monthly/half-yearly/yearly management information reports for the Head Office in the prescribed manner, covering the Budget vs. Actual Performance Analysis, Draft Profit & Loss Account and Outstanding List, Monthly Agency Management Reporting, and Key Performance Index (KPIs) and analysis
Highlighted areas of importance & concern by analyzing the MIS reports, and suggested suitable solutions to meet the set objective and goals of the company
Sep’98-Jun’01: Transworld Management Consultancy (I) Pvt. Ltd. (Mumbai, India)
Assistant Manager (Treasury)
Highlights:
Coordinated with all Transworld Group of Companies and obtained:
Weekly treasury / Cash / Bank position reports, study, analyze and present consolidated reports with appropriate notes to the Management
Debtors Position, review and consolidate the same and presented the consolidated reports with appropriate notes to the Management
All Agency Offices for Liner Accounting with the Principal Companies viz UASC / Balaji Shipping Lines / Orient Express Lines / Ignazio Messina & C / MISC and provide timely and suitable reports to the Management
Monitored the Corporate facilities and coordinated with the Bankers of the company on a periodical basis
Prepared:
Annual Budgets in co-ordination with Agency Offices and other Transworld Group of Companies and report to the Management
Monthly Management Information reports in coordination with the Agency offices and other Transworld Group of Companies and reported the same to Management
Worked on year-end closing of the books of accounts & statutory audit and submission of Annual Accounts to the External Auditors
ARTICLESHIP
Jul’94-Jun’97: AF Ferguson & Co. (Now Deloitte Haskins & Sells) (CA) (Mumbai, India)
Senior Articled Clerk
Highlights:
Carried out Various types of Audit as Senior Auditor on behalf of AFF & CO., for various multinational Companies, Public and Private Ltd., Financial Institutions, Trusts & Schools
Types of Audit Conducted: Cash Counts, Stock Taking (Inventory), Statutory Annual Audits, Interim Audits, Tax Audits, Fixed Deposits Audits, Pension Fund / Provident Fund / Superannuation Audits and Routine Audits
Key clients served: Thomas Cook ( I) Ltd., Bombay Dyeing & Manufacturing Co Ltd., Ingersoll Rand (I) Ltd., Glaxo SB Ltd., NRB Bearings Ltd., Eternit Everest Ltd., Goodlas Nerolac Paints Ltd., Fibre Glass Pelkington Ltd., RWITC (Royal Western India Turf Club), RPG Ricoh Ltd., Duphar Interfran Ltd., Wyeth Lederle Ltd., J.K Helen Kurtis Ltd., Forbes Gokak Ltd. and Indian Register of Shipping (IRS)