Financial Manager

Overall Job Purpose:

Oversee the complete financial management for a leading manufacturing company in the Middle East, ensuring asset protection, enhancing financial efficiency, controlling costs, and ensuring compliance with financial and accounting regulations. Additionally, provide support to senior management in strategic decision-making through accurate financial analysis and comprehensive reporting related to the business portfolio.

Key Responsibilities:

Financial Planning and Management:

1. Prepare the annual financial plan in alignment with strategic objectives.
2. Oversee the preparation of general budgets and ensure adherence to them.
3. Establish and regularly update financial and accounting policies and procedures.
4. Provide recommendations to senior management regarding improving financial status and profitability and resource allocation.

Accounting Management:

1. Oversee the preparation of accounting entries and financial statements according to established standards.
2. Review and approve monthly, quarterly, and annual financial statements.
3. Supervise periodic inventory audits to ensure accuracy.
4. Manage accounts payable and receivable, ensuring the safety of financial assets.

Financial Analysis and Reporting:

1. Prepare financial and analytical reports (quarterly and annually).
2. Analyze cost variances and monitor discrepancies between actual and budgeted figures, taking corrective actions as necessary.
3. Evaluate financial performance across different departments and propose appropriate improvements.
4. Prepare cash flow analyses and monthly forecasts to ensure adequate liquidity.

Cost Control and Optimization:

1. Analyze cost structures and oversee the determination of final product costs.
2. Participate in defining cost reduction strategies in coordination with operational management.
3. Monitor operational expenditures and ensure compliance with budgetary constraints.

Compliance and Governance:

1. Ensure full compliance with accounting, tax, and governmental regulations (e.g., zakat and tax).
2. Oversee internal and external audits and coordinate with auditing firms.
3. Develop internal control systems to minimize financial errors and discrepancies.

Financial Relationships and Funding:

1. Manage relationships with banks and financial institutions to secure necessary funding for operations or projects.
2. Monitor bank loans and ensure compliance with repayment schedules.
3. Develop cash management strategies to ensure financial stability.

Financial Systems Development:

1. Oversee the implementation of financial management systems and ensure their updates.
2. Ensure the integration of financial systems with operational systems for enhanced efficiency.
3. Develop financial analysis and forecasting tools using modern technology.