Chief Financial Officer
Job Level: Executive Management
Department: Finance & Accounting
Reporting To: Chief Executive Officer
► Finance Operations Manager
► Financial Analyst
► Treasury Officer
The CFO will be responsible for directing and overseeing the overall financial needs of Company. He will manage the financial operations, planning and budgeting, zakat and tax and treasury of Company. He will be responsible for the preparation and presentation of Company consolidated financial statements and budgets in accordance with the set objectives, targets, policies, procedures and controls.
Major Duties and Responsibilities
► Participate in the development and update of Company strategic direction, goals and objectives.
► Participate in the development of Company business plan and ensure that all activities within the finance & accounting department are aligned with it.
► Participate in the development of Company annual budget and maintain costs and expenditures within the set budget.
► Direct the development and update of long and short term finance strategic goals, objectives and plans which include all activities related to the financial analysis, financial projections, accounts payable, accounts receivable, treasury, and general ledger and ensure its alignment with Company strategic direction and business plan.
► Oversee and supervise the implementation of the strategic initiatives, as applicable, and communicate the strategy and initiatives to all individuals within the department.
► Direct the development of the departments’ guidelines, policies and procedures and ensure its implementation across all departments while ensuring compliance with Company strategic goals and objectives.
► Establish formal and informal communication lines across the department to allow prompt identification and resolution of problems that impede achievement of strategic goals.
► Report to the Chief Executive Officer on the status of all finance and accounting activities, and Company financial performance.
► Guide, direct and lead the following functions in executing their responsibilities in a timely manner and in line with the policies and procedures of:
► Financial Operations
► Planning and Budgeting
► Zakat and Tax
► Direct the implementation of the group-wide accounting policies and procedures and financial reporting systems in compliance with international accounting standards.
► Direct and oversee the payables, fixed assets, payroll, general leader and projects accounting functions for Corporate and sectors.
► Direct and oversee the preparation and presentation of Company consolidated financial statements (including obtainment of the tax/zakat certificate) to the CEO and Board of Directors.
► Serve as the principal contact with the external audit firm, and ensure that they are provided close cooperation and assistance in the discharge of their responsibilities, including primarily the certification of Company financial statements.
► Direct and oversee all costing initiatives including transfer prices across Company sectors to ensure adherence to the policies and procedures.
► Direct and oversee the financial analysis and planning assistance given to the entire group including all types of short/long term financial projections / forecasts / plans.
► Direct and oversee the support given to other departments (business development & marketing department) in feasibility studies, due diligence, financial modeling and valuations, financial projections and other type of financial analysis to support decisions related to acquisitions, divestitures, projects development and joint ventures.
► Advise CEO and Board of Directors on new company financial structuring/formation or financial structuring of existing sectors in the areas of capital structuring and tax optimization.
► Direct and oversee the treasury with respect to cash management, loan and facilities management and short term investment management for corporate.
► Cultivate relationships with financial institutions to serve the financial needs of Company.
► Direct and oversee the disbursement of funds and payments for Company including transfer of funds between accounts of the corporate and sectors.
► Direct and oversee all negotiations with the bank for facilities for Company requirements (loans).
► Direct and oversee the preparation of the monthly management performance reports showing key performance indicators, trends, comments on budget variations, relevant outside information, risks and areas that require management attention. Present the reports to the CEO and Board of Directors.
► Direct and oversee the preparation and consolidation of Company corporate and sector budgets. Present the consolidated budget to the CEO for acceptance and to the Board of Directors for approval.
► Provide advice, guidance, direction, and authorization to department managers and employees to carry out major plans and procedures, consistent with established policies.
► Communicate and discuss the departments’ guidelines and procedures with staff to ensure responsibilities, authorities and accountabilities for all staff are defined and understood.
► Delegate some of the responsibilities to appropriate subordinates in order to benefit from smooth running of the department’s operations.
► Provide guidance and leadership to department managers and employees to ensure effective and efficient flow of work, and to ensure that they recognize their fundamental role in achieving the objectives of Company in general and their department in particular.
► Conduct annual performance appraisal to review department managers and employees performance.
► Recommend salary adjustments, rewards and promotions based on department managers and employees’ performance.
► Monitor the adherence of department managers to Company guidelines, policies and procedures.
► Ensure effective departmental performance through the selection, development, deployment and motivation of competent department managers and staff.
► Develop the departments’ objectives, targets and key performance indicators (KPI’s) with the approval of the CEO.
► Report finance and accounting KPI’s progress on a regular basis.