RIAZ ALTAF BORRA
Accounts & Finance
Summary of Career
1. Accounts Receivable Management
2. Accounts Payable & Payroll Management
3. General ledger maintenance & Inventory management
4. Operational & Financial Analysis
5. Fixed Assets maintenance
6. Bank & other Reconciliations
7. Budgeting & Forecasting
8. Financial Planning and Analysis
9. Product Costing & Pricing
10. Financial and Management reporting, Direct & indirect taxation- VAT. (implementation to reporting), SAP implementation, enhancement and training.
Led invoice automation project- Resulted in reduction of 2-3 days in invoicing processing.
SAP Implementation experience (FI+SD+MM) & SAP Power User.
Supervised preparation & implementation of authorization matrix in SAP to classify user rights.
Collection of bad debts amounting to AED 3 million (2019) though direct negotiations with customers.
Successfully got waiver of AED 2.5 million from Government Department on part of 20% sub lease tax.
Experience as MANAGER- Accounts & Taxation (VAT/ Income Tax)
K Electric Limited
13 November 2003
31 May 2015
K Electric (The Abraaj Group- UAE) is principally engaged in the generation, transmission & distribution of electric energy. Company listed in all stock exchanges of Pakistan, having staff strength of 18,000 and annual turnover of around US$ 1.3 billion. It has been managed and run by Abraaj Capital LLC of UAE.
• Supervised a team of 24 members and reports to Deputy Director for all activities.
• Trained inter/ cross departmental colleagues on complex tax issues (VAT, Income tax etc.)
• Developed Annual Capex/ Revex budget (Projects) and its subsequent monitoring and reporting.
• Supervised PO recon in SAP to actualize cost & eliminating variances of over/ under utilization of cost.
• Supervised payable operations (Rs.186 billion p.a.) of 2000+ suppliers as being an Authorized signatory.
• Deployed BMC scorecard and vendor recon resulting improved payment timelines and vendor relations.
• Safeguard timely settlement of advances to avoid misrepresentation in Financial Statements.
• Monitored receivable operations (Region IV- Rs. 6 billion p.a.) involving 600k multi tariff consumers.
• Supervised a team to deploy and finalize Receivables Incentive Scheme.
• Assure proper accounting treatment and tax rates for all direct (Income Tax/ Advance tax) and indirect taxes (VAT/ FED/ Excise/ custom duty etc.)
• Supervised preparation & implementation of authorization matrix in SAP to classify user rights.
• Ensure timely foreign currency revaluation in SAP & MR11 run to actualize GRIR & GIT to cost GLs.
• Automated inventory variances- to ensure accurate valuation of COGS in standard costing system.
• Submission of Accounts Payable & Receivable ageing to management.
• Responsible for reporting Cash flow of foreign suppliers.
• Ensure accuracy of foreign currency payments to book realized gain/ loss in SAP.
• E-filing of monthly/ annual sales tax return &its compliance up to refund claims.
• Tax planning; Advise management about cash flow savings through proper tax forecasting, strategies and assumptions underlying budgets.
• Coordinate with concern department to implement new tax rates and its incorporation in SAP.
Experience as MANAGER- Finance & Accounts
Komek Trading DMCC
01 June 2015
15 May 2017
Komek Trading is a member company of DMCC- involved primarily in training/ consultancy/ trading of forex, OTC as well derivatives; and secondarily in distribution & retailing of building materials.
• Supervised a team of 5, for general ledger transactions and ensure well-timed period end activities.
• Reported Financial Statements; product wise analysis and its likely impact on company’s performance.
• Ensure minimum margin in Trader’s account to safeguard company with excessive trading losses.
• Analyzing and reporting on budgets, forecasts and long range plans.
• Production and raw material procurement planning.
• Safeguard P2P process through accountability of key KPIs like GRNs, PO compliance, Master data accuracy, Suppliers recon & Payment Terms adherence & to promote 3-way match (PO-GR-IR).
• Demonstrated agility on collections, credit term revisions & reconciliation to ensure green rating of AR.
• Working Capital management- AP/AR, sales trend and taking corrective actions to mitigate risks.
• Inventory reconciliation & its categorization.
• Ensure accurate processing of payroll and related activities (EOSB provision, final settlements etc.)
• Supervised treasury; Cash flow management, banking transactions, trade finance options etc.
• Managed implementation of cost accounting system and its performance thereon.
• Liaison with External/ Internal auditors to complete their requirements & to resolve their queries.
Experience as MANAGER- Accounts & Admin
Al Ghurair Trading Group of Companies
17 May 2017
23 February 2020
Al Ghurair Trading Group is a diversified family-owned conglomerate with interests in manufacturing and distribution of LPG & Industrial Gases, real estate, business consultancy/ engineering services etc and expanding global presence.
• Leading a team of 5 members directly & 3 intercompany team mates.
• Achieving Financial objectives by forecasting requirements; preparing master budget; scheduling expenditures; analyzing variances; initiating corrective actions.
• Business partnering in preparation of new contracts, feasibility/ sensitivity analysis and target pricing.
• Review budgetary controls on Purchase mechanism and its subsequent costing.
• Deliver financial and operational reporting, providing guidance & insight to Executive level management on monthly, quarterly and yearly basis.
• Assisting Financial Controller in consolidation of business unit’s performance as per IFRS.
• Monitoring and interpreting cash flows and predicting future trends.
• Examine financial transactions for accuracy and compliance with judiciously.
• Receivables, payables, and fixed assets reporting and management.
• Supervising banks reconciliations, aging analysis, Inter Company accounts reconciliation.
• Manage e-filing of VAT returns, reconciliation and ensure record keeping as per FTA requirements.
Master 25 December 2013ACMA (A-5553- 2013) Institute of Cost and Management Accountants of Pakistan
Master 17 August 2011MBA- Finance (2011) Federal Urdu University of Arts, Science & Technology