Fahid Iftikhar
Lalor,VIC
Summary
Costing & Budgeting Analyst with over 11 years of experience in managing diverse portfolio, analyzing financial data & conducting communications with internal & external parties. Financial specialist with successful record in generating cash flows, improving payment collection, reducing aged receivables & managing budgets. Member of Saudi Organization for Certified Public Accountants (SOCPA) A result-oriented professional and decisive leader having capabilities of adding value, bringing innovation and tendency to thrive in dynamic environments. Highly-motivated employee with desire to take on new challenges. Strong work ethic, adaptability, and exceptional interpersonal skills. Adept at working effectively unsupervised and quickly mastering new skills. Results-oriented accounting professional with several years of experience in accounting, financial analysis, and audit-related settings. Quick and eager learner with acute attention to detail and a consistent track record of identifying process improvements to drive quality, accuracy, and efficiency.
Overview
12
12
years of professional experience
Work History
Manager Accounting & Administration
Allied Schools - Sargodha Campus
Sargodha, Pakistan
08.2020 - 01.2022
- Responsible for Administrative, Accounting & Security affairs of the Organization
- Coached, mentored and trained team members in order to improve their job performance.
- Scheduled interviews for potential candidates and conducted reference checks prior to hire.
- Conducted regular meetings with staff to discuss progress and identify areas of improvement.
- Ensured compliance with regulatory requirements and industry standards.
- Monitored budgets and expenditures to ensure cost-effectiveness while maintaining quality standards.
- Ensured compliance with all applicable laws, regulations, industry standards.
Cost Analyst
Olayan Descon Industrial Co. Ltd
Yanbu Industrial City, Kingdom of Saudi Arabia
06.2015 - 05.2020
- Team Leader of business unit's accounting, reporting & budgeting team
- Responsible for controlling all activities of Business Units Financial team and ensuring that activities are carried out efficiently, effectively and in line with best practice
- Utilized cost estimation systems to document project information, create estimates and revise project costs to reflect current data
- Calculated correct costs for project-specific goods and services by gathering information from team members, subcontractors, and vendors
- Conducted special studies to develop and establish standard hourly cost data to assist in cost reduction
- Set project objectives, budgets, and schedules by coordinating with clients and teammates and optimized plans to meet changing conditions
- Prepared estimates used by management for proposals such as planning, organizing, and scheduling work
- Collected historical cost data to estimate costs for current or future products.
- Developed budgeting and forecasting processes to ensure accuracy in financial planning.
- Prepared reports that highlighted variances between actual and expected costs.
- Conducted comprehensive reviews of invoices, bills, and other documents related to expenditures.
- Analyzed trends in production costs over time and generated forecasts based on this information.
- Provided support with auditing activities related to cost analysis.
- Implemented strategies to reduce overhead expenses while maintaining quality standards.
- Collaborated with stakeholders across departments to ensure accurate reporting of costs.
- Ensured compliance with all applicable laws regarding procurement practices and procedures.
- Monitored supplier performance metrics and evaluated quotes from vendors for cost-effectiveness.
- Reviewed project proposals for potential cost overruns or discrepancies in pricing structures.
- Identified opportunities for process improvement through data analysis techniques.
- Generated monthly reports highlighting key findings from cost analyses conducted by the team.
- Analyzed cost data and identified areas for cost savings opportunities.
- Assisted management with important cost and benefit decisions.
- Calculated total costs and compared budgets with actual expenses.
- Tracked changing labor and supply costs and prepared periodic cost reconciliation reports.
- Compiled detailed financial statistics and reports regarding expenses, costs and forecasts.
- Prepared expenditure statements and budget documentation during project execution.
- Prepared estimates to use in vendor or subcontractor selection.
- Collected data and information from vendors, sub-contractors and teammates to determine exact costs for all aspects of each project.
- Reviewed material and labor costs to help make build-or-buy decisions.
Cost Controller
Olayan Descon Industrial Co. Ltd
Yanbu Industrial City, Kingdom of Saudi Arabia
01.2011 - 06.2015
- Part of business unit's accounting team, assisting in reporting & controlling activities, and ensuring that they are carried out efficiently, effectively and in line with best practice
- Reviewing commercial and financial terms of contracts
- Jointly with PMG, ensuring compliance to financial terms
- Verify all project invoices and ensure timely submission of invoices as defined and agreed in contract
- And ensuring timely issuance of bank guarantees, performance bonds and Insurances as per contract terms
- Reporting any deviations from contractual terms to Company FC
- Jointly with PMG and Receivables department, ensuring follow up and timely collection against project receivables
- Timely report and update in ERP for variation orders, time extensions, liquidated damages, Claims etc
- Finalize revenue, cost, and profitability impact due to such developments with PMG
- Developing revenue and profit targets with BU Manager
- Reviewing and analyzing BU resource plan for Manpower and Equipment
- Developing and finalization of Latest Forecasts, Annual Budget of business unit with PMG and BU Head
- Reviewing, analyzing & validating project bids, project budgets and balance cost to complete
- Analyzing physical progress monitoring mechanism and cost relationship
- Responsible for compliance to Financial Authority Matrix and report any deviations
- Monitoring budget utilization at project, BU, and transaction level
- Verifying and ensuring in all systems accuracy of budgeted figures
- Ensure that all budgets are duly approved as per financial authority matrix
- Variance reporting with explanations and reasoning i.e., analysis of actual versus budget
- Develop project close out procedures & ensuring project close out in all respects
- Maintaining work order status on regular basis
- Accurate projection of monthly cash expenditures through efficient budgeting and detailed document reviews
- Actively involved in revenue, cost, and profit recognition process
- Responsible for calculation of project wise revenue
- Validating accuracy of recognized revenue and costs
- Responsible for ensuring compliance to IFRS and company policy of revenue recognition
- Monitoring correctness and accuracy of accounting and accounting system
- Report any deviation to FM
- Responsible for submission of monthly cost accruals with relevant supports from PMG
- Reviewing and verifying all cost bookings for business unit
- Analyzing cost ledgers and rectifying accounting errors
- Developing standard reporting formats which can be easily consolidated at company level
- Developing financial and non-financial measures of performance with PMG
- Responsible for representing business unit at all levels, internally and externally
- Sharing reasons to management for all financial and accounting matters of business unit
- Improve understanding of non-finance PMG staff about financial planning and reporting
- Conduct financial training sessions
- Ensure compliance to company policies, procedures, and internal controls
- Identify shortcomings of prevailing control environment
- Develop and improve established internal controls, policies, and procedures.
- Worked closely with department managers to develop cost-effective solutions for ongoing projects.
- Monitored and reported on the financial performance of projects, ensuring accuracy of data.
- Participated in monthly meetings with executive team members to review overall financial performance results compared against budget projections.
- Conducted regular audits of accounts receivable, payable activities to verify accuracy of information provided by vendors, clients.
- Prepared detailed reports on project costs, including labor, materials, overhead expenses.
- Managed accounting, payroll, and financial reporting activities.
Accountant - Payables Section
Olayan Descon Industrial Co. Ltd
Jubail Industrial City, Kingdom of Saudi Arabia
11.2009 - 12.2010
- Review invoices and check requests
- Applied proper codes to invoices, files, and receipts to keep records organized and easily searchable
- Sort and match invoices and check requests
- Set invoices up for payment
- Process check requests
- Entered invoices requiring payment and disbursed amounts via check, electronic transfer, or bank draft
- Verified vendor accounts by reconciling monthly statements and related transactions
- Prepare analysis of accounts
- Monitor accounts to ensure payments are up to date
- Resolve invoice discrepancies
- Kept vendor files accurate and up to date to expedite payment processing
- Maintained relationships with vendors and managed invoices for material & services
- Generated accounts payable reports for management review to aid in financial and business decision making
- Utilized talents and expertise to complete on-time and accurate monthly closing processes, journal entries and accruals
- Trained and mentored new team members and managers on accounts payable systems and policies to build cohesive groups and promote operational performance.
- Maintained up-to-date knowledge of Generally Accepted Accounting Principles guidelines.
- Coordinated with external auditors during the annual audit process by providing requested documents and responding to inquiries in a timely manner.
- Performed general ledger reconciliations on a timely basis.
- Monitored cash flows and prepared weekly cash projections.
- Reviewed invoices for accuracy and completeness prior to payment processing.
- Managed accounts receivable and payable, reconciled bank statements, and prepared financial reports.
- Prepared monthly closing entries for multiple companies' books of records.
- Created journal entries accurately and timely for month end close processes.
- Gathered banking transactions via statements, recorded activity in Excel format and reconciled balances.
- Collaborated with external partners to complete audits.
- Updated and managed accounts payable databases, employing access controls to protect data.
- Investigated and resolved billing issues to maximize cash flow and minimize liabilities.
Education
Master of Extended Professional Accounting - Data Analytics
La Trobe University
Melbourne, VIC12-2023
BBA - Accounting & Finance
National University of Computer & Emerging Sciences [NUCESFAST]
05.2009
HSSC -
Elite Science College - FBISE
06.2005
SSC -
Air Base Inter College - FBISE
03.2003
Skills
- Effective communication skills
- Problem-solving abilities
- Finance and accounting operations
- Cost accounting
- Accounting software [AACPAC, FOXPRO, CONSYS, SMART]
- Microsoft Office
- Flexible & Adaptable
- Project Management
- Excellent work ethic
- Leadership
- Teambuilding
- Variance Analysis
- Cost Control
- Forecasting
- Cost Estimation
- Business Analysis
- Microsoft Excel
- Data Collection
- Professionalism
- Goal Setting
- Customer Relationship Management
- Project Coordination
- [Software] expertise
- Teamwork and Collaboration
- Interpersonal Communication
- Effective Communication
- Problem-Solving
- Multitasking
- Reliability
- Document analysis
- Financial Forecasting
- Budget Development
- Cost Evaluation
- ERP systems expert
- GAAP knowledge
- Bookkeeping
- Balance sheets
- Budget Preparation
- Bank Reconciliation
- Financial Reporting
- Accruals and Provisions
- Audit Support
- Accounts Payable
- Data Analysis
- Documentation and Reports
Personal Information
Title: Cost & Budgeting Analyst
Timeline
Manager Accounting & Administration
Allied Schools - Sargodha Campus
08.2020 - 01.2022
Cost Analyst
Olayan Descon Industrial Co. Ltd
06.2015 - 05.2020
Cost Controller
Olayan Descon Industrial Co. Ltd
01.2011 - 06.2015
Accountant - Payables Section
Olayan Descon Industrial Co. Ltd
11.2009 - 12.2010
Master of Extended Professional Accounting - Data Analytics
La Trobe University
BBA - Accounting & Finance
National University of Computer & Emerging Sciences [NUCESFAST]
HSSC -
Elite Science College - FBISE
SSC -
Air Base Inter College - FBISE
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