Summary
Overview
Work History
Education
Skills
Timeline
Generic

Shirley Lim

Melbourne,Australia

Summary

A results-driven CFO with over 20 years of diverse experience in financial leadership, strategic planning, investment advisory, and governance across real estate, funds management, land and property development, hospitality, insurance, manufacturing sectors in Australia and Malaysia. Demonstrated success in enhancing financial performance, supporting property development and acquisitions, and ensuring compliance with regulatory frameworks. Proven ability to lead teams, advise Boards, and drive commercial growth through rigorous financial discipline and foresight.

Overview

26
26
years of professional experience

Work History

Chief Financial Officer (CFO)

Commerce Enterprises Management Group (CEM)
07.2023 - Current
  • Company Overview: CEM Group of companies is an investment group focused on investing and growing businesses in the hospitality industry. CEM is the owner and/or manager of 7 Hotels (previously under the Quest brand) and a number of real estate assets in Australia.
  • Management of the CEM Group's compliance and finance functions and reporting to the Managing Director and Board of Directors.
  • Lead the finance department which comprises of receivables, payables, treasury and payroll functions.
  • Developed strategic financial plans to support company growth and achieve its long-term objectives including the acquisition and sale of hotels and capital raising. Conducted regular reviews of Group's financial position and provide investment advice on how to maximise returns and profits.
  • Involved in the restructuring of the Group including reviewing its existing business structure for tax and cost efficiencies, incorporation of new entities and liquidation of old ones.
  • Responsible for the cashflow management and budgets of the Group. Analyzed operational issues and implemented corrective action to maximize profits.
  • Conduct due diligence and modelling for all potential acquisitions of hotel businesses and development of properties and assist with the settlement of the sold businesses.
  • Liaised with the financiers on funding matters such as securing funding for the acquisition/sale of hotels, negotiating better terms for the loans and term deposits and extensions on the current loan facilities.
  • Worked closely with the MD and Development teams to prepare budgets and business plans and provide analysis on variances against budget to the Board. .
  • Liaised regularly with external tax accountants, consultants and lawyers on all financial, tax and legal matters.
  • Developed policies and procedures, objectives and strategic financial and operational plans for the Group and conduct periodic reviews to ensure proper controls are in place.
  • Ensured compliance with statutory laws, tax and financial obligations of the Group including bank covenants requirements and the Group's policies and procedures.
  • Managed risk effectively through comprehensive insurance coverage review and implementation of robust internal controls.
  • Collaborated cross-functionally with other departments (operations, legal, acquisition and HR) to drive process improvements that positively impacted bottom-line results.
  • Fostered a culture of continuous improvement within the finance team, encouraging professional development opportunities for staff members.

Chief Financial Officer (CFO)

Lauders Group
06.2022 - 06.2023
  • Company Overview: Lauders Group is involved in residential project developments and real estate sales in various states in Australia. In addition, the Group is also involved in funds management whereby investors can invest in residential property developments through loan or equity investments.
  • Management of the Lauders Group's compliance and financial affairs and reporting to the Managing Director and Board of Directors.
  • Lead the finance department which includes the receivables, payables, treasury and payroll functions.
  • Participated in and contribute to the strategic plan of the business including the acquisition and sale of lands held for development and capital raising. Conducted regular financial reviews of Group's financial situation and provide investment advice to maximise returns and profits.
  • Liaised regularly with external tax accountants, consultants and lawyers on all financial, tax and legal matters and engineers, quantity surveyors on project development matters.
  • Worked with the MD and Development teams to prepare reports of its business performance against budgets and provide robust investor reports. Involved in presenting project development and financial updates to external investors and financiers.
  • Responsible for the financial reporting and modelling of the development projects and funds management business.
  • Liaised with the financiers on funding matters such as securing funding for the acquisition/sale of land and development projects, negotiating better terms for the loans, term deposits and extensions on the current loan facilities.
  • Responsible for the cashflow management and budgets of the Group and provide recommendations.
  • Developed policies and procedures, objectives and strategic financial and operational plans for the Group and conduct periodic reviews to ensure proper controls are in place.
  • Ensured compliance with statutory laws, tax and financial obligations of the Group including bank covenants requirements and the Group's policies and procedures.
  • Reviewed the Group insurance policies to ensure that all assets are adequately insured for loss or damage and all risks that can commercially be mitigated by insurance are insured.
  • Trained and coached the finance teams.

Chief Financial Officer (CFO)

Focus Group Investments
11.2020 - 05.2022
  • Company Overview: Focus Group Investments (FGI) Group is a diversified property group specialising in property investment, management and development. The Group seeks to maximise returns, through the acquisition, re-development, refurbishment, re-positioning and re-leasing of assets.
  • Management of the Focus Group's financial affairs and reporting to the Managing Director, Executive Director and Board of Directors.
  • Oversaw and managed the finance department which includes the receivables, payables, treasury and payroll functions.
  • Responsible for the preparation of Board papers which includes review of the consolidated financial reports, variance commentaries, cashflow projections, annual budgets, loan and interest rates review papers, performance of the share investment portfolios and other family assets/investments, review of arrears, vacancies and the current rental performance and leading the discussions in the Board meeting.
  • Ensured compliance with statutory laws, tax and financial obligations of the Group including bank covenants requirements and the Group's policies and procedures.
  • Worked closely with the tax accountants to manage the net worth of the family assets and investments and ensured that the Group is in a tax effective position through Division 7A loans, setting up of new entities and distributions to family members and assisting with succession planning.
  • Developed policies and procedures, objectives and strategic financial and operational plans for the Group and conduct periodic reviews.
  • Involved in business growth strategies discussions such as for the acquisitions and sale of properties and capital raising. Conduct regular financial reviews of Group's financial situation and provide investment advice to maximise returns and profits.
  • Liaised regularly with external tax accountants, consultants and lawyers on all financial, tax and legal matters.
  • Responsible for the preparation of annual budgets for the Group in consultation with the property manager, Directors and Board.
  • Participated in property development projects including review of contractors' quotes and tenders, providing project-based costing reports, reviewing cashflow requirements and providing regular project updates to the Board.
  • Ensured that every development project has a board approved budget for the duration of the project and variances to budget are discussed with the Board on a timely basis.
  • Oversaw the property management function including ensuring all rents and outgoing recoveries are received by their due dates, review existing vacancies, new leasing agreements, annual rent reviews and liaise with the external auditors for the outgoing audits.
  • Coordinated appropriate actions with the property manager and lawyers for non-payment of rent and outgoings.
  • Reviewed the Group insurance policies to ensure that all assets are adequately insured for loss or damage and all risks that can commercially be mitigated by insurance are insured.
  • Liaised with external IT service provider to ensure that all systems and software are operating effectively and securely. Regularly review and implement IT security measures to protect the system from any cyber risks and attacks and minimise any business interruption risks.
  • Trained and developed the finance and property management teams.

Finance Manager / Senior Fund Accountant

APN Property Group and Industria REIT (now known as Dexus Industria REIT)
12.2013 - 10.2020
  • Company Overview: The Group is a real estate investment trust (REIT) and is a listed entity on ASX. The Group comprises of more than 20 entities that are stapled together. The REIT is involved in leasing and development of commercial properties in various states in Australia.
  • Responsible for the maintenance of financial records for Industria REIT (real estate investment trust) and reporting to the CFO and Funds Manager.
  • Involved in the preparation of the management report such as consolidated balance sheet and profit and loss statements, financial analysis for the monthly Board papers, annual budgets, rolling forecasts.
  • Involved in assisting the Funds manager in special projects such as acquisition and disposals of properties.
  • Worked closely with the financiers to manage loan drawdowns, repayments, reviewing of interest and fees charged and ensured compliance for banking covenants.
  • Involved in preparation of monthly cashflow projections and recommending total loan repayments based on available cash.
  • Responsible for the review all swap contracts and ongoing review of the monthly interest and other charges to ensure that it is in line with the Group's hedging policy and terms of the contract. The CFO will be notified if there are material fluctuations in the variable interest rates against the fixed swap rates. Prepared the mark-to-market valuations to ensure that the derivatives are stated at fair value and sensitivity analysis for disclosures in the year-end financial statements.
  • Involved in managing the real estate agents and review the property reports prepared by external service provider monthly. Ensured that all property related data are recorded correctly in the entity financials.
  • Involved in the preparation of annual financial statements for lodgement with ASIC and ASX and other statutory reporting requirements such as Form 4E and Form 4B every 6 months. Assist the Fund Manager in the preparation of market updates to be announced on ASX.
  • Liaised with the external auditors on the annual and half-year statutory audit and the internal auditors on their review of the internal controls.
  • Prepared technical papers to support any accounting issues that arose during the reporting year.
  • Responsible for the preparation of the annual tax return for all entities including the maintenance of the tax depreciation schedules and deferred tax calculations and monthly statutory lodgements such as BAS.
  • Worked closely with the tax agents to ensure that the Group is in a tax effective position by grouping the relevant entities for tax purposes.

Senior Accountant

Marsh Pty Ltd
04.2010 - 09.2013
  • Company Overview: Marsh is a global leader in insurance broking and risk management advisor.
  • Responsible for the management of the financial records for a portfolio of captive insurance companies that are in active and run-off stage operating in the mining and financial services industry. Turnover range from $400k to $25 million.
  • Responsible for the preparation of the management report for the Board of Directors and Audit Committee on a monthly or quarterly basis and the annual statutory financial statements for 4 companies.
  • Assisted in the preparation of Board and Audit Committee papers and coordination of these meetings at least twice a year for all 4 captive companies. Involved in providing input on the performance of the companies and other issues for discussion during the meetings. Assisted the companies in the preparation of Budgets and Business Plan.
  • Liaised with the Underwriter, brokers and clients on the renewal of insurance and reinsurance policies.
  • Assisted the companies in setting up internal controls and procedures for all business processes and preparation of procedure manuals.
  • Liaised with the internal auditors on their review of the internal controls, external auditors on the annual statutory audit and external actuaries on their assessment of the claims provision. Reviewed the Insurance Liability Valuation Report (ILVR) prepared by the actuaries to ensure accuracy and consistency of data.
  • Responsible for the monthly statutory lodgements such BAS, stamp duties return, income tax and fire services levy return.
  • Involved in the preparation of the quarterly Australian Prudential Regulation Authority (APRA) return and APRA related documents such as Risk Management Strategy, Reinsurance Management Strategy and Outsourcing Policy. Ensured that the companies are kept up-to-date with the changes in the Prudential Standards.
  • Responsible for the management of cash flows and payments and receipts function for all 5 companies, whose cash position range from $4m - $650 million. Roles include ensuring that all payments (premiums, claims and administrative expenses) denominated in local and foreign currencies are paid on a timely basis, preparation of cashflow projections to assist the Board of Directors in making investment decisions, liaised with the bankers to ensure that terms deposits are rolled over accordingly and preparation of bank reconciliations on a monthly basis.
  • Worked closely with the claims manager and reviewed the monthly claim reports to ensure the accuracy of claims data and recording the movements in the accounting system. Familiar with the reports generated from the STARS (Marsh's claims) systems.
  • Involved in risk assessment discussions with the underwriters, brokers and clients to ensure that all operational risks are adequately covered. Involved in the preparation of risk tolerance analysis to assess the risk that the entities can retain before involving reinsurers.
  • Accounting records are maintained on the Marsh's Global Captive Management System (GCMS), MYOB, Quickbooks and Excel spreadsheets.
  • Experienced in preparation of tender documents and conducting presentation to prospective client in relation to our captive services.

Finance Manager

Clear Solar Pty Ltd
10.2009 - 03.2010
  • Company Overview: The company is involved in selling and installing solar panels on residential homes and commercial buildings.
  • Responsible for the monthly management reporting including the preparation of the income statement, balance sheet and daily cash flow forecasts. Turnover is approx. $20 million.
  • Managed the finance team which comprises of 7 staff which includes accountants, assistant accountants, accounts payable officer, accounts receivable officer.
  • Reported directly to Directors and Chief Financial Officer.
  • Liaised with external auditors, lawyers, bankers and external tax consultants for the finance applications, tax returns and legal matters.
  • Responsible for the monthly BAS statements lodgement.
  • Managed the invoicing, collections and payments team to ensure invoices and payments are properly recorded in the accounting system (Quickbooks) and ensuring that debts are collected on a timely basis.
  • Involved in the preparation of statutory financial statements, business plan, budgets and providing input during management meetings.
  • Liaised with the warehousing department to ensure that stocks are ordered on a timely basis and sourcing for suppliers. Ensured that stock counts are performed and accurately accounted for in the financial statements and stock costing is reviewed on a timely basis to ensure that reflects the business and current market prices.
  • Spearheading discussions on improvement to internal controls and implementing controls to ensure efficiency in the operational and accounting processes.

Manager

Ernst and Young
02.2007 - 09.2009
  • Managing clientele portfolio within the Middle market and emerging market group which comprises mainly of manufacturing, retail, service providers, technology, consultancy and construction industry and includes listed and proprietary companies.
  • Review audit work, consolidation workings and statutory financial statements and ensured that all relevant updated disclosures have been made in the financial statements.
  • Involved in managing special engagements such as half year reviews, certification for government grants and rebates, review of processes for significant fraud risks, due diligence for acquisition exercise, review of bank covenants, options valuation and goodwill impairment testing.
  • Coaching and training seniors, accountants and other team members involved in the engagement.
  • Experienced in submitting deliverables for reporting under AIFRS, ASX listing rules and Corporations Act.
  • Updating and educating the client on latest technical updates, new accounting and auditing standards and other changes in the regulatory environment.
  • Managing the work in progress, billings and collection of audit fees for each client.
  • Involved in budgeting for each engagement and heading negotiations with clients regarding proposed fees and other matters such as deliverables and deadlines.
  • Heading and motivating a team of managers under Middle market and emerging market group in EY and liaising with the Marketing Director to discuss on market leadership and strategy, how to win new work for the firm and presentation & soft skills.

Supervisor

Pitcher Partners
06.2006 - 01.2007
  • Managing lower risks clients and leading the audit teams as the main senior-in-charge and reporting to directors and managers.
  • Coaching and sharing knowledge with the associates on prior experiences and audit knowledge.
  • Updating and educating the client on latest technical updates, new accounting and auditing standards and other changes in the regulatory environment.
  • Assisting client in completing consolidated accounts, cashflow statements, tax and deferred tax computations and drafting of financial statements.

Manager (Assurance)

KPMG
09.2005 - 05.2006

Audit Assistant to Assistant Manager (Assurance)

PricewaterhouseCoopers
10.1999 - 08.2005
  • Review the statutory financial statements and ensured that all relevant disclosures have been made in the financial statements.
  • Updating and educating the client on latest technical updates, new accounting and auditing standards, taxation matters and other changes in the regulatory environment.
  • Assisting client in tax and deferred tax computations and drafting of financial statements.
  • Involved in the monthly management discussion with all the managers to discuss on the status of each client, issues identified and potential opportunities to provide value added service to the clients.
  • Spearheading negotiation with client in relation to proposed fees and other planning matters such as deliverables, deadlines and managing expectations of client.
  • Coaching and training seniors and audit associates involved in the engagement.
  • Experienced in submitting deliverables for reporting under AIFRS, IAS (revised), US GAAP and GAAS, PCAOB and other countries that have not adopted IFRS.
  • Liaise with other line of services including tax agents, bankers, lawyers, computer audit specialist, transaction services and company secretaries.
  • Managing the billings and collection of audit fees
  • Managing clientele portfolio which is mainly in manufacturing, retail, service providers, multimedia and technology companies, construction that has international operations and public listed companies
  • Involved in managing the profitability of the business unit. This includes managing the work in progress, billings and collection of audit fees for each client.
  • Seconded to Learning and Education Department for 6 months to facilitate training, tailoring training materials and coaching trainers.

Education

Member

Chartered Accountants Australia And New Zealand
ACCA
01-1999

Member

Chartered Accountants Australia And New Zealand
CA ANZ
01-2016

Member

Malaysian Institute of Certified Public Accountant
MICPA
01-2001

Skills

  • Leadership and people development
  • Corporate and financial leadership
  • Strategic financial planning
  • Financial management and reporting
  • Mergers and acquisitions experience
  • Tax planning and strategy
  • Budget planning
  • Cash flow management
  • Strong knowledge in Microsoft Excel, Word and Lotus applications
  • Experienced in using Navision, GCMS, Quickbooks, Xero and MYOB accounting software and Argus modelling software
  • Fluent in written and spoken English and Bahasa Malaysia language and spoken Chinese dialects
  • Able to communicate well with every level in a company’s organisation and stakeholders

Timeline

Chief Financial Officer (CFO)

Commerce Enterprises Management Group (CEM)
07.2023 - Current

Chief Financial Officer (CFO)

Lauders Group
06.2022 - 06.2023

Chief Financial Officer (CFO)

Focus Group Investments
11.2020 - 05.2022

Finance Manager / Senior Fund Accountant

APN Property Group and Industria REIT (now known as Dexus Industria REIT)
12.2013 - 10.2020

Senior Accountant

Marsh Pty Ltd
04.2010 - 09.2013

Finance Manager

Clear Solar Pty Ltd
10.2009 - 03.2010

Manager

Ernst and Young
02.2007 - 09.2009

Supervisor

Pitcher Partners
06.2006 - 01.2007

Manager (Assurance)

KPMG
09.2005 - 05.2006

Audit Assistant to Assistant Manager (Assurance)

PricewaterhouseCoopers
10.1999 - 08.2005

Member

Chartered Accountants Australia And New Zealand

Member

Chartered Accountants Australia And New Zealand

Member

Malaysian Institute of Certified Public Accountant

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Shirley Lim