credit control and receivables management & Business operations
Resume:
CURRICULUM VITAE
PERSONAL DETAILS
Name : Suresh. K (SURESH MENON)
Contact Phone Number : 04-3935860 (Residence)
*****-*********@*****.***
Or *************@*****.***
SNAPSHOT: Competent senior Credit control manager with comprehensive experience of around 28 years in Credit control & Receivables management, Cash management, accounts payable, financial accounting & Business operations, logistic and inventory management and other Finance and Business management rolls.
PROFESSIONAL ATTRIBUTES:
Result driven
Able to work under pressure
Methodical approach
Willing to go extra mile
Time management
Analytical & problem solving
Enthusiastic and Energetic
Team dynamics
Keen attention to details
Excellent communication
Multitasking capabilities
Business operational activities, (whenever the Head of the units on vacation or business trips) Additional responsibility for Travel business operations, management, and control. (2011 to 2017)
OBJECTIVE: Seeking stable and long-term managerial role in a reputed organization.
LOCATIONS -UAE, QATAR, OMAN, BAHRAIN & KSA
specialized in credit control & receivables management and business operation activities.
CAREER HISTORY – Major group
Galadari Brothers Group – Group Credit Control Manager -10 years
AW Rostamani Group (NISSAN) – Asst. Finance manager (4 years) & Credit Control Manager - 7 years (Total 11 years)
OMZEST Group (Oman) – Chief Accountant – 5 years
WORK EXPERIENCE - 1988 to 2019
Period
Company Name
Designation
Reporting to
2018-Present
Yousef Redha group
General Manager
MD
May 2018-Oct 2018
Avis rent A Car
Finance Manager
GCFO
2017-2018
Masafi water company
Accounting Manager- All GCC countries
CFO
2010-2017
Galadari Bors. Group
Group Credit and Receivables Manager
GCFO
2007-2010
Galadari trucks & Heavy Equipment Co. LLC
Galadari Bors. Group
Group Credit and Receivables Manager
GCFO
1998-2007
Arabian Automobiles
Credit & Receivables Manager
CFO
1996-1998
Arabian Automobiles Co
Divisional Accountant
CFO
1993-1996
Emirates Printing & publishing Co. LLC
Chief Accountant
GM
1988-1993
Omzest Group -sultanate of Oman
Accountant
Financial Controller
YOUSEF REDHA GROUP – October 2018 - present.
General Manager - Reporting to MD
Responsible for meeting the brands profitability and quality goals. To ensure efficient operation across the various business lines while continuing with the growth of the overall strategy.
PRINCIPAL ACCOUNTABILITIES:
Developing and leading the strategic goals for the organization across both local and international operations.
Responsible for driving the company to achieve and surpass sales, profitability, business goals and objectives aligning with the group strategy and targets.
Develop and implement system procedures for internal controls.
Provide polices and framework to achieve operational efficiencies in the business.
Manage and oversee the functioning of all divisions and departments.
To identify process needs improvements and corrective action.
Effective inventory management and develop measures to improve finished goods turnovers to maximize the revenue.
Identify the potentials in the domestic market to improve market share and revenue.
Develop business plan and suggest measures to achieve the target.
To ensure that all statutory and federal compliances are adhered.
Set budget on departmental expenses and monitor on monthly basis.
Follow up on achieving operational and financial targets.
Control costs and optimize available resources and set corrective action plan if needed
Provide measures for better management of finished goods inventory and production to minimize the excise tax impact.
To ensure effective utilization of company resources for furthering the company’s mission and objective.
Improve and maintain internal control and financial assets of the business and oversee the coordination and activities of internal and external and auditors ensuring all compliances issue and are met.
Undertaking research into pricing, competitors and factors affecting performance.
Identify the weakness and pain areas and suggest measures for its elimination & mitigations.
Effective management of human resources to reduce the labour turnover.
AVIS RENT A CAR UAE – May 2018- Oct 2018.
Finance Manager - (May 2018- oct 2018) Reporting to GCFO
PRINCIPAL ACCOUNTABILITIES:
Collating, Preparing and interpreting reports, budgets, accounts, commentaries and financial statements.
Maintain and control the corporate policies and procedures.
Undertake strategic analysis and assisting with strategic planning, producing long term business plan.
Improve and maintain internal control and financial assets of the business and oversee the coordination and activities of internal and external and auditors ensuring all compliances issue and are met.
Undertaking research into pricing, competitors and factors affecting performance.
Controlling income, cash flow and expenditure.
Managing budget
Conducting reviews and evaluations for cost-reduction opportunities.
Developing and managing financial systems/models carrying out business modeling and risk assessments.
Credit control and receivables management.
Finance staff selection and training.
Establish other departmental relationship and conduct process flow meetings.
Establish relationship with financial institutions on corporate level and personnel relationships.
MIS reporting.
Al Ghurair Group of Companies – Feb 2017 –May 2018.
Credit Control and Receivables Accounting Manager (Masafi LLC) -UAE, KSA, OMAN and KUWAIT. (Feb,2017- May 2018) Reporting to CFO
PRINCIPAL ACCOUNTABILITIES:
Manage the Credit and collections activities.
Maintain the corporate credit policy.
Recommend changes in the credit policy to senior management
Create a credit scoring model
Manage customer credit files
Make and monitor the credit granting and updating process.
Accept or reject the credit recommendations with further requirement to reprocess the credit request.
Personally, investigate the largest customers credit applications
Personally, visit the largest customers to establish relations.
Monitor periodic credit and collection review.
Monitor delay payment and short collection issues.
Manage relations with credit insurance providers.
Monthly debtors provision review and control. (action plan to reduce provision for all group companies)
Legal cases status review and further action plan & follow up.
Exceptional empowerment and motivation of the entire credit team.
Create and maintain a department organizational structure sufficient to meet its goals and objectives
Manage and oversee the daily operations of accounting dept. timely month end yearend closing process, billing, receipt accounting and bank reconciliation.
Improve system and procedures and immediate corrective actions
Establish and maintain fiscal files and records to document transactions.
Coordinate and complete annual audit.
Galadari Brothers group - 2007 to Jan 2017
Designation: Group Credit Control Manager (Dec,2010 to Jan 2017) Reporting to GCFO.
GROUP’S BUSINESS ACTIVITIES. (Credit portfolio above AED 2 Bio)
Automobiles (Mazda)
Engineering & Construction
Trucks & Heavy equipment’s (JCB, KOMATSU, BOMAG, ATLAS COPCO &LINKBELT)
General Trading (Food products- MIDDLE EAST-Baskin Robbins)
Hotels -5star (UAE & SRILANKA)
Publishing & Printing (Khaleej Times)
Computer Trading
Travel & Tours
Real Estate
Car Rentals
Machinery Workshops/Spare Parts Trading & engineering and steel structural fabrication businesses
Rubber products (Retreading of Tyres, Rubber products & Conveyor Belts Etc.)
Pressure vessels (construction)
PRINCIPAL ACCOUNTABILITIES:
Manage the Credit and collections activities for group companies
Maintain the corporate credit policy as applied for all group companies.
Recommend changes in the credit policy to senior management
Create a credit scoring model for local entities
Manage customer credit files
Make and monitor the credit granting and updating process
Accept or reject the credit recommendations with further requirement to reprocess the credit request.
To oversee the entire lending process, including the initial application and review, underwriting and the disbursal or denial of the request. Many factors come into play in deciding whether a credit request is approved. (ability to pay, collateral securities, nature of business, total exposure, financial strength and legal status etc.)
Personally, investigate the largest customer credit applications and negotiate for terms & conditions.
Personally, visit the largest customers to establish relationship.
Prepare and monitor periodic credit reviews on monthly and annual basis
Setting and approval of monthly collection forecasts
Monitor the overtrade reports monthly
Monitor deductions being taken by customers
Manage relations with the sales departments
Establish and manage relations with credit reporting agencies and lawyers
Create and maintain a department organizational structure sufficient to meet its goals and objectives
Measure department performance with appropriate metrics
Provide for ongoing training of credit controller staff. (Conduct seminars)
Report to group management on credit issues
Daily interaction with the unit Credit Controllers and finance dept.
Regular interaction with the Financial Controllers and Sales staff
Regular Interaction with Group treasury.
Monthly debtors provision review and control. (action plan to reduce provision for all group companies)
Legal cases status review and further action plan & follow up.
Exceptional empowerment and motivation of the entire credit team
SPECIAL PROJECTS:
Ensuring all aspects of financial & operational controls. (TRAVEL DIVISION- 2012 to 2016)
Working with teams across the business to improve processes and procedures
Performing complex data analysis to aid decision making
Building budgets and forecasting business performance. (TRAVEL DIVISION)
Undertaking projects with a view to developing business strategies
Reporting findings to the board on a regular basis.
Oracle system implementation.(super user)
GROUP CREDIT CONTROL – Achievements (1st Jan,2011 to 31st December 2016)
Prepared and implemented group credit & Receivables policy.
Group provisioning policy. (implemented)
Control on group level credit limit and receivable exposure and risk analysis.
95% of old outstanding collected prior to year 2009.
Credit control - awareness to all staff.(operation & sales )
No additional provision provided for the year 2011, 2012,2013, 2014, 2015and 2016 (for 7 business units)
GTHE- reversal of receivables provision (year 2010) AED.5 MIO. (Target achievement) and (year 2013-3 Mio)
Disputed receivables collected during last 4 years 22 Mio. (Group level)
Group DSO reduced from 123 days to 82 days.
Conducted credit control seminars for all the credit staff. (26 seminars as a leading speaker)
Achieved healthy relations with all major customers.
Galadari Trucks & Heavy Equipment Co LLC (From August 2007 to November 30th, 2010.)
Designation: Credit Control and Receivables Manager -UAE
Heavy equipment’s trading agency for the world top brands (Komatsu, JCB, Bromalin Belt and Atlas Copco) and Spare parts including servicing in United Arab Emirates.
Job responsibility includes: Credit Control and business operation with Major customers.
RECEIVABLES MANAGEMENT & CREDIT CONTROL
MAJOR RESPONSIBILITES:
Responsible for review of applications from Customers for Credit facility.
Recommendations to the management on credit facility request received from the customers.
Setting-up of collection targets for the month. (DSO)
Customer visit and relationship building
Receivables Management
Formulation of detailed Credit Control Action plan for efficient debt collection for the month and corrective action preventive action(CAPA)
Overall Supervision of Bill Collector’s and receivable accountants for efficient collections from debtors.
Authorizations of Credit Appraisal on a day-to-day basis and critical evaluation of each of the appraisal with regard to financial aspects.
Correspondence with Banks for appraising financial strength of customers approaching for credit facility.
Recommendation to the management for initiating legal actions against defaulted customers.
Liaising with the lawyers for initiating legal actions against de-faulted customers.
Preparation of Monthly MIS with regard to Receivables and its presentation to the G.M
Preparation of Exceptional Reports on a periodical basis and its submission to the management. Some of the exception reports are
List of Overdue Receivables
List of Receivables due for more than 120 days.
List of Disputed Receivables.
Special sales assignments -Export customers, Govt. Departments and blue chip companies.
Support and Advise solutions to Marketing and Administration dept. for various day to day issues.
Manage all the critical support functions of customer financial services. This includes managing Accounts Receivable and Debit/Credit policy and processes, reporting and metrics.
Relationship Management
Promote and sustain a constructive, supportive and friendly working relationship with all customers, external and internal, immediate and senior management and other work colleagues
Ensure regular follow up of payments and customer visits
Maintain contact with key account customers Deal with internal and external customer queries promptly and in confidence Implement and monitor satisfactory Service Level Agreement.
Administration
Establish and implement new accounts receivable systems and processes whilst maintaining controls and accuracy at all times
Establish work standards, develop objectives and design/maintain effective workflows and operating procedures
Investigates credit standing of new customers, arranges terms of payment, and follows up on collection of accounts
Responsible for accounts receivable activities involving tracing sources of error, correcting billing records, processing final billings, reconciling errors, accuracy of charges on customer’s bills, investigating, granting, and controlling credit, and managing collection of accounts due
Determines the amount of credit to be extended and recommends amount of working capital necessary to finance accounts receivable and to provide reserves against bad debts
Maintains accounts receivable ledger and adjustment of customer claims
Monitors accounts receivable records, including claims and overdue invoices
Manage and monitor all A/R activities and recommend alternative methods to improve credit collections
Monitor preparation and issuance of statements and other accounts receivable reports according to established procedures
Optimize A/R activity for customer service
Full control of petty cash floats system
Ensure that data relating to the sale of and payment for such products is included in the finance system on an accurate, complete and timely basis
Prepare and review reports as required, e.g. month-end debtor reports, balance sheet reconciliations, income reconciliations, etc. as required by immediate head
Evaluate claims trends, patterns, and work with customers to resolve issues
Interact with the collections team regarding cash receipts issues and discrepancies
Provide career attention, retention and correct assessment of A/R Department staff
Accounts Management
Visits existing and potential customers to investigate credit and collection matters and to foster good credit relationships between customer and company Meetings
Attend division sales meetings
Attend customer meetings
Attend professional and personal development training
ACHIVEMENTS
Credit control and receivable management process manual.
No additional provision for the year 2009.
Invoicing and distribution management system.
Old legal case outside court settlemet-3 customers.
46% customer account reconciliation and Balance confirmation in the year 2009.
100% of major customer account reconciliation and Balance confirmation in the year 2009
ARABIAN AUTOMOBILES CO LLC (from Nov 1998 to July 2007)
Designation: Manager - Credit Control & Receivables management
Working for Arabian Automobiles Company, Flagship Company of the AW Rostamani Group of Companies, authorized distributors of NISSAN Vehicles and Spare parts including servicing in Dubai & Northern Emirates of United Arab Emirates. Job responsibility includes:
RECEIVABLES MANAGEMENT
Responsible for review of applications from Customers for Credit facility.
Recommendations to the management on credit facility request received from the customers.
Setting-up of collection targets for the month. (DSO)
Formulation of detailed Credit Control Action plan for efficient collection for the month
Overall Supervision of Bill Collector’s and facilitators for efficient collections from debtors.
Authorization of Credit Appraisal on a day-to-day basis and critical evaluation of each of the appraisal with regard to financial aspects.
MANAGEMENT REPORTS
Preparation of Monthly MIS with regard to Receivables and its presentation to the G.M
Preparation of Exceptional Reports on a periodical basis and its submission to the management. Some of the exception reports are
List of Overdue Receivables
List of Receivables due for more than 120 days.
List of Disputed Receivables.
Constant review of Sticky Customers (Customers with bad payment history and regular bouncing of cheques).
Preparation of weekly and daily cash flow projections from receivables and submission of the same for daily fund flow management.
SUPPORT ON LEGAL MATTERS AND ACTIONS
Recommendation to the management for initiating legal actions against defaulted customers.
Liaising with the lawyers for initiating legal actions against de-faulted customers.
Preparation of reports for presentation to the lawyers to facilitate legal action.
Periodical report to the management summarizing legal actions initiated details on proceedings pending with the court and the actions taken / recoveries made based on judgments received.
Annual Evaluation of benefits derived from legal proceedings and comparison of the same with the Professional Fees and other incidental expenses incurred for initiation of legal proceedings.
ACHIVEMENTS
Credit control and receivable management process manual.
No additional provision for the year 2005, 2006, 2007.
ERP implementation –credit control and receivables management.
ARABIAN AUTOMOBILES CO LLC from June 1996 to October 1998
Divisional Accountant – Services & Spare parts and Vehicles.
Responsible for Workshop Accounts and Workshop Accounts Payables.
Preparation of Monthly Workshop Profitability and submission to the management.
Assisting the Finance Manager in the preparation of Annual Business Plan.
Monitoring the Warranty Expenses incurred by the company, Scrutiny of Claims made with Nissan, Japan and constant follow-up in realization of claims approved.
Computation of monthly Incentive payments.
Co-ordination with Group Information Technology for generation of periodical reports and critical assessment of reports received and its continuous improvement.
Submission of Exception Reports to the Finance Manager with respect to Workshop Operations such as Pending Job List, Goodwill Discounts allowed without authorization etc.,
Inventory management and monthly & yearly verification.(FMSD Analysis)
Control of Stores Operation and analysis of Job costing and preparation of Variance Analysis reports.
Control & negotiate row material procurement and sublet jobs.
Provide financial reports and interpret financial information to managerial staff while recommending further courses of action.. Advise on investment activities and provide strategies that the company should take
Maintain the financial health of the organization.
Analyze costs, pricing, variable contributions, sales results and the company’s actual performance compared to the business plans.
Develop trends and projections for the firm’s finances.
Conduct reviews and evaluations for cost-reduction opportunities.
Oversee operations of the finance department, set goals and objectives, and design a framework for these to be met.
Liaising with auditors to ensure appropriate monitoring of company finances is maintained.
Correspond with various other departments, discussing company plans and agreeing on future paths to be taken.
Control of internal process and document control.
EMIRATES ADVERTISING, PUBLISHING AND PRINTING LTD CO. Designation: Chief Accountant (From 1993 to 1996)
Job Responsibilities
Preparation of Final Accounts and related reports
Monitoring Banking operations on a day-to-day basis.
Cash flow management.
Control of Stores Operation and analysis of Job costing and preparation of Variance Analysis reports.
OMAN PRINTERS AND STATIONERS LTD CO LLC (From 1988 to 1993) Designation: Accountant
Job Responsibilities
Preparation of Monthly Profitability reports and Balance Sheet (AS 400).
Liaising with EDP Department for Job Costing and Variance Analysis reports.
Control of stores operation and confirm with the user dept. on technical specification of raw materials, outwork and service levels for procurement for the same.
Responsible for Accounts Receivables and Payables.
Monitoring Banking operation on a day to day basis.
EDUCATIONAL QUALIFICATION
B. Com from University of Bangalore, Karnataka, India.
M. Com from Calicut University, Kerala, India.
COMPUTER LITERACY
Good working knowledge in Financial Accounting packages (AS400, Great Plains Dynamics and ORACLE FINANCIALS (ERP)
Worked a part of the complete implementation team. (from software selection to final live system in operation) - CRM, FINANCIAL, HR, CREDIT/RECEIVABLES MANAGEMENT AND SUPPLY CHAIN MANAGEMENT.
Well versed in MS Word, MS Excel, Power point, MS Access and hands on experience in data base query in AS400 and Brio Query
ISO 9002 Certified Internal Auditor
Languages Known – Read / Write : English, Hindi and Malayalam
Speak Only Kannada, Tamil, and Arabic (basic)
REFERENCES - Available on request.
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