Chief Financial Officer

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Job Detail
Fast Moving Consumer Goods (FMCG)
Functional Area:
Accounts, Finance & Financial Services
Total Position:
Job Type:
Full Time/Permanent
Job Location:
Jeddah, Saudi Arabia
Career Level:
Department Head
Minimum Experience:
10 Years
Work Permit:
Saudi Arabia
Apply By :
Sep 6, 2017
Posted On:
Jun 6, 2017
Job Description

Job Summary

The Chief Financial Officer is responsible for managing the overall financial needs of the company. He will be responsible for guiding, directing and leading the following functions under his control:

§ Financial Accounting

§ Management Accounting

§ Cash Management

General Duties and Responsibilities

· Assist the GM in setting the company’s strategic goals, objectives, guidelines, plans, and budgets to enhance the company’s market share, exposure, and profitability as well as ensuring that they are communicated promptly to all departments/functions by cascading them down to the functional level and assuring they serve as basis for all the function’s operations.

· Develop the Finance & Accounting department’s annual budget and ensure all employees are working towards achievement of the department’s goals and objectives within the assigned budget by setting the required targets and responsibilities for the department staff.

· Develop the Finance & Accounting departments (and related functions’) objectives, plans, policies and procedures and ensure their implementation across all functions as well as their compliance with local and international regulations and standards.

· Review the operating results of the Finance & Accounting department and compare them to established objectives and goals, and follow-up to ensure appropriate measures are taken to correct unsatisfactory results.

Operational Duties and Responsibilities

· Direct and oversee the various functions which include:

o Financial Accounting

o Management Accounting

o Cash Management

Financial Accounting

· Review related policies & procedures on a regular basis to identify opportunities for continuous improvement, and ensure the implementation of financial accounting policies and procedures to make sure the application of internal controls within the department.

· Ensure implementation of company’s accounting and financial reporting systems in compliance with generally accepted accounting principles (GAAP).

· Provide accurate, comprehensive, and timely information regarding the financial status of the company through the utilization of effective accounting concepts, principles, procedures, and systems.

· Oversee the Fixed Assets, Accounts Payable, Accounts Receivable, General Ledger, and Payroll accounting activities for SRFC.

· Direct the Chief Accountant and periodically review General Ledger entries to check accuracy and compliance with the established rules and accounting principles, and that all entries are supported with valid documentation.

· Ensure all financial transactions are executed in compliance with the regulatory requirements, taking into considerations all risks identified of the transactions.

· Review the reconciliation between General Ledger accounts and Sub-Ledgers performed by the Chief Accountant, and instruct on action to be taken for unresolved variances in reconciliation.

· Direct the periodic reviews of the Chart of Accounts, and recommend any changes to the GM.

· Oversee the period-end close process, ensuring its completion in a timely and accurate manner.

· Direct the preparation of internal and external Financial Statements, as well as other financial and management reports as required, and review such reports before submitting them to the GM for review.

· Oversee and review Tax & Zakat activities and reports for SRFC, before their filing.

Management Accounting

· Ensure the implementation of financial planning, analysis, and budgeting & forecasting policies and procedures to ensure application of internal control within the department.

· Review related policies & procedures on a regular basis to identify opportunities for continuous improvement.

· Identify and manage financial risks (e.g. interest rate and exchange rate risks) that can affect the company’s operations.

· Direct the development of financial models that serve to support the financial planning process.

· Set the provisional timetable to be followed for the budget process (approved by the Board of Directors).

· Direct the design and preparation of the budget forms, models and templates to be used by subordinates in the budgeting process to enhance the budget techniques and procedures.

· Direct the preparation of the combined annual master budget for the company including capital expenditure, operating expenditure, and workforce planning budgets.

· Direct the compilation, review and preparation of the budgeted Financial Statements (income statement and balance sheet and cash flows statement).

· Monitor effective implementation of and compliance to the approved budget (tracking, variance analysis, reporting, etc…).

· Direct the preparation of variances reports (Actual vs. Budget)

· Present the monthly performance management reports to the GM, highlight areas that require attention, and propose initiatives and recommendations for corrective actions.

Cash Management

· Establish and implement cash management policies and procedures to ensure application of internal control within the department.

· Review related policies & procedures on a regular basis to identify opportunities for continuous improvement.

· Establish and manage relationships with domestic and international financial institutions and banks.

· Manage and monitor the company’s cash position to optimize its liquidity position and oversee the preparation of the company’s Cash Flow position on a daily, weekly, and monthly basis.

· Manage and monitor the company’s cash management activities which cover reconciliation of bank statements, clearing payment and receipts transactions within the system, and depositing cash or cheques at the bank.

· Manage and approve (as per DoA) the disbursement of funds and payments for the company including the transfer of funds between company accounts and to the vendors.

· Manage the company’s loans and interest payments by ensuring loan installments are paid on time and tracked accordingly.

· Determine the company’s borrowing requirements, evaluate the different options in order to choose ones that are beneficial to SRFC’s interests, and negotiate with banks for facilities (Loans, LG’s / LC’s).


· Provide advice, guidance, direction, and authorization to department personnel to carry out major plans and procedures, consistent with established policies.

· Communicate and discuss the department’s guidelines and procedures with employees to ensure responsibilities, authorities and accountabilities 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 all department employees to ensure effective and efficient flow of work, and ensure all employees recognize their fundamental role in the department.

· Conduct annual performance appraisal to review employees’ work performance.

· Recommend salary adjustments, rewards and promotions based on employee performance. Carry out disciplinary meetings when needed.

· Monitor the adherence of department employees to the company’s guidelines, policies and procedures.

· Ensure effective department performance through the selection, development, deployment and motivation of competent staff.

· Develop the department’s objectives, targets and key performance indicators (KPI’s) with the approval of the GM.

· Perform other duties related to the job as assigned by the GM.

Financial Dimension:

· Value of sales proceed and expenses handled SR. 555,013 Millions


The following competencies must be met and practiced on a continuous basis:



§ Accountability

§ Analytical Thinking

§ Commitment

§ Communication

§ Decision Making

§ Innovation

§ Integrity

§ Leadership

§ Organizing & Planning

§ Problem Solving

§ Teamwork

§ Accounting

§ Cash Management

§ Financial Management

§ Financial Reporting

§ Risk Analysis & Management


A minimum of:

· Bachelor degree in Finance, Accounting or equivalent with a minimum of 10 years of relevant experience.

· Management-level experience is required (4+ years).

· Good knowledge of International Accounting Standards (e.g. IFRS) and SOCPA (Saudi Organization for Certified Public Accountants).

· Professional certificate CMA is preferred.

· Strong visionary with proven leadership qualities and an entrepreneurial mindset

· Proficiency in both English and Arabic Language.

Required Skills

CIA, CA, Internal Controls, GAAP, International Accounting Standards, IFRS, CPA, CMA,