Job description / Role
The Chief Financial Officer oversees all activities of the finance & accounting department, ensuring proper execution of functions, and compliance with both internal and external legislation and policies. CFO is accountable for the financial, administrative, and risk management operations of NASCO and for overseeing the development of financial and operational strategies as well.
CFO is also in charge of ongoing development and monitoring of financial control systems that are designed to preserve business assets, enabling accurate financial reports and desired results.
Strategic and Planning:
• Implement NASCO’s vision, mission, strategy, objectives, and policies
• Participate in the development of NASCO’s future direction along with the supporting tactical initiatives in coordination with the CEO and strategy committee m by offering insights and counsel relating to growth, strategic planning, and financial leadership.
• Build overarching strategy that covers the finance and accounting activities to support NASCO’s strategy and objectives increase financial efficiency, control, and profitability.
• Lead finance and accounting team through the implementation of NASCO’s strategy.
• Develop of annual departmental plans, budget, and financial performance measures in line with NASCO’s strategic directions.
General Departmental Operations and Management:
• Ensure the availability and implementation of updated and highest possible departmental standards policies and procedures which are aligned with NASCO’s standards, business needs and legal requirements.
• Review and approve resources requirements which will add value to NASCO and assist in its growth and highlight cost saving activities.
• Review and provide feedback to the CEO regarding the pricing strategy based on studies and analysis of the profitability.
• Build strong relationship with banks and financial institutions.
• Lead the team and oversees all activities within finance and accounting department.
• Set departmental targets and KPIs and evaluates the team effectiveness and productivity and take appropriate actions to encourage achievement of overall objectives.
• Provides advice on all matters to the CEO and assists him in the formulation of overall objectives to enhance financial performance and business opportunities
• Provide executive management with advice on the financial implications of business activities
• Ensure the credibility in the finance and accounting department by providing accurate and timely analysis of budgets, forecasts, and financial trends for access by the entire business as per the authority matrix.
• Ensure the quality and speed of serving the requirements of NASCO’s departments, government entities and financial institutions.
• Ensure the availability of effective internal controls in place and ensure compliance with generally accepted accounting principles as well as Saudi legislation and regulations for financial accounting and tax reporting.
• Lead the department in various financial analyses inclusive of profitability and costing analyses and directs recommendations back to the business
• Manage all processes related to budgets and consolidation, financial forecasting, and reporting conducted across the business.
• Build an open and collaborative culture across the finance and accounting department that ensures transparency and a free flow of information, leading to accurate financial recording and reporting.
• Compile financial reports, conducts financial information analysis, and presents them to the business’s stakeholder as well as BOD in coordination with the CEO.
• Manage the cash-flow position. Responsibility includes authority to establish credit and collections and purchasing policies and to establish schedules for the payment of bills and financial obligations as per the Authority Matrix
• Review all agreements concerning financial obligations, such as contracts for products or services and other actions requiring a commitment of financial resources.
• Responsible for the accuracy of cash flow planning and forecast, and the availability of funds as needed to pay NASCO’s obligations on a timely manner.
• Responsible for the effective monitoring of NASCO’s cash, investments, and asset management so that proper return on investment can be achieved for shareholders.
• Ensure an accurate and timely preparation of month-end, quarter-end, and year-end financial statements.
• Ensure proper recording of all NASCO’s accounting activities so that all direct and indirect costs shall be allocated as per proper cost accounting principles.
• Ensure that NASCO’s assets are well recorded and documented, and that proper depreciation methods are being applied to reflect fair value of assets.
• Ensure that NASCO has a proper accounting information system that is integrated with its overall management information system so that accurate reporting and financial analysis can be produced to help top management make rational and sound decisions and can produce accurate financial results to show the profitability of each profit center.
• Ensure the readiness of conduct external audit of NASCO’s accounting records at any time.
• Risk Management
• Understand and mitigate key elements of NASCO’s risks profile related to financial and accounting matters.
• Prepare contingency reserve to be used in case of emergencies
• Ensure that NASCO complies with all legal and regulatory requirements
• Ensure that record keeping meets the requirements of auditors and government agencies
• Report risk issues to the board of directors
• Maintain relations with external auditors and investigate their findings and recommendations
• Monitor the national and global economic changes and alert the CEO
• Ability to provide leadership to a diverse group of people in different locations
• Ability to handle multiple tasks simultaneously and to function well under pressure.
• Leadership quality that can motivate and inspire staff and leading by example.
• Consistently shall display integrity, model behaviours, develop people, and build teams.
• Experience in formulating targets, objectives, standards, policies, and procedures.
• Experience and working knowledge in developing budgets and using cost control techniques.
• Ability to build relationship, conflict management and negotiation skills
• Proficiency in both English and Arabic languages
• Accounting / Finance (CMA, CPA Certified)
• Experience Min. 17 with 7 years experience in the same role.
Key Demographic Requirements - applicants must be:
• Based in Saudi Arabia
About the Company
National Advanced Systems Co. Ltd. (NASCO) was founded in early 1989, with a fully paid capital of 28 million Saudi riyals.The company is focused on providing quality telecom and security solutions through partnerships with world’s leading vendors.
As a leading telecom and security solutions provider, NASCO bears an important responsibility of providing cutting-edge, future-centric solutions to its customers. The quality, reliability and robustness of NASCO’s partnerships and services are the key to our customer satisfaction.