Head of Accounting and General Ledger

Panda Retail Company

Jeddah, Saudi Arabia

Posted
Ref: HP097-10

Job description / Role

Employment: Full Time

Responsibility of this role is to
• Ensure the deadline of monthly reporting with accuracy to top management and to the Savola Group.
• Monitor the progress of the external auditor and provide the appropriate justification on the significant transactions to external auditor in accordance of International Accounting Standard and Panda internal accounting policy/SOP.
• Monitor and review the general ledger of all the companies within the Panda Group to ensure that accuracy and completeness of the record.
• Ensure that all the sub-unit are following the policy and SOP as approved by Board of Director.
• Monitor and review to ensure that Panda is compiled by International accounting framework.
• Overall accountability for managing Zakat and Tax risk within the organization and ensuring risks are being managed and / or mitigated as per the Panda risk strategy
• Mitigates all compliance risks by ensuring all actions are followed up in a timely manner and closed with approval from relevant stakeholders
• Monitor the regular reporting mechanisms to communicate the status of compliance with VAT legislation
• Monitor and establish the appropriate control on accounting and reporting of Account Receivable of overall company which includes mainly tenant receivables and credit sale.
• Monitor E-commerce Sales / Online Sales and Receivable from start to end, starting with Customer Creation till Receivable collection.

Functional Accountabilities:
General Ledger and Reporting:
• Monitor the month end period closing activity and ensures that all the financial numbers are reports to top management and Savola on agreed timeline with accuracy and completeness.
• Review the Annual consolidated, standalone, and Quarterly financial statement of the Panda Retail Companies and its subsidiaries and ensures that all the relevant requirements of the International Accounting Standard with respect of accounting treatment and disclosures are fulfilled.
• Monitors and reviews the books of Savola Owned Company such as Al Matoun International and submit the financial statement of the Company to Savola Finance Team.
• Monitors the progress of external audit and provide the appropriate justification of the accounting treatment to resolve the external audit concern.
• In case external audit raise the observation, understand the observation of the external auditor and make the appropriate action plan to resolve the observation and present to the Head of Finance/ CFO.
• Monitor and ensures that all the requirements of Savola Finance team are fulfill on time.
• Monitor the IFRS implementation project and propose the road map of the implementation with the estimated impact on the company.
• Support Internal audit team and provide them all the required detail/ information which they need for the review of the internal control of the finance department.
• Make a follow up mechanism of all the external and internal audit observations.
• Monitor and review the Chart of Account of the Companies and ensure that SOP is followed in case of and amendment in Chart of Account.
• Review detail schedule of each account of the GL with the support of GL and Statutory manager and raise the concern to relevant manager if any deficiency of accounting treatment is noted.
• Review the monthly reported result of Panda Egypt and raise the quires to Finance Egypt team on the accounting matters.
• Monitor in detail the finance cost center activities and proposes the adjustment in error is noted.
• Review the Related parties register and ensures that all the related parties keep balances and transactions detail are reported to Savola Finance Team on monthly basis.
• Review the Article 71 report and ensure that all the legal report is been fulfill and take the declaration of their shareholding from each board members and submits to the external auditor for their review.
• Support Financial Controller in preparation of special request to be submitted to Board of Director/CEO.
• Review capital adequacy requirement of each company on monthly basis and in case of breach of capital requirement inform to management with appropriate action plan.
• Review service level agreement among subsidiaries and with the group.
• Support Financial Controller in implementation of Oracle and submit all the information related to GL and reporting to Oracle Team.
Review every purchase request (PR) which is raise on finance cost center and give the approval as per delegation of authority. Zakat and VAT:
• Monitor and ensures that returns are file ahead of time and avoid any delay fines.
• Monitor the GAZT audit on either zakat, withholding tax and VAT on timely manner and provide them appropriate responses.
• Review the monthly Withholding Tax and VAT return
• Reviewing the analysis of all non-resident suppliers for services only to check which service is costing the most WHT expenses
• Responsible to answer all the queries from authority in timely manners
• Monitor the issue log on any issue regarding with Zakat and Tax and ensures that appropriate action plans are developed by the zakat manger.
• Ensures that all the appropriate controls are developed to meet the requirement of the GZAT. Account Receivables:
• Monitor and reviews the Sub-Lease Rental Income/ Receivable are being recognized as per the tentent agreement.
• Monitor and review Sallati Cards B2B & B2C business and ensure that proper “Controls” are in place and proper procedures are being followed in charging the Cards to rule out any risk of duplicate/fake charging.
• Review all the required reconciliation with sub-ledger to GL.
• Managing and controlling E-Comm / Online Credit Sales/ Receivable.
• Participate in meetings with E-Comm/ Project Team with third party to discuss and agree on the business terms related to AR.
• Review the agreements from financial aspect and raise any concerns.
• Review and ensures all the periodic reconciliation with the customers are performed.
• Monitor the collection against the receivables and raised the matter of delay in recovery to the higher management

Requirements

Education
• ACCA/CA/ICAEW/Master’s in Accounting and Finance or equivalent professional qualification.

Experience, Skills & Competencies
• Minimum 5 years of experience in similar capacity or have 7 years’ experience of working in big four audit firm.
• Understanding and in-depth knowledge of International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS).
• Ability to research and interpret the accounting standards and local regulations.
• Strong intellectual capabilities and analytical skills to solve complex accounting problems.
• Leadership and time management skills especially in achieving stiff deadlines.
• Effective interpersonal skills to develop and conserve successful relations with external auditor and Savola Finance team.
• Sound communication skills both written and verbal.

About the Company

Panda was founded in 1978 as one of the most important organizations in the retail sector in Saudi Arabia. In 1994, Panda merged with Azizia Company then in late 1998 Azizia Panda United was acquired by Savola Group, one of the largest diversified conglomerates in MENA region, Azizia Panda United became the retail sector of Savola and started its journey to become the leading food retailer in the region. In 2008,

This acquisition has aided Panda in its growth and expansion by having the largest market share in the Saudi retail sector.

The first new format of Hypermarket was opened in Riyadh city in 2004. In 2006, Panda moved forward with its regional expansion by opening its first store in Dubai. In 2008, more numbers of stores were operating under the name of Panda when Savola Group acquired “Giant” supermarkets in Saudi Arabia and merged them with Panda. One year later in 2009, Panda has landed another great success by acquiring all Geant stores in the Kingdom of Saudi Arabia.

In 2014 the company name was changed from Azizia Panda United to the Panda Retail Company. And another big step in the expansion plan was achieved when Panda opened it hypermarket in Egypt in the year of 2015. These big steps have raised Panda share in the retail sector from 7% to more than 8%. Today Panda is the largest food retailer in the Middle East owns more than 400 branch of panda Super, Panda Hyper and Pandati in Saudi Arabia & Egypt making it the largest retail company that offering its services to more than 400 million visitors annually.

Candidates who applied for this job also applied for:
Finance Manager
A Leading Company In The Middle East
Dammam 15 Jun
Finance Manager
Michael Page
UAE 23 May
Financial Controller
Propel Consult
Riyadh 30 May
Finance Manager
Michael Page
Saudi Arabia 12 Apr
Finance Director
Command MENA
Saudi Arabia 21 Jun
Job Alerts by Email
  • Personalised updates on latest career opportunities
  • Insights on hiring and employment activity in your industry
  • Typically sent twice a month