Samrawit Tadesse Alemu

Finance Manager

My Wish Enterprise PLC

01.2024 - Current

Financial Strategy, Planning and Reporting Roles
Serve as a proactive financial advisor to the Executive Management on all financial and accounting matters to assist in making informed and optimal investment decisions, financing decisions, and other relevant decisions by providing, analyzing and interpreting correct information about the company’s past, present and future financial operations
Being highly knowledgeable and attentive about financial laws and regulations, follow, monitor and ensure that financial operations of the Company consistently comply with all legal and regulatory requirements
Continuously identify, analyze and proactively manage regulatory, financial and operational risks that may affect financial position and health of the Company; and provide risk reports for management with preemptive planning and corrective measures
Assist in establishing and implementing annual budgetary system; coordinate preparation, compilation and execution of annual budget; and monitor the budget execution and oversee actual costs and expense allocations throughout the year to ensure adherence to budget(s)
Support and ensure that all department staff understand their responsibilities, the limits to their authority, and are knowledgeable, mindful, and responsible for compliance with internal controls, regulatory requirements and GAAP
Manage & monitor consistent utilization of the Company’s chart of accounts to ensure uniformity and accuracy in collection, recording, reporting, comparability & accountability of financial records and data
Coordinate the financial statement close cycle and operational accounting functions in order to ensure that accounting transactions are: Supported with valid source documents sufficient to demonstrate the business purpose of the transaction, its occurrence, and the accuracy of the amount
Accurately and timely captured and recorded to proper accounts in the appropriate period; Closed and reconciled in adherence to monthly, quarterly and annual closing and reporting schedules; Analyzed and consolidated for the preparation of financial statements and other external financial reports; and Treated in accordance with relevant policies and procedures of the Company, GAAP and regulatory requirements
Monitor, follow and ensure the timely closing/reconciliations of monthly accounts and preparation of required corrective journal entries to ensure accuracy and integrity of financial information and proactively identify and resolve accounting discrepancies and irregularities
Coordinate and timely submit the monthly, quarterly and annual financial reports as per agreed content and structures making sure that all necessary consolidation, reclassification, and other adjustments are adequately explained and documented to support the financial statements
Apply appropriate accounting procedures and processes to monitor and control all aspects of cash flow and ensure the efficient utilization of cash
Manage, check and monitor the Company’s Bank Accounts and related banking transactions and activities on a daily basis; and ensure that all bank transactions are accurately and timely recorded and processed into the accounting system
Follow and monitor timely collection of bank statements and preparation of the monthly bank reconciliation in accurate and timely manner; review, verify and submit the monthly reconciliation statements to Administration and Finance Manager
Plan and manage timely execution of the external annual year-end and ERCA’s periodic audits by finalizing all necessary preparations, conducting internal audits, making all necessary records readily available, supporting auditors in the processes and providing explanations when required
Take the responsibility for timely and accurate preparation, review, approval and submission of all statutory financial reports to relevant government regulatory bodies, strictly and consistently complying with all established regulatory requirements for reporting timetables, financial information and related disclosures
Responsible for timely and accurately preparation, declaration and payment of statutory deductions such as VAT, employment income tax, withholding, cost-sharing and pension contributions to the relevant government agencies; ensuring compliance with payment mode, reporting timeline and format requirements
Maintain and ensure confidentiality and security of accounting and finance records and documentations, whether in electronic or paper format, by organizing, sorting and storing in the most secured, convenient and appropriate location; and retained taking into account the period of record retention as required by the regulatory requirements
Maintain, monitor and consistently execute inventory accounting and financial management and controlling systems and procedures in order to ensure and verify that inventory transactions are accurately coded, classified, recorded and updated in the manual and computerized financial information systems in a timely manner
Monitor, review and verify the accuracy and proper computation of inventory costs; and ensure that all associated costs are included, the Company’s inventory costing standards are followed, cost accounting principles and regulatory requirements are adhered; and submit the cost allocation report to the Finance and Administration Manager for approval
Monitor and ensure all inventory transactions are appropriately recorded with complete and adequate documentations of the need with accountability evidence for all inventory transactions
Monitor, review and verify the inventory sub-ledger is reconciled to the general ledger on a monthly basis; identify any inventory discrepancies; and submit monthly report to Finance and Administration Manager
Plan, coordinate and monitor the mid-year and year-end physical inventory to ensure inventory accuracy, investigate variances and resolve issues
Major responsibilities include, but not limited to follow and ensure that: Timely coordination of departments and all necessary advance preparations are made; All merchandise on hand are counted accurately and matched with the amount reported in the merchandise inventory account/ the accounting records; Any variance/discrepancy or error is identified and investigated; All necessary reconciliations/adjustments are performed, reviewed and verified on a timely basis to properly reflect the actual inventory; and Summarized report is prepared and submitted to Administration and Finance Manager within 20 days after the completion of the count
Take the responsibility for centralized, timely, safe and efficient collection, deposit, recording and reconciliation of sales and rental revenues of the Company from all sources
Follow and monitor the daily cash receipt and collection process of the Company, and verify and make sure that only authorized staff performs collection of sales; all cash received must be recorded through a cash register, or using pre-numbered invoices; properly recorded in the Company’s accounting system and deposited daily to the Company’s Bank Accounts
Receive, review and verify the daily cash receipt and depositing reports; make sure that daily sales, the cash and deposit slip is reconciled to the cash register and/or to the pre-numbered receipts; and investigate, resolve and report any variances
Monitor and review the daily sales transactions to ensure the correct and accurate prices of inventory are entered in the ERP System and consistently utilized by all staff
Follow, monitor and verify proper posting of cash sales and credit sales invoice on proper vouchers; and ensure cash receipt activity is reconciled monthly
Prepare the Weekly Cash Flow Report; and submit the Report to the Administration and Finance Manager
Monitor and ensure accurate and timely collection of machine sales revenues as per the Signed Sales Agreement
Monitor and ensure the accurate and timely collection of machine rent revenues as per approved rental agreement and approved monthly timesheets
Establish and implement effective and efficient system to record, track and ensure timely collection of all receivables including machine sales, rent, post-date cheques and warranties
Monitor and ensure timely collection and deposit of money from post-date cheques in a timely and effective manner in advance of the due-dates; summarize and submit weekly reports to the Administration & Finance Manager
Monitor and ensure timely collection of outstanding warranty claims from suppliers; including: maintain a system to accurately and timely record warranty expenses; follow issuance of proper warranty claims and invoices to suppliers; keep appropriate records of outstanding claims; follow timely settlement, collection and deposit of outstanding claims by suppliers; monitor reconciliations
Monitor and verify monthly reconciliation of the Accounts Receivable Subsidiary Ledger to the General Ledger control account and/or cash receipts transactions
Summarize all aged accounts receivables/delayed outstanding claims and submit monthly report to the Administration and Finance Manager
Take full responsibility for centralized management of the account payable and payment systems of the Company; delivering accuracy and efficiency in executing payments and related transactions
Implement effective and adequate internal controls over the AP and Cash Disbursement operations and ensure that payments/disbursements are done in accordance with the policies and procedures of the Company, generally accepted accounting principles and practices, and regulatory requirements
Review and verify payment requests after making sure that they are: Approved by an individual having formal approval authority; Consistent with the relevant policy and procedure; Supported with appropriate documents; Reasonable, appropriate and for valid business purposes; and Submitted with original invoice, wherever applicable
Review and verify that all disbursements are properly and accurately recorded in the accounting records during the period in which the liability was incurred or the payment was made, in accordance with procedures, cost principles, and regulations of the Company
Review and verify all payment vouchers making sure that the required documentation is present, and that the payment voucher contains full details to explain the reason for the payment; is correctly coded, arithmetically correct
Monitor and ensure all payment vouchers together with all supporting documentation should be filed in numerical order immediately after payment has been made; and submitted to the Administration and Finance Manager for final review and approval before the vouchers are posted to the general ledger
Monitor, control and ensure compliance with the entire financial cycle of the Purchasing Practices of the Company, and ensure that: Procurements are conducted in accordance with management's general or specific authorizations; Purchase requisitions are properly completed, reviewed and approved by the authorized management staff; Sufficient number of suppliers is invited to bid as per the procedure; The selection of suppliers is based on the cost analysis and least cost provider is selected; Monitor and verify all suppliers comply with all regulatory requirements, must be registered according to the law; have original license and tax identification number (TIN); and deliver original receipt
Approved purchase orders are properly used to purchase of goods; Ensure all necessary documents pertaining to the receipt of goods and services is initiated, approved and maintained before payment is made or advance is settled
Transactions are properly ACCOUNTED for and accurately and promptly RECORDED; and Procurement records of the company are adequately SAFEGUARDED
Monitor, enforce and ensure that ‘Three-Way Match’ is performed to check and match price, quantity, description and supplier listed in the Purchase Order agreed to GRN and Invoice
Monitor, strictly follow and ensure all staff reimbursement, travel advance requests are properly and timely processed upon the receipt of approved documents as per relevant procedures
Maintain advance accounts system to ensure complete and accurate records of all advance accounts; monitor and ensure timely clearance of staff advances; and generate and submit monthly reports to the Administration and Finance Manager
Administer and process the payroll system; receive updated HR reports on changes and over-time; prepare the monthly payroll; Prepare all payroll related deductions/liabilities and effect payment for concerned authority, such as Income tax, cost sharing, pension, provident Fund etc; and submit to Administration and Finance Manager for review and approval in a timely and appropriate manner
Encourage and enforce all cash disbursements, except those from petty cash, to be made by check; control and securely mange Company’s checks
Monitor, control and verify petty cash payments, ensuring that appropriate and effective controls are implemented
Monitor, verify and ensure that the A/P subsidiary ledger should be reconciled to the general ledger in a monthly basis; make sure timely correction of any deviations
Analyze and evaluate effectiveness of key business expenditures and components of cost and submit a report to Administration and Finance Manager for review after period close every month
Establish and maintain appropriate Fixed Asset Accounting and Financial System to manage and control the Company’s fixed assets in line with accounting principles and relevant laws
Capitalize all fixed assets and recognize in the financial statements of the Company in line with basic criteria of generally accepted accounting principles and relevant laws
Ensure that all capitalized assets will be properly marked with a specific identification number denoting Company’s ownership
Establish and maintain all necessary records of the Company’s fixed assets and ensuring the accuracy of the fixed asset financial accounting records
Record all transactions involving property and equipment ("fixed assets") in the proper account reflecting fixed assets acquired during the year (at cost) as well as depreciation expense for the year
Recognize and record costs that are aimed at enhancing the earning capacity of the assets
Establish, implement and maintain appropriate methods for calculating and recording periodic depreciation for all fixed assets as per generally accepted accounting principles and relevant laws
Establish and implement accounting for proper disposal of fixed assets in accordance with principles and laws, ensuring the need to derecognize the asset from balance sheet and recognize any resulting gain or loss in the income statement
Assist in the annual physical inventory of all fixed assets; monitor and ensure the result of the inventory is reconciled to the general ledger and the "fixed asset" property records
Provide clear and supportive leadership to direct reports ensuring that the Company’s culture, values, policies and procedures are properly communicated and maintained and that transparency, accountability and effective use of resources and assets is maintained in the department
Lead and motivate by example
Adhere and demonstrate commitment to corporate core values and high standards of personal and professional conduct; act to the best interest of the Company
Creates a climate in which people are engaged and motivated to perform to the best of their ability; promotes confidence and optimistic attitudes
Treat all persons with fairness and respect; demonstrate honesty and integrity through own actions
Promote and sustain harmony and a team spirit within the department based on mutual trust and respect among team members; facilitates resolution of team conflicts and drive teams in the same direction
Follow strictly and ensure consistent adherence and compliance of staff with values, code of conducts, policies and procedures of the Company
Actively participate in the recruitment and selection staff of a high caliber by: Identifying staff requirements of the finance operation; Initiating the manpower request; actively participate in the recruitment and selection of employees, Leading the orientation and on boarding program of new employees, Monitoring staff performance in probation period
Holds frequent development discussions and enables direct reports to grow and succeed through honest feedback; instruction and encouragement
Provides training and development opportunities to help grow and retain talented employees
Create a learning culture and supportive environment where staff are encouraged to continuously grow and reinvent themselves by putting in place a range of learning and development resources, tools and processes, providing ongoing feedback and opportunities to learn through formal and informal methods
Make all employees aware of training and development opportunities open to them and selecting employees for training and briefing them
Ensure that those who are trained share their training with others wherever possible and appropriate, and evaluating the effectiveness of training events in relation to the unit and individual objectives with those involved
Work with the Training and Development Manager and HR to design and deliver in-house and external training and development programs which are relevant in improving performance and efficiency for direct reports
Set and clearly communicate clear performance standards, expectations, priorities, and requirements to staff, and provide a context to create understanding of why they are being asked to do what they are doing
Hold regular formal and informal discussions with each direct report and consistently monitor team and individual performance against clearly articulated expectations
Provide team members with specific clear, behaviorally specific performance feedback on their performance on a regular basis
Identify poor performance and behavioral misconduct; provide corrective coaching and suggestions for improvement in a manner that builds confidence and preserves self-esteem; works with individuals to develop improvement plans and achieve performance goals
Identify and overcome barriers to individual and team performance and removes obstacles to enable others to achieve results
Hold self and others directly accountable for delivering what has been agreed to
Regularly recognizes and rewards people who achieve results and deliver on performance expectations; differentiates reward given to employees based on their level of performance
Prepares thoughtful and meaningful performance appraisals for direct reports; holds direct reports equally accountable for accomplishing performance expectations and objectives; creates and follows through on performance improvement plans, if required
Informs direct reports in a clear and timely manner where they stand in terms of meeting performance expectations and when their behavior does not align with stated goals, rules and policy
Documents appropriate actions

Summary

Overview

Work History

Finance Manager

General Accounts Head

Senior Accountant

Finance Head

Project Accountant

Finance Head

Accountant

Education

BA - Accounting

MBA (Masters of Business Administration) - undefined

Skills

Certification

Timeline

Finance Manager

General Accounts Head

Senior Accountant

Finance Head

Project Accountant

Finance Head

Accountant

BA - Accounting

MBA (Masters of Business Administration) - undefined

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