About Khaled Farouk Abdelaziz Moustafa
Over 30 years of experience in the fields of FMCG, Automotive, Home appliances, Glass& crystal industries and Academic activities. Worked for 28 years with International and multinational Companies in Egypt, holding Senior Executive positions handling multicultural environments, in addition to heavy educational experiences at different levels.
2019 - Present
• Analyze fixed costs (e.g. salaries, rent and insurance) and variable costs (e.g. purchases of raw material and operations costs) • Analyze and review budgeting reports (for the company and for each department) to enhance profitability. • Supervise Analysis of profit margins to monitor cost efficiency. • Identify and recommend cost-effective solutions to meet the company`s strategic plan. • Approve estimates for use in selecting vendors or subcontractors. Data Collection • Establish data accumulation systems for a cost accounting system. • Prepare (monthly, quarterly and annual) cost forecasts to meet the company`s strategic goals. • Collect historical cost data to estimate costs for current or future products to maintain cost efficiency. • Assess cost effectiveness of products and services, tracking actual costs relative. • Conduct special studies to develop and establish standard working rates (hour – item), reporting systems and procedures in addition to any other related cost data or to effect cost reduction. • Visit Company branches to estimate information about cost and availability of services such as water and electricity. Inventory • Monitor the company`s warehouses (physical inventory counts and cycle counts). • Recommend cycle counting workflow to reduce wastes. • Monitor and analyze the cost of items sold as part of the month-end close • Review and apply overhead costs as required by generally applied cost accounting principles. • Recommend disposition workflow of the obsolete inventory to enhance cost efficiency. Other Tasks • Develop all needed reports to be submitted to the direct manager. • Follow the instructions, requirements of the quality, safety and occupational health, the environment and road safety management system. • Perform any other assigned tasks as required by the direct manager within the same level of responsibility.
2018 - 2019
• Review and approve product recipe with standard BOM and routing including standard cost for material labor and overhead. • Analyze monthly production cost per SKU and brand including effect of actual cost fluctuations on GM%, efficiency variance and price variance. • Lead the preparation of budgets and cost applications including budget narrative and requires cost proposal documents. • Supervise and review budgets and cost application documents prepared by junior staff and/or finance program staff. • Oversee the pricing table preparation and work with local/foreign purchasing dept. and supply chain to ensure forecasted material, packaging and other supplies. • Ensure all contractual compliances requirements and documents included in each cost proposal. • Calculate and analyze of sales mix variance, budget volume variance specifying the most profitable product portfolio. • Analyze and report for production line utilization and the possible alternatives to achieve economic operating of production lines. • Calculate transfer prices of all products for export department reaching the most competitive prices with sister companies. • Negotiate raw material prices with local/foreign suppliers, freight rates and cost of services. • Prepare product cost Estimation for NPD (New Product Development) meetings for pricing decisions. • Participate in Innovation meetings calculating opportunity cost for market penetration/Expanding. • Handling all inventory cost control and stock take procedures including yearend closing physical count. • Work closely with counterpart\'s finance and compliance teams to develop templates, conduct training for staff and mentor program management teams to entrench sophisticated budgeting and pricing skills within the team.
2017 - 2018
• Prepare and review cost structure modules for Passenger car, Turks, Heavy trucks, Commercial vehicles on a monthly basis. • Monitor allocating of the company actual overhear heads to all cost centers. • Preparing departments\' performance reports analyzing variances between actual and budgeted expenditures. • Monitor actual cost trend fluctuating on a monthly basis for material, labor and overheads. • Calculate inventory turnover and inventory cost projection cost based on suppliers contracts and potential price increases during the year. • Calculate inventory provisions, Inventory writ-offs for the delisted items (Obsolete& Surplus). • Prepare year end stock taking procedures and reconciliations. • Participate in pricing decisions to calculate targeted/Competitive gross margins per product and brand. • Communicate with internal/external audit reviews in a monthly/Yearend basis for costing audit task list. • Prepare monthly costing flash and performance reports.
2015 - 2017
• Set of strategic objectives and business plane cascaded from overall company vision for cost department for three sites (Factories). • Establish technical plans and time schedules to achieve strategic objectives including cost statements and reports, cost analysis, standard cost, KPI\'s and cost parameters. • Plan, develop and manage all cost and pricing functions including analysis of processes in trading, manufacturing, cost estimation of all various activities, margin analysis and forecasting. • Develop and implement of cost standard and procedures and ensure periodical comparison and updating with actuals. • Develop, review, strengthen policies, procedures and processes for the costing and pricing of every line of business and product and recommend ways and means to improve efficiency or to reduce overall costs. • Develop sensitive analytical model and monitor the impact on product profitability studies, new products or tenders for supplied materials. • Review existing product mix, analyze margins and suggest changes to the mix and product strategy. • Provide senior management with recommendations and proposals for the continuous reduction in costs of project and operations expenditure through strict control of labor, materials and equipment costs at various stages of the projects and operations. • Manage the effective achievement of objectives through setting individual objectives, managing performance, developing and motivating staff, provision of formal and informal feedback and appraisal in order to maximize subordinate and the overall performance. • Support the department head in defining an optimum departmental structure so that resources are optimally utilized and communication can take place in an efficient manner.
2009 - 2014
Crystal Asfour International
• Supervise and coordinates between cost sections and other concerned parties (Internal-External) to facilitate data flow. • Establishing of cost department annual strategic plan, priorities and time schedule to achieve company overall goals and targets. • Prepare production (Direct material, direct labor and factory overhead) and cost of goods sold budget with monthly monitoring and analysis. • Design of costing system including chart of products, cost centers, process, records and documentation flow for the purpose of calculating and controlling costs. • Appling of standard cost system to control and monitoring actual cost, variance analysis and reporting. • Prepare monthly cost statements per process / Activity includes absorbed material-labor and overheads according to its relationship with the level of activities (Fixed/Variable). • Prepare the following monthly reports: Cost statements per process / Activity (Standalone-Consolidated). Profitability of products reports (all-top ten products). Cost analysis trends per activity. Performance assessment per activity (utilized and unutilized cost). • Inventory accounting control including: Daily monitoring of inventory transactions (Receiving, issuing….etc.) between warehouses and other production divisions to ensure facilitating flow of production requirements and auditing inventory limits for raw material to avoid stock shrinkage and run out. Supervise annual stocktaking procedure regarding physical count committees, instructions, time schedule and preparing of stock adjustments entries after approval. Evaluate inventories balances according to stocktaking, reconcile between book cost and physical cost specifying discrepancies per warehouse. Reporting of stocktaking results for the concerned parties with sufficient recommendations and inventory discrepancies analysis. Reporting for obsolete and surplus inventory, measuring the inventory turnover for raw material, semi-finishes and finished goods inventories recommending the appropriate methods to direct investments in inventory. Calculating R.O.I • Tracing of cost of work in progress and semi-finished product between production divisions and semi-finished products warehouses. • Costing analysis and studies required for management (Fixed-Per request).
2006 - 2009
Franke Kitchen Systems
• Control, develops and maintains the standard cost system. • Analyzes/reports manufacturing performance, gross margins, and inventory control activities. • Supporting the Manufacturing operations, Distribution operation and interfaces with the heads of Manufacturing, Distribution, Purchasing/Production Planning, R&D/Quality Control as well as Accounting and financial management. • Validates cost structure compatibility with Bill of Materials file (BOM). • Daily monitoring of production flow data and inventory movements. • Daily analysis of manufacturing performance, including variances, scrap, and yields. • Daily inventory control activities, including purchase orders (PO), cycle counts, adjustments, and purchase price variance (PPV). • Monthly reconciliation of inventory sub-ledgers to General Ledger account balances. • Monthly analysis of inventory levels as well as analysis of obsolete/excess inventory. • Monthly reconciliation of variances to General Ledger account balances. • Conducts weekly plant financial meetings, which includes the presentation of key statistical data. • Daily/monthly analysis of Cost of Goods Sold (COGS), including P&L reporting. • Manufacturing financial budget preparation and reconciliation of departmental expenses and MRP results, including annual standard cost “roll-up” and validation of work center/router parameters. • Issues formal policies and procedures to improve the accuracy and integrity of Operations data. • Preparation of monthly Inventory Report for Board reporting package. • Assists the Director, Distribution in the development of budgets and performance measurement. • Ad-hoc projects as assigned.
1997 - 2006
Daewoo Motor Egypt
• Monthly closing &cost statements: Prepare cost package &journal vouchers. Receive monthly reports of finished products, Work in process and sales. Calculate cost of beginning work in process, finished products, ending work in process and cost of goods sold. Prepare monthly journal vouchers, print sub ledger and prepare monthly cost statements per model. • Prepare monthly report of variance analysis: Compare monthly actual consumption of cost elements (Material ~ Labor ~ Overhead) with standard cost sheet per model. Classify variance (Quantity &Price for material, Hours &Rates for labor and overhead) and prepare journal vouchers charging finished goods, cost of goods sold or income statement. Prepare monthly report for allowed &disallowed variance reasons suggesting the alternatives of solution. • construction in process &Goods in transit monthly outstanding: Prepare reconciliation for goods in transit and construction in process. Follow up new and extended contracts for all organization (Head office, Factory, Workshops and any other investments). Capitalize construction in process according to final invoice and prepare depreciation record classified into its categories and depreciation rates. Follow up inventory receiving reports and prepare goods in transit monthly outstanding. • Prepare Yearly standard cost per model: Prepare standard cost for every cost element: a) Material: From bill of material, contracts, invoices, letters of intents…etc. b) Labor: From monthly payroll for permanent &casual, potential second shifts…etc. c) Overhead: From monthly consumption rates for consumable material, managerial and financial expenses. (Marketing &selling expenses considered as period cost). Revising standard cot according to variance analysis and foreign currency evaluating. • Year-End stocktaking: Prepare physical counting committees at the end of fiscal year (Inventories, participants and Dates) approved from top management and external auditing office. Specify physical counting procedures, cut off dates, documents and supervising physical counting progress in proper way. Collect physical counting results and clarify variance with storekeepers and prepare year-end inventory adjustment entries. • Support management in decision making: Prepare unordinary reports and analysis required by top management. Participate in determination committees and price negotiation and evaluating of proposed suppliers trends (Costing wise) before purchasing assets or production materials. Evaluate alternative methods of cost reduction. Prepare yearly training schedule for cost department.
1991 - 1997
Arab American Vehicles Co.
• Accounts Payable Controller: Prepare foreign &local suppliers sub ledger. Follow up for foreign suppliers\' supplies and make monthly outstanding and reconciliation. Prepare journal vouchers and payments for local suppliers according to receiving vouchers of material and according to payment terms and local contract prices. Prepare monthly local suppliers status. • Inventory Accounting Control: Follow up inventory transactions (Receiving and releasing) delivered from warehouse. Prepare monthly journal vouchers for receiving and consumption cost. Participate in year-end stocktaking for inventories and prepare adjustment entries. • Surplus &obsolete items: Specify surplus and obsolete items according to re-supply demand levels and safety stock limit point. Calculate cost of obsolete items and participates in selling committees. Reporting for nonmoving items monthly.
1990 - 1991
National Office for Feasibility Studies
• Financial facilities &Marketing Studies: Specify required financial facilities according to project volume, potential foreign currency fluctuations total investments, long and short term loans. Study of market concerning competitors, suppliers, customers, market share and other marketing researches.
Honors & awards
Arab American Vehicles Co.,1995 - Egypt
Aircraft Technology Institution - (Arab Organization Industrialization) - Egypt
Development &Management Center - Egypt
Safwa Association – Tax Consultancy Foundation
Franke Kitchen Systems – South Africa
Crystal Asfour International – Egypt