MOHAMED MUSTHAQ
MUSCAT
Summary
Seasoned Finance Professional with 9+ years of experience in finance, including 4+ years in the Middle East. Extensive expertise in enhancing productivity through process automation, and a proven track record in delivering accurate financial reporting and insightful analysis. Skilled in mentoring and leading teams, making timely strategic decisions, and driving operational and financial results.
Overview
12
12
years of professional experience
Work History
Senior Accountant / Finance Manager
RAY International Oil & Gas LLC
Muscat
01.2022 - Current
- Prepared and finalized financial statements in compliance with IFRS and local regulations.
- Led the finance function, overseeing accounting, reporting, budgeting, forecasting, and cash flow management to support business growth and strategic objectives.
- Ensured compliance with statutory requirements, including income tax, VAT, and withholding tax.
- Developed and implemented robust internal controls, financial policies, and risk management frameworks to safeguard assets and mitigate risks.
- Directed strategic financial planning, long-term budgeting, working capital optimization, cost control, and profitability analysis.
- Managed treasury operations, including banking relationships, letters of credit, guarantees, and fundraising strategies for projects and expansion.
- Led and mentored finance teams across accounts receivable, accounts payable, general ledger, inventory, and consolidation, ensuring efficiency, accuracy, and professional development.
- Conducted revenue reconciliation, variance analysis, and management information systems reporting, delivering actionable insights to senior management for informed decision-making.
- Oversaw internal, statutory, and tax audits, coordinating with auditors to ensure compliance and process improvements.
- Streamlined the full accounting cycle, enhancing accuracy in accounts receivable, accounts payable, and general ledger functions.
- Developed annual budgets, monitored variances, and advised corrective actions to optimize performance.
- Maintained strict financial controls to ensure accurate reporting and efficient fund utilization.
- Supported ICOFR (Internal Control over Financial Reporting) to strengthen compliance and governance frameworks.
- Handled month-end and year-end closing activities, ensuring timely and accurate reporting.
- Liaised with Big Four audit firms during external audits and ensured smooth coordination and compliance.
- Collaborated closely with internal auditors to address findings and enhance control processes.
- Managed Accounts Payable, Accounts Receivable, and Treasury teams to ensure smooth financial operations and liquidity management.
- Contributed to the development and implementation of Standard Operating Procedures (SOPs) to streamline processes and enhance operational efficiency.
Accountant/Senior Accountant
TGL Travels & Tours
Colombo
12.2018 - 11.2021
- Prepared monthly management accounts with detailed variance analysis to support decision-making.
- Managed working capital efficiently to optimize cash flow and minimize financial risks.
- Conducted in-depth analysis of departmental costs and overheads to identify cost-saving opportunities.
- Handled accruals and prepayments, ensuring accurate and timely financial reporting.
- Supported forecasting, budgeting, and business planning processes with relevant financial insights.
- Compiled and presented weekly management reports covering sales, debtors, expenses, and forecasted cash flow.
- Coordinated monthly supplier and customer ledger balance confirmations to maintain account accuracy and transparency.
- Calculated and filed VAT, WHT, EPF, ETF, and NBT in compliance with statutory regulations.
Auditor
AJ Associates
Colombo
08.2017 - 12.2018
- Assessed audit resource requirements and established timelines for completion of audits
- Assessed audit resource requirements and developed timelines to ensure timely completion of audit engagements.
- Managed audit budgets, achieving cost-effective and efficient delivery of services.
- Ensured financial information complied with applicable accounting standards, providing auditors' opinions backed by thorough documentation.
- Communicated audit progress and key findings to client management and firm leadership, proactively addressing issues and risks.
- Managed audit budgets to guarantee timely and cost-effective delivery of audits
- Ensured compliance of financial information with Accounting Standards, supporting auditor's opinion with proper documentation
- Communicated audit status updates to clients' management and firm management, addressing issues proactively
Accountant and Showroom Supervisor
Super City (Pvt) Ltd
Matara
10.2015 - 12.2016
- Prepared monthly, quarterly, and annual financial statements in compliance with accounting standards, and maintained accurate accounting records.
- Processed payroll and calculated EPF/ETF contributions, ensuring accuracy and timely submission.
- Computed VAT, NBT, and other tax liabilities in line with statutory requirements.
- Monitored and controlled purchase transactions, cost allocations, and supported month-end and year-end closings.
Accountant
Big City (Pvt) Ltd.
Beruwala
01.2014 - 06.2015
- Prepared financial statements in compliance with accounting standards.
- Prepared salary sheets, calculated EPF/ETF contributions, and processed payroll.
- Computed VAT and NBT in accordance with statutory requirements.
- Reconciled bank statements and vendor accounts to ensure accuracy.
- Supported internal and external audits, including the preparation of schedules and documentation.
Education
Chartered Institute of Management Accountant - Management Accounting
Wisdom Business Academy
Colombo, Sri Lanka01-2026
Bachelor of Business Administration - Accounting, Management Accounting
University of Ruhuna
Matara, Sri Lanka12.2019
Chartered Accountancy - Corporate Level
Institute of Chartered Accountants of Sri Lanka
Colombo, Srilanka12.2018
Skills
- Financial reporting & analysis
- Internal controls
- IFRS compliance
- Team leadership
- Client management
- Microsoft Power BI
- SQL
- Copilot
- Budget management & cost control
- Working Capital Management
- Budgeting and forecasting
Accomplishments
- Successfully optimized inventory at Matara Super City by implementing a purchase control system
- Earned client accolades for excellence in auditing and outsourced accounting that generated new business for AJ Associates
- At TGL Travels, cleared a two-year backlog, streamlined accounting operations, recovered over 10 million through meticulous debtor reconciliation, and resolved persistent cashbook discrepancies to ensure accurate financial records
- At RAY International Oil & Gas LLC, enhanced working capital management by restructuring accounts receivable, minimized unnecessary petty expenses through centralized approval processes, and boosted departmental performance and revenue with timely, insightful financial reporting
Hobbies and Interests
- Cricket
- Football
- Reading political articles
- Travelling
Languages
- English, Proficient
- Tamil, Native
- Arabic, Beginner
References
References available upon request.
Timeline
Senior Accountant / Finance Manager
RAY International Oil & Gas LLC
01.2022 - Current
Accountant/Senior Accountant
TGL Travels & Tours
12.2018 - 11.2021
Auditor
AJ Associates
08.2017 - 12.2018
Accountant and Showroom Supervisor
Super City (Pvt) Ltd
10.2015 - 12.2016
Accountant
Big City (Pvt) Ltd.
01.2014 - 06.2015
Chartered Institute of Management Accountant - Management Accounting
Wisdom Business Academy
Bachelor of Business Administration - Accounting, Management Accounting
University of Ruhuna
Chartered Accountancy - Corporate Level
Institute of Chartered Accountants of Sri Lanka