PETER OTUORI ONDERE
FINANCE & ACCOUNTING
KAMPALA,256
Overview
26
26
years of professional experience
2
2
Certifications
7
7
years of post-secondary education
Work History
Finance Director
ASWT Industries (U) Ltd
Kampala
01.2023 - Current
- Appointed as Finance Director to turn around performance of ASWT Industries Uganda Ltd by improving the financial performance from a loss to profit margin of 15%.
- Turnaround strategy involves financial restructuring which will involve refinancing and making debt and equity changes. Involves reducing debt by 40% within the first year.
- Coordinated assessments of sales by channel, product mix and gross margin of at least 25% to improve business profitability.
- Managed compliance with all financial regulatory and legal obligations.
- Expertly advised departmental heads on budget control and spending.
- Designed, planned and implemented new or updated financial policies, structuring based on inefficiencies or cost cuts required
- Produced management accounts and reports on month-end with details including expenses and budgets
- Developed performance-based initiative scheme to motivate team
- Trained accounting staff regularly in updated finance policies, procedures and best practices
- Directed financial planning and strategy, managing matters including structuring, planning, developing, implementing and monitoring
- Developed and oversaw implementation of all financial policy and procedures.
Financial Consultant
TzB Consulting
Nairobi, Kenya
06.2018 - 12.2022
- Trend Zone Business Consulting ( TzB Consulting) is a management and training consulting firm with vast experience in accounting, finance, tax and business development
- Provided accounting and administration procedures, tax advisory, working capital projections and internal controls reviews to 50 clients
- Developed long-term relationships with clients, providing sound financial advice
- Assessed company's financials to provide immediate and long-term recommendations
- Reviewed day-to-day client transactions to identify areas of improvement
- Answered questions comprehensively to gain client's confidence
- Stayed updated on latest financial products and regulatory changes to provide clients with updated advice.
Financial Consultant
Sphinx Pharmaceuticals Ltd
03.2016 - 01.2018
- Reviewing existing financial management system structures in place and recommending appropriate changes
- Facilitated the completion of all major reconciliations i.e bank, petty cash, Mpesa, debtors and creditors accounts
- Advised and facilitated the Installation of an appropriate financial management system including training the relevant personnel
- Reviewing the accounting system rights and assigning the correct rights to the respective employees
- Ensuring that the Pastel supplier redesigns various financial reports within the accounting system
- Reviewing all supplier accounts and advising the respective personnel on how to reconcile the supplier accounts
- Reviewing the bank and petty cash accounts and ensuring that they are reconciled by the right personnel on a timely basis
- Reviewing balance sheet accounts and advising personnel on the accounts to be reconciled
- Reviewing the existing costing models and advising management on the appropriate product pricing
- Key Results
- Improved profitability for the organisation after reviewing the pricing model and discontinuing non-profitable drugs and products
- The company introduced a strict credit policy from 90 days to 45 days which resulted in improved cash flow
- The company discontinued night operations as a result of the timely procurement of raw materials
- This was done by negotiating with the company's bankers to provide letters of credit facilities
- Ad-hoc purchases were also discontinued
- I designed a business plan for the company
- I developed financial reports within the accounting system which are easy to interpret for the various line managers
- Successfully implemented performance monitoring tools such as variance reports which have improved visibility and enhanced management's decision-making capabilities
- I designed an accounting policy manual for the company.
Group Financial Controller
Security Group Africa Limited, SGA
06.2013 - 01.2016
- Reporting to Group Managing Director/Board of Directors, and ensured strong accounting and reporting throughout the group, including overseeing and monitoring effective control environment and providing strategic information and advice to the management team
- Monitored financial well-being of SGA and advised the BOD and Shareholders of the need to make adjustments to the business plan and strategy on time
- Provided financial forecasting and analysis to support BOD and managed various product lines ensuring they were viable and profitable
- Ensured that companies maintained good internal financial control and risk management including compliance with SGA financial regulations
- Managed financial reporting and planning of cash flow so that companies had adequate funds available to acquire resources needed and achieve their objectives
- Key Results
- Introduced AARO accounting system (http://www.aaro.se/en) for consolidation and reporting of financial reports in East Africa
- Implemented OMNI accounting system in Kenya and Tanzania thus improving financial reporting
- Implementation was behind schedule by two years resulting in two companies spending over 138,000 euros above approved budget
- Introduced standard financial reporting for monthly management accounts for three countries thus making it easy for the BOD to review the comparative performance of the three countries
- Recommended to the BOD the appointment of new external auditors in Tanzania
- This improved the quality of audited financial statements for Tanzania
- Played a crucial advisory role in the group's purchase of new assets valued at over USD.3M through a financing mixture of cash from retained earnings and borrowing.
Financial Controller
Security Group Kenya Limited, Nairobi Kenya Security Group Uganda Limited
Kampala
01.2007 - 12.2012
- Reporting to the Group Financial Controller and working in Uganda from, , I was relocated from Uganda to Kenya in 2013 to restructure the finance department and improve cash flow and product/service profitability
- Produced financial reports and audit documentation to facilitate internal and external auditing
- Spearheaded the planning, coordinating, monitoring and reviewing of the annual budgets to guarantee financial sufficiency
- Developed annual budget and compared actual expenses against projected budget to minimise costs
- Developed high performing finance team to deliver financial statements and provide support to accounting department
- Managed and approved all expenditures and application of funds on all activities in line with Security Group Uganda and Kenya Limited policy
- Managed the company's cash flow and internal control environment
- Key Results
- I was promoted from an Internal Auditor to a Financial Controller in January 2007 and again to Group Financial Controller in 2013 within the same company
- I successfully achieved the approved budget by the Board of Directors (BOD) for the years
- Administered payroll for 6000 employees and oversaw corporate payroll reconciliation and tax activities
- The BOD rewarded the Managing Director and Financial Controller with an improved lump sum bonus payment for the years 2009 to 2012
- I increased Uganda's office net profit margins from 4% in 2007 to 20% in 2012
- This was done by renegotiating low-priced contracts and terminating non-profitable ones
- I improved the cash flow for Kenyan companies which resulted in the company meeting its obligations such as salaries and statutory payments on time
- I reorganized the finance department by reducing the number of staff and introduced job descriptions for each of them in Kenya
- I improved cash flow by ensuring that all customers received an invoice together with a reconciled statement adjusted to show a correct balance every month
- I ensured that bank accounts were reconciled to the ledger every month thus eliminating possible losses through fraud
- I successfully negotiated price reviews with all major clients, thus improving margins and turnover
- I significantly improved the company's cash flow by reducing the average debtor days
- The average debtors' days were reduced from 78 in 2007 to 49 days in 2012
- I expanded the asset base and infrastructure both current and fixed assets through financing using retained earnings
- The company did not have external debt (borrowing) in its statement of financial position as of December 2012
- I recommended to the BOD a bonus payment to staff with effect from December 2009
- This resulted in improved performance of each staff member
- I improved the internal control systems by ensuring monthly bank reconciliations, customer account reconciliations and supplier account reconciliations were done accurately and on time
- I successfully implemented the OMNI accounting system in Uganda in 2010 within three months costing the company Usd.50,000 whereas Kenya and Tanzania lagged with each spending over Usd.100,000 by December 2012'
- I implemented the OMNI accounting system in Kenya which had been outstanding for over two years.
Internal Auditor
Security Group Kenya Limited
03.2005 - 12.2006
Accountant
Security Group Kenya Limited
01.2004 - 02.2005
Internal Auditor, Audit Supervisor
Sovereign Group Limited, Siginon Freight Limited
07.2001 - 12.2003
Accounts Assistant
Security Group Kenya Limited
01.1998 - 06.2001
Skills
CORE SKILLSundefined
Education
Bachelor of Commerce Finance - Accounting
The Catholic University of East Africa
Nairobi 01.2005 - 12.2006
Certified Public Accountant (CPA-K) Accounting -
Strathmore College
Nairobi 01.2000 - 11.2004
Certificate in Fraud Detection and Prevention, Essential Management Consultancy -
Essential Management Consultancy
Nairobi 01.2002 - 01.2002
Certificate in Treasury, Risk and Cash Management, EuroFinance Treasury and Risk Management EuroFinance - Treasury And Risk Management
EuroFinance
South Africa 01.2007 - 01.2007
Certificate in Treasury, Risk and Cash Management, Treasury and Risk Management EuroFinance -
EuroFinance
South Africa 01.2010 - 01.2010
Timeline
Finance Director
ASWT Industries (U) Ltd
01.2023 - Current
Financial Consultant
TzB Consulting
06.2018 - 12.2022
Financial Consultant
Sphinx Pharmaceuticals Ltd
03.2016 - 01.2018
Group Financial Controller
Security Group Africa Limited, SGA
06.2013 - 01.2016
Certificate in Treasury, Risk and Cash Management, Treasury and Risk Management EuroFinance -
EuroFinance
01.2010 - 01.2010
Certificate in Treasury, Risk and Cash Management, EuroFinance Treasury and Risk Management EuroFinance - Treasury And Risk Management
EuroFinance
01.2007 - 01.2007
Financial Controller
Security Group Kenya Limited, Nairobi Kenya Security Group Uganda Limited
01.2007 - 12.2012
Internal Auditor
Security Group Kenya Limited
03.2005 - 12.2006
Bachelor of Commerce Finance - Accounting
The Catholic University of East Africa
01.2005 - 12.2006
Accountant
Security Group Kenya Limited
01.2004 - 02.2005
Certificate in Fraud Detection and Prevention, Essential Management Consultancy -
Essential Management Consultancy
01.2002 - 01.2002
Internal Auditor, Audit Supervisor
Sovereign Group Limited, Siginon Freight Limited
07.2001 - 12.2003
Certified Public Accountant (CPA-K) Accounting -
Strathmore College
01.2000 - 11.2004
Accounts Assistant
Security Group Kenya Limited
01.1998 - 06.2001
Summary
Highly collaborative Director of Finance with strong skills in statistical analysis and performance. Poised and sharp with skill to translate financial metrics into actionable details. Exceptional performance outlining strategic financial directions for business growth.
Affiliations
Member of the Institute of Certified Public Accountants of Kenya (ICPAK). Member of Lions Club Mombasa Pwani Century.
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