Cost Accountant

We are looking for a Cost Accountant who will be responsible for overseeing and controlling project-related costs within the construction business. The role focuses on budgeting, forecasting, cost monitoring, and trend analysis to ensure financial efficiency and profitability across multiple projects. The position requires close coordination with project teams, procurement, and management to provide accurate financial insights and cost control strategies.

Responsibilities

• Develop, maintain, and monitor project budgets in close coordination with Project Managers and Site Engineers; ensure budgets are realistic, cost-effective and appropriately detailed.
• Produce rolling forecasts and regular budget re-baselines, reflecting changes in project scope, site conditions, material/ labour cost fluctuations, and any variations or change orders.
• Perform cost trend analysis: monitor historical project data, material price indices, labour rates and subcontractor costs to detect cost escalation risks and opportunities for saving.
• Track project expenditures (materials, labour, plant & equipment, subcontractors) and compare to budget; analyze variances and provide actionable insights to control costs.
• Prepare monthly/quarterly cost reports, dashboards, and forecasts for management / stakeholders, showing cost performance, margin forecasts, and cost to complete.
• Liaise with procurement, contracts and operations teams to ensure correct costing of supplier/subcontractor invoices, ensuring rates, quantities and pricing align with contracts / purchase orders.
• Ensure accurate job costing: set up cost codes, allocate overheads properly, maintain standard costs, and monitor cost allocation to projects.
• Manage work-in-progress (WIP), retentions, billing, variation orders, and ensure proper recognition of revenue as per contractual terms and accounting standards.
• Participate in tender / estimate preparation: provide cost inputs, material and labour estimates, and risk allowances.
• Monitor cash flow related to projects, ensuring sufficient funds for planned payments, anticipate cash shortfalls, and advise on financial implications.
• Ensure compliance with UAE accounting standards, corporate tax / VAT laws, labour laws and any regulations relevant to the construction industry.
• Assist in audits (internal / external), provide supporting cost data, ensure documentation for cost control, labour hours, supplier payments, and other cost components is accurate and up to date.
• Continuously identify process improvements: suggest cost reduction initiatives, better cost control systems / tools, more efficient workflows for budgeting, forecasting, and cost tracking.
• Maintain accurate records and financial documentation for all construction cost activities, ensure transparency and accountability.

Qualifications & Skills

• Bachelor’s degree in Accounting, Finance, or related field (Professional certification such as CMA/CPA is an advantage).
• Minimum 5 years of experience in cost accounting, preferably within the construction industry.
• Strong knowledge of budgeting, forecasting, and financial analysis.
• Proficiency in ERP systems (e.g., Oracle, SAP) and MS Excel.
• Excellent analytical, problem-solving, and reporting skills.
• Strong communication and interpersonal skills to liaise with project and management teams.
• Ability to work under pressure and meet tight deadlines.

Key Competencies

• Detail-oriented with strong numerical and analytical ability.
• Proactive approach to identifying cost-saving opportunities.
• Strong organizational skills with ability to manage multiple projects simultaneously.
• Commitment to accuracy, confidentiality, and ethical financial practices.

Job Type: Full-time