Finance Administrator

Job Description

Saudi national only

Position: Financial Administrator

Reporting to: FC / FD

Qualification Required:

• Finance, Business or Accounting Degree
• Preferable Chartered Accountant, CPA, ACCA, CIMA or equivalent
• Ability to communicate clearly in writing and speaking in English and Arabic.

Experience Required:

• At a minimum, between 5 to 10 years hands-on accounting (project and operations accounting and international experience) in a managerial capacity with global engineering and or construction company.
• Joint Venture experience will be an advantage.
• Ability to work as Team Player and work as part of the Team.
• Strong competencies in financial accounting including the application of Local and International GAAP. Knowledge of IFRS / US GAAP / SOX control is also an advantage.
• A broad knowledge of tax, VAT, GST, WHT, TDS, treasury, transfer pricing, accounting and commercial management in the engineering and construction industry
• Major ERP system experience required; SAP or Oracle experience is desired. Knowledge of Exact would be an advantage. Proficiency in Excel is needed.
• Good Commercial acumen
• Working closely with senior management and project and sales staff

Detailed Job Responsibilities but not limited to:

General Accounting and Reporting

• Overall responsible for General Accounting and Project Accounting of the Office/s
• Perform Intercompany Reconciliations – Monthly
• Obtain monthly Foreign Exchange rates and enter in system. Document and retain source monthly for all entities. Circulate fx rates to be used every month for all offices.
• Calculate fx gain/loss monthly and check systems calculations.
• Monthly Reconciliations between DTS, FPR and EXACT and provide analysis to FC/FD with a solution.
• Make and Follow Close Calendar and inform senior management, finance and project staff of the plan and the relevant dates upfront.
• Ensure monthly accruals for non-project expenses.
• Ensure all supplier invoices and expense reports are booked into the system via software or manually for both projects and non-projects. Ensure minimum VAT impact by matching input with output.
• Evaluate liability end of service based on actuarial valuation and ensure proper disclosure.
• Monthly Bank Reconciliations
• Monthly Profit and Loss and Balance Sheet for management after approval from FC/FD
• Monthly Management Reporting and Cash Flow Reporting for management
• Monthly DSO/DPO Reporting based on definition set in Accounting Manual for management
• Prepare Board Presentation and relevant presentations as needed.

Accounting Manual and Procedure

• Follow Group Accounting Manual and SOPs
• Follow IFRS 15 / ASC 606 (as relevant) and Accounting Manual for recognizing Revenue including POC Profit on non-reimbursable jobs.
• Follow close calendar / plan for the year and inform relevant people.

Audit and Compliance

• Overall Statutory Audit, Tax Audit and Zakat Filing (if applicable) for all offices. Ensure all audits and filings are done on timely basis.
• Obtain quotes from Statutory and Tax Auditors every year for all above work and prepare analysis and refer to FC/FD/CFO for approval. Preference for Big 4
• Obtain quotes for actuarial valuation for end of service/leave after consulting FC/FD/CFO for end of service and leave at these offices and prepare analysis and refer to CFO for approval.
• Ensure IFRS, US GAAP and SOX Compliance and Local Compliance

VAT/WHT/Tax Filings

• VAT filing and Reconciliations (Monthly) for the office/s
• TDS/WHT filing and monthly Reconciliation for the office/s
• Ensure compliance with WHT/VAT/PASI/GOSI and related regulations in relevant country.
• Ensure compliance of WHT and VAT and other related regulations for the office/s,
• Ensure Timely filing of Tax Returns for the officexs

Budget and Forecast

• Yearly Budgeting and Forecasting including Cash Flow, Profit and Loss and Balance Sheet after obtaining estimates from management, projects and sales staff. This should start September/October and completed by November/December
• Document all assumptions for salary increase, work in hand, expected work, headcount, utilization and bill rate, overhead costs, payroll costs, subcontracting costs, job income margin etc.
• Make a High-Level Short-Term Plan for 5 years using Discounted Cash Flow method.

Banking and Bank Guarantees and Collection

• Responsible for Banking and Bank Guarantees
• Support FC/FD/CFO in Collection and Payment Process.
• Circulate Daily Bank and Cash balance to CFO and expected collections and payment for the day and next 7 days. Ensure this is done as a first priority.

Payroll

• Payroll Processing and Transfer to Bank and Payroll Reconciliation Monthly

Fixed Assets and Investments and Software (Intangible or Right to Use)

• Ensure maintenance of Fixed Asset Register and Depreciation Rate used for Statutory books for the office/s.
• Ensure maintenance of Fixed Asset Register and Depreciation Rate used for Tax books for the office/s.
• Ensure details of Software used and the method of charge / amortization / depreciation or write off.
• Calculated Rate of Return (with payback period) for new investment after consulting FC/FD. Suggest methods to be used along with interest rate for the calculations using discounted cash flow method.

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Insurance

• Prepare calculations/analysis for Professional Indemnity, Workmen’s Compensation, Office/Fire Insurance, Fidelity, Vehicle etc as well as support HR for Medical Insurance in negotiating and forward to FC/FD for obtaining of CFO and CEO.

Department Management and Cooperation

• Save and backup all data on server from computer/laptop drives.
• Arrange weekly meetings with FC/FD
• Ensure segregation of duties and suggest improvements to CFO by using best practices.
• Work closely with FC/FD on all matters relating to projects and general accounting.
• Advise FC/FD and work closely with FC/FD on matters delegated by CFO.
• Any other work matter delegated from time to time by FC/FD/CFO.

Project Accounting:

• Overall Responsible for Project Accounting
• Work closely with Projects Control, Contracts and Projects staff to ensure all income and costs are booked on jobs.
• Ensure all Project Costs do not exceed Contract Value.
• Accurate and timely project accounting and related information based on relevant accounting standards.
• Calculate accurate project forecasting in consultation with Project staff and Contracts department.
• Check project forecasts with actuals and contract value every month and highlight anomalies.
• Follow IFRS 15 and Accounting Manual for recognizing Revenue including POC Profit on non-reimbursable jobs.
• Ensure all project costs and accruals and invoices and invoice accruals are booked in system every month.
• Calculate fx loss/gain on project jobs and check with systems calculation.
• Monthly refer all loss jobs to FC/FD/CFO for taking approval of CEO

Manhour Rates and Multiplier

• Calculate robust manhour and overhead rates on projects.
• Develop a multiplier and overhead rate based on budget, achievable recovery and working hours.
• Ensure all multipliers, manhour rates and overhead rates are set for next year at time of budget preparation. Refer to CFO for taking approval from CEO.
• Update above multiplier and rates only after consultation with CFO.
• Review Internal Rate Mark up for all offices and suggest to CFO for changes. Changes to be made only after approval by CEO.

Internal Control and Compliance

• Ensure Internal Controls are in place and is working and effective.
• Ensure compliance with local regulation and standards and best practice.
• Ensure all Transactions are as per the Authority Matrix for that relevant office/s

Collection and Payments

• Working closely with project staff to ensure timely collection from Debtors.
• Timely payment to creditors
• DSO and DPO calculations monthly.
• Calculate and ensure sufficient Cash Flow for operations in consultation with Sr Director Finance and CFO

Self-Development:

• Update self on latest changes in Accounting, Finance, Governance, Compliance etc by self-learning or attending seminars.
• Undertake 12 Lunch and Learn Trainings for non-finance staff in the organisation.
• Suggest any other self-development and training needs from time to time.