Finance Manager

Job Title: Finance Manager

Reporting to: General Manager

Nature of the Position: Full Time

Location: Dhahran, KSA

Role Overview:

The job holder will oversee all financial and accounting operations, and is responsible for delivering a professional finance service and supporting and challenging the business to be successful. The job holder will work within the general framework of the Group’s overall accounting and reporting system, and have access to support, guidance and direction from both the Segment Controller, and Group Finance.

Key Responsibilities:

• Ensure that all profit and loss and balance sheet transactions are recorded accurately and in a timely manner in the D365 system.
• Responsible for preparing high-quality financial information and analysis on request of the JV partners.
• Manage the balance sheet, reviewing key accounts such as accruals and prepayments regularly.
• Responsible for preparing draft capital expenditure requests for review by the Regional Controller based in Dubai.
• Accountable for planning for tax/Zakat, handling registrations, periodic submissions to DZIT, and liaising with tax advisors.
• Providing insights into the company's financial performance to management.
• Analyzing financial data, identifying trends and opportunities for improvement in margin performance, SG&A, and working capital.
• Accountable for helping management make informed decisions based on financial data, for both operational and investment needs.
• Accountable for creating financial budgets and extended forecasts with management for the business.
• Understanding and anticipating future financial performance to build forecasts and making recommendations to management on areas of focus needed to deliver the forecast.
• Capturing uncertainties in risks and opportunities.
• Identifying and explaining differences between actual and budgeted, and forecast performance.
• Ensuring that the company has sufficient cash to meet its obligations.
• Planning for future cash requirements and identifying potential shortages.
• Prepare and submit in COGNOS, in line with the Group reporting timetable, accurate and complete data for Flash, Monthly accounts, Forecasting, Half Year and Full Year Group reporting, Budgets and Extended Forecasts.
• Produce narrative and analysis that explains the nature of variances, trends, and unusual items, including commentary, bridges and risks, and opportunities.
• Raise issues (errors, unexpected variances in financial performance, delays, and so on) promptly and transparently with the Segment Controller and Group Finance.
• Work with the Segment Controller and Group Finance to address queries and reconcile intercompany balances.
• Ensure compliance with the Finance Policy, and the associated Accounting Policies, which are based upon International Financial Reporting Standards (IFRS). This requires a sound knowledge of those accounting standards that are relevant to your business, as well as the Group requirements for meeting these standards.
• Particular attention should be given to:
  • Revenue Recognition in accordance with IFRS 15:
    • Understand the key considerations for Point in Time and Over Time
    • Factors that affect the timing of control passing for Point in Time
    • The mandated template and thresholds to be used on sales orders
  • Expected Credit Losses (ECL) for debtors in accordance with IFRS 9
  • Lease accounting in accordance with IFRS 16
• Needs to be vigilant, for changes and new transactions. Should never make assumptions, if not sure, consult with the Segment Controller, and/or Group Finance.
• Maintaining a comprehensive month-end process to satisfy all local management, and Group finance reporting, internal control requirements, and external submissions (tax, audit, and regulatory).
• Ensuring that financial records are accurate by conducting reviews and quality checks before submission.
• Ensuring all required processes to complete a month-end are tracked and concluded in a timely manner, with exceptions formally documented.
• Authorized to implement the internal controls to safeguard the company, ensure accurate information for the purposes of reporting and decision making, and minimize the risks of error and/or fraud. The Group provides the framework for discharging these responsibilities, which are outlined in the Group Manual.
• Considering what the risks are for the business and concluding whether the controls are sufficient to manage those risks, and if not to take action to address unmitigated risks. It is then to ensure the controls are effectively implemented, with the necessary frequency.
• Responsible for taking formal actions to address where sources of error are identified. Asking for help where needed, and actively reporting control failings as soon as they are identified.
• Accountable for proactively supporting internal audit and Group Finance in audits or process improvements when they arise
• Accountable to ensure your business complies with the delegation of authority, using company processes to secure appropriate approvals before action is taken.
• Acting as the business lead during audits, with the provision of information in a timely manner to support the audit timetable.
• Where there are local statutory reporting requirements, to lead this engagement to ensure auditing and reporting are completed ahead of statutory deadlines.
• Ensure that bank accounts are not opened or closed without agreement from Group Treasury.
• Maintaining good relationships with lending banks that have provided access to banking services in the BU's local market. Communicate any challenges to Treasury so that a resolution can be discussed with relationship banks.
• Ensure that external credit facilities are not arranged without the express permission of Treasury.
• Maintain up-to-date bank mandates and advise treasury of any changes.
• Identify borrowing requirements as early as possible and notify Treasury
• Identify operational cash surplus and coordinate with Treasury to ensure this is centralized as efficiently as possible.
• Weekly cash forecasts must be prepared and ready to submit to Treasury before COB on Tuesday each week (adjusting for public/bank holidays).
• Ensure the quality of the cash forecast by performing a review of the data before it is submitted to Treasury (including a comparison to the previous week's report, highlighting any variances and the cause of these).
• Where certain BU's have been empowered to carry out FX transactions locally, FC's must ensure that only spot FX transactions are entered into by their business unit.
• All forward FX transactions or derivatives must be traded with HKH.
• Engage with Treasury either before, or the same day as, a non-functional currency sale or purchase is committed to so that appropriate hedging action can be agreed.
• Overseeing the collection of payments from customers and the payment of invoices to suppliers.
• Complying with the Group requirements regarding credit limits and ensuring compliance with the requirements of our Trade Credit Insurance policy.
• Not entering into financing arrangements or negotiating unfavourable payment terms without agreement in line with the Delegation of Authority.
• Ensuring there is a legally compliant payroll solution in place (in-house or 3rd party).
• Ensuring effective controls are in place, in conjunction with HR, to process and approve changes to payroll in a timely manner.
• All interdependencies, e.g., pensions, tax authorities, etc., are appropriately controlled and managed.
• Having overall responsibility and accountability for all taxes, both from an operational and compliance perspective, arising in your business.
• Responsible for ensuring the business unit/company is fully compliant with all tax obligations.
• Analyzing and preparing data for local content and IKTVA reporting.
• Liaising with external auditors for the LC audit and completing the LC submission on time as per the LC guidelines.
• Liaising with Aramco to convert LC score to IKTVA score and ensure timely reporting.
• Preparing IKTVA plan as per Aramco guidelines on a regular basis or as advised by Aramco.

Additional Responsibilities

• Promoting Hunting Health and Safety policies, and communicating effective awareness of the risks and hazards to all personnel and maintaining controls necessary for their safety and that of others
• Performing all duties in accordance with the Company’s Quality Procedures and work Instructions in order to deliver and maintain the highest standards of quality for all products and services
• Developing self within role and participating in and developing from training and developmental activities assigned to oneself
• Understanding Hunting’s service and product offerings
• Establishing self as a subject matter expert with the customer and expert in the designated technical/professional discipline
• Creating and maintaining good working relationships
• Understanding and using of the correct reporting lines
• Employees are expected to work whatever reasonable hours are necessary to meet the requirements of their job
• Travel may be required on an ad hoc basis, so a degree of flexibility is required
• Ad hoc duties as reasonably required from time to time.

Qualifications/Skills and Experience:

• Graduate degree in relevant subject or suitable alternative.
• Ten years’ experience in accounting position.
• Four years’ experience in a managerial position.
• Two years’ experience in a multinational organization
• Understanding of D365 and COGNOS is desirable
• Good Knowledge of Zakat and Taxation laws in Saudi Arabia
• CPA, CMA, Socpa or relevant certificate
• knowledge of Microsoft Office programs
• Proficient in spoken and written English
• Full Saudi Driving License

Personal Qualities:

• Motivational people manager with the ability to effectively manage others and galvanise a team
• Possess a strong financial awareness
• Strong work ethic, motivated, and driven
• Excellent communication (both written and oral), influencing, and interpersonal skills
• Highly professional conduct
• Must be willing to travel and able to spend time away from home.