Project Accountant

Roles and responsibilities

We are currently looking for a Project Accountant to be based in Abu Dhabi location.

Main Purpose Of Role

• Project financial management in the East Region; ensuring project revenues and costs are accurately recorded and in line with International Financial Reporting Standards and in accordance with the contract
• Ensuring all project information, processes & controls are in line with Group Standard Operating Policies
• Ensuring new projects are set up correctly in the systems
• Chasing invoice issuance and debt collection
  

Responsibilities

• Working with project managers and project controls team to ensure accurate reporting of project performance across the UAE and KSA.
• Involved in the project set-up on handover from proposals team to ensure reporting structure is agreed, in line with contract terms, company policies and accounting standards. This requires setting up the work order structure in line with task delivery and milestones
• Ensure project accounting is in adherence with company policies, accounting standards and regulatory requirements (eg revenue recognition, staff allocations, overhead rates, loss provisions, accrued and deferred revenue)
• Analysis of project results against budgets/forecasts/benchmark providing feedback to management
• Identifying all material issues relating to revenue recognition of long-term contracts in accordance with IFRS 15
• Ensuring all costs are recognized and accrued in line with group policies
• Monitor credit status of clients and ensuring bad debts are recognized
• Co-ordinate with project controls to ensure timely and accurate client invoicing
• Checking projects are closed out in line with company policy (eg accruals released, bank guarantees returned, final reports issued, collections finalized)
• Forecast and planning
• Advice to Bid and Project management team on accounting for Projects.
  

Qualifications & Experience

• Accountancy (ACA, ACCA, CIMA or CPA) qualification
• Experience of working in the MEA region
• Good knowledge of IFRS 15 revenue recognition and project cost accounting
• Experience in a Global engineering / professional services organisation preferred
• 8+ years of experience as a project accountant or similar.

Desired candidate profile

• Project Budgeting and Cost Estimation

  • Develop and manage project budgets, ensuring that all costs (labor, materials, equipment, etc.) are accurately estimated.
  • Work with project managers and department heads to gather cost data, define budget categories, and allocate resources effectively.
  • Monitor and review budgets to ensure they are adhered to throughout the life cycle of the project.

• Cost Tracking and Reporting

  • Track project expenditures and ensure that costs are recorded accurately, including labor, materials, subcontractors, and overheads.
  • Provide regular financial reports to project managers and stakeholders, detailing current spending versus budgeted amounts.
  • Identify and analyze cost overruns and variances, providing explanations and recommendations for corrective actions.

• Invoicing and Billing

  • Prepare and process project invoices, ensuring that payments are made in a timely manner and in accordance with contractual terms.
  • Review contracts and work orders to ensure invoicing matches the scope of work and agreed-upon payment terms.
  • Coordinate with vendors and clients to ensure that all invoicing is completed accurately and promptly.

• Financial Forecasting and Cash Flow Management

  • Perform regular financial forecasting to predict future project costs and cash flow requirements.
  • Analyze projected cash flow against actual performance, ensuring that any discrepancies are addressed and mitigated.
  • Ensure that the project has sufficient funds to cover ongoing costs and prevent any cash flow issues.

• Contract and Change Order Management

  • Review project contracts, change orders, and amendments to ensure financial terms are correctly understood and implemented.
  • Ensure that any changes to project scope or deliverables are accurately reflected in the financial records and budget.
  • Track and document changes to project budgets caused by change orders, ensuring they are authorized and properly recorded.

• Financial Compliance and Audit

  • Ensure that all project financial activities comply with internal policies, external regulations, and industry standards.
  • Maintain financial records in accordance with accounting principles, preparing for audits and ensuring all supporting documentation is available.
  • Assist with internal and external audits, ensuring all necessary documentation is provided for review.

• Cost Allocation and Allocation of Resources

  • Allocate costs to specific project phases or cost centers to ensure proper tracking and reporting.
  • Work with project managers to ensure that all project costs are appropriately assigned and categorized.
  • Coordinate the allocation of resources, such as materials or labor, to the appropriate budget items and project phases.