NOV is Looking to Hire Following Staff – Project Accountant Job At NOV Careers | Dammam SA
About NOV Careers
NOV Inc. is an American multinational corporation based in Houston, Texas. It is a leading worldwide provider of equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry.
Project accountants are financial specialists who review project budgets. They report to accounting supervisors and provide pre-billing information for project managers to review. They are also required to provide cost estimates and prepare invoices.
1- Project Accountant
Job Type :- Full Time
Location:- Dammam, Saudi Arabia
- Maintain standard project cost analysis processes and procedures
- Maintain project cash flow, P&L, Balance sheet and coordinate with BU Controller for any cash flow associated risks on a weekly basis. Close monitoring of collections/ open AR working with Credit and PMs
- Coordinate the Project budget with Proposal team and designated Project manager upon contract award (based on as-sold budget) for upload to system
- Understand the Key commercial terms of the contract (billing, SLAs, Termination clause, Performance obligation, later payment interest etc.) along with Revenue recognition checklist as prepared by BU Controller and approved by HQ
- Support monthly presentations with the preparation of variance reporting
- Prepare Project related Balance sheet notes. Critical Focus on CIEX, BIEX, WIP, Accruals as needed
- Review monthly project performance reports (PPR) with project managers, reflecting the projects’ current financial position and forecast costs at completion. This includes ensuring alignment with project schedules, committed costs, remaining costs to complete and reconciliation to Project module system.
- Coordinate with Project Planner & PM for Forecast input and PO progress on major PO (category 1 as per WSP Policy)
- Validate the PO evidence input by Procurement and PMs and enforce it is of acceptable standards.
- Preparation of accounting position papers based on the latest project forecast and/or contract amendments / change orders.
- Maintain Red and Green flags (Risk Register) of all Projects
- Continually monitor, track, review and forecast project cost and expenses including monitoring of forecast man-hour plan, review forecast from Planner/ PMs for permanent staff. For Contingent staff ensure Hours are tracked and forecasted for respective PPRs (separately from Internal hours)
- Track the utilization of Project Contingency and Procurement allowance as part of Project Dashboards
- Accounts Receivable and Work in Progress amounts are up to date and follow up on any overdue or outstanding amounts.
- Maintain and update dashboard by project for invoicing Forecast and coordinate with PM to ensure all documents are provided timely for raising invoice in ERP. Raise red flags as needed.
- Run the Projects close Module in ERP as per closing deadlines/ Month End timetable.
- Perform Accounting month end closing process, ensure accuracy and completeness in all items impacting P&L / BS.
- Perform monthly BS review and analysis, ensure quality BS recon as well as aged items in BS is followed up and cleaned up and Provide sign-off
- Ensure compliance with NOV Finance Polices, IFRS/GAAP and respective accounting standards of local markets and ensure that financials statements are prepared accordance with accounting standards& corporate policies.
- Responsible for the closure of External Audit for Ledger /entities, ensure timely filing, no major issues and no overrun fees.
- Preparation of MOR, forecasts, budgets and variance analyses.
- Working closely with Tax Manager to ensure on time filing of taxes (direct and indirect tax), proper monthly review on transfer pricing, and other tax related matters.
- Working Capital Management, coordination with Treasury on Cash Flow forecasting and Cash Net Working Capital. Improve billing and collection processes, maximizing cash collection by working closely with business management and ensuring accurate providing for bad debts.
- Working on ERP system enhancement and using other software for Finance function transformation.
- Perform other assigned duties as may be required in meeting company objectives
- Analysis of Actual vs Forecast vs Flash and reporting for assigned Projects
- Ensure Oracle is UpToDate for Budget rebase line, Margin changes and VORs
- Ensuring Letters of Credit and other guarantees are in place and meet contractual obligations
- Other ad-hoc assignments as agreed with BU Controller
- Qualified Chartered Accountant/ACCA/CMA/CPA/ MCom/MBA – Essential
- Qualified Chartered Accountant/ACCA/CMA/CPA/ + Master’s in finance Or MBA – Desirable
- 8+ experience post qualification
- Project controls and accounting, POC experience , technical accounting on long term contacts, Risk assessment and commercial acumen, US GAAP
Project Accountant Job At NOV Careers | Dammam SA
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