Lead Project Accountant
1 month ago
Petrofac is a leading international service provider to the energy industry, with a diverse client portfolio including many of the world's leading energy companies.
We design, build, manage and maintain infrastructure for our clients. We recruit, reward, and develop our people based on merit regardless of race, nationality, religion, gender, age, sexual orientation, marital status or disability. We value our people and treat everyone who works for or with Petrofac fairly and without discrimination.
The world is re-thinking its energy supply and energy security needs, planning for a phased transition to alternative energy sources. We are here to help our clients meet these evolving energy needs.
This role is an exciting opportunity to join our team and contribute to our mission.
We support flexible working requests and have adopted a hybrid approach for most of our office-based roles. We ask employees to be present in the office at least three days per week.
Key Responsibilities:
•Support delivery teams in project budgeting and risk management/mitigation associated with contract delivery.
•Review and oversight of output and consistency of Client monthly reports across the project, including value of works, forecast of spend, commitments, annual budgets, business plans, and contract incentive schemes.
•Monitor the on-going financial performance of the assigned project by preparing monthly management accounts, forecasts, and budgets, and ensure all commercial and financial reporting deadlines are met across the project accounting team in support of the project services managers and contract delivery.
•Provide ongoing and regular commercial analysis and information regarding expenditures, commitments, forecasts, and the financial performance of the contract.
•Ensure that internal cost reporting for the contract meets with corporate accounting and Commercial department requirements and that ongoing analysis is being made to track recovery against costs and highlight and resolve any associated issues in a timely manner.
•Check accuracy of Third-Party Invoices against subcontract agreements and approve same as compliance checker where required.
•Ensure that invoicing administrators supporting all contracts deliver consistent, timely, and accurate transfer requests, cash calls, and invoices.
•Ensure invoices are presented to the Client correctly and that they are paid on the due date.
•Work closely with the in-country team to ensure transfer requests, cash calls, and invoices are suitably supported and provide required support to address any Client issues with submitted documents.
•Monitor outstanding debtors and ensure that any commercial problems are addressed through contract teams, and that cash collection is optimised.
•Work closely with the in-country team, accounts payable, and tax to ensure accurate withholding of taxes is carried out on the contract in relation to supplier payments and Client invoices – ensuring tax deductions are tracked carefully.
•Work closely with treasury and the in-country team to ensure remittance of withholding tax to the in-country authorities is conducted in a timely and accurate manner.
•Responsible for ensuring accounts/documentation being prepared by the in-country team (Accounting Lead) are prepared correctly and being submitted to the relevant parties (internal and external) in a timely and accurate manner.
•Ensure contract commercial reviews are in place and ensure that specific commercial issues, risks, and opportunities requiring management input are understood and communicated.
•Ensure recovery for all indirect costs across the business/project are managed through rates or commercial structures. IT, Software, PPE, Mob/demob, etc.
•Work with the Commercial Manager to identify opportunities for revenue growth and cost minimisation such that contract margins are enhanced.
•Work closely with the Finance and Intercompany team to ensure intercompany costs are treated appropriately and suitable interco agreements are in place where necessary.
•Responsible for managing project time writing access (with the support of direct report) ensuring strict control over task management in Oracle and access requests for time writing (where necessary seeking the approval of the Commercial Manager and/or Asset Director).
•Responsible for the project setup in Oracle and updating/adding/removing projects/tasks as required for the project, working closely with the Commercial Manager to ensure project is setup suitably for appropriate budget control.
•Where required, ensure project control requirements are adequately resourced and managed for delivering development work (under an applicable project CTR or AFE).
•Manage and deliver consistent, accurate, and detailed reporting of all elements of P&L reporting, including cost accruals, sale accruals, debt, contract recoveries, margin analysis, KPI Performance, budget performance, risks, and opportunities.
•Work closely with the Accounting Lead and Business Services Manager in-country in relation to tracking personnel time on/offshore and in-country, including reporting, and be responsible for overall project billing documentation being prepared correctly.
•Managing the payment process, ensuring team follow process and all approvals in place ahead of submission to Treasury. Support the Commercial Manager and in-country team with forecasting cash requirements in the upcoming period.
•Full analysis monthly of the current backlog position and ensure all new wins captured and reported.
•Responsible for managing direct overhead, reviewing monthly with Commercial Manager, Finance Business Partner, and Asset Director, and reporting variances to budget/forecast.
•Work closely with the Finance Business Partner/Finance Director to ensure information required is shared in a timely and accurate manner for finance reporting requirements.
•Perform all tasks and prepare all information in accordance with the company's policies, processes, and procedures.
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