Lead Project Accountant

2 days ago

Aberdeen, Aberdeen City, United Kingdom Petrofac Full time
About the Role

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 are seeking an experienced Lead Project Accountant to join our team, responsible for supporting delivery teams in project budgeting and risk management, reviewing and overseeing output and consistency of client monthly reports, and monitoring the on-going financial performance of assigned projects.

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 assigned projects by preparing monthly management accounts, forecasts, and budgets, ensuring all commercial and financial reporting deadlines are met across the project accounting team in support of project services managers and contract delivery.
  • Provide ongoing and regular commercial analysis and information regarding expenditures, commitments, forecasts, and the financial performance of contracts.
  • Ensure internal cost reporting for contracts meets corporate accounting and commercial department requirements, and ongoing analysis is 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 invoices are presented to clients correctly and paid on due date.
  • Work closely with in-country teams 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 commercial problems are addressed through contract teams, and cash collection is optimized.
  • Work closely with in-country teams, accounts payable, and tax to ensure accurate withholding of taxes is carried out on contracts in relation to supplier payments and client invoices, ensuring tax deductions are tracked carefully.
  • Work closely with treasury and in-country teams to ensure remittance of withholding tax to in-country authorities is conducted in a timely and accurate manner.
  • Responsible for ensuring accounts/documentation being prepared by in-country teams (Accounting Lead) are prepared correctly and submitted to relevant parties (internal and external) in a timely and accurate manner.
  • Ensure contract commercial reviews are in place and ensure 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 commercial managers to identify opportunities for revenue growth and cost minimization, such that contract margins are enhanced.
  • Work closely with finance and intercompany teams to ensure intercompany costs are treated appropriately and suitable interco agreements are in place where necessary.
  • Responsible for managing project time writing access (with support of direct report) ensuring strict control over task management in Oracle and access requests for time writing (where necessary seeking approval of commercial manager and/or asset director).
  • Responsible for project setup in Oracle and updating/adding/removing projects/tasks as required for the project, working closely with commercial managers 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 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 accounting leads and business services managers 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 follows process and all approvals in place ahead of submission to treasury. Support commercial managers and in-country teams 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 managers, finance business partners, and asset directors, and reporting variances to budget/forecast.
  • Work closely with finance business partners/finance directors 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.
Essential Qualifications and Skills
  • Degree qualified (preferably in finance/accountancy/business/quantity surveying or part-qualified accountant).
  • Advanced Microsoft Word and Excel/ERP knowledge – Oracle preferred. Familiarity with SAP beneficial.
  • Ability to work to close deadlines/work as part of a team.
  • Proactive and self-starter/ability to work under pressure and to deadlines.
  • Experienced project accountant on a large international project.
  • Experience with budgeting, re-forecasting, cost-reporting, monthly accounts, and familiarity with withholding tax.
  • Knowledge and experience in interpretation of contractual documentation.

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