Project Accountant

Penspen


Date: 5 days ago
City: Abu Dhabi
Contract type: Full time
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.

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