Finance Manager

Position: Finance Manager

Reporting to: CFO

Omani National ONLY

Qualification Required:

• Finance, Business or Accounting Degree
• Chartered Accountant, CPA, ACCA, CIMA or equivalent
• Ability to communicate clearly in writing and speaking in English and Arabic.

Experience Required:

• At a minimum, between 10 to 15 years hands-on accounting (project and operations accounting and international experience) in a managerial capacity with global engineering and or construction company.
• Joint Venture experience will be an advantage.
• Management ability to shape, manager and guide an effective Accounting & Finance team.
• Strong competencies in financial accounting including the application of Local and International GAAP. Knowledge of IFRS / US GAAP / SOX control is also an advantage.
• A broad knowledge of tax, VAT, GST, WHT, TDS, treasury, transfer pricing, accounting and commercial management in the engineering and construction industry
• Major ERP system experience required; SAP or Oracle experience is desired. Knowledge of Exact would be an advantage. Proficiency in Excel is needed.
• Good Commercial acumen
• Working closely with senior management and project and sales staff

Detailed Job Responsibilities but not limited to:

General Accounting and Reporting

Overall responsible for General Accounting and Project Accounting of all Offices

Perform Intercompany Reconciliations – Monthly

Obtain monthly Foreign Exchange rates and enter in system. Document and retain source monthly for all entities. Circulate fx rates to be used every month for all offices.

Calculate fx gain/loss monthly and check systems calculations.

Monthly Reconciliations between DTS, FPR and EXACT and provide analysis to CFO with a solution.

Make and Follow Close Calendar and inform senior management, finance and project staff of the plan and the relevant dates upfront.

Ensure monthly accruals for non-project expenses.

Ensure all supplier invoices and expense reports are booked into the system via software or manually for both projects and non-projects. Ensure minimum VAT impact by matching input with output.

Evaluate liability end of service based on actuarial valuation and ensure proper disclosure.

Monthly Bank Reconciliations

Monthly Profit and Loss and Balance Sheet for management after approval from CFO

Monthly Management Reporting and Cash Flow Reporting for management after approval from CFO

Monthly DSO/DPO Reporting based on definition set in Accounting Manual for management after approval from CFO.

Prepare Board Presentation and relevant presentations as needed.

Accounting Manual and Procedure

Prepare and update Accounting and Finance Manual and all accounting procedures including invoicing, payments, currency revaluation, final accounts of staff etc. Update CFO on the changes suggested or made. Updating these can only be made after approval of CFO.

Support in documenting Revenue Recognition Policy as per IFRS 15

Support in documenting Expected Credit Loss write up for IFRS 9

Ensure method of following relevant accounting standards as per IFRS / US GAAP / Local GAAP are documented and followed.

Document DSO and DPO formulas to be used. Best Practice is last 3 months sales or purchases.

Follow IFRS 15 / ASC 606 (as relevant) and Accounting Manual for recognizing Revenue including POC Profit on non-reimbursable jobs.

Make a close calendar / plan for the year and inform relevant people.

Audit and Compliance

Overall Statutory Audit, Tax Audit and Zakat Filing (if applicable) for all offices. Ensure all audits and filings are done on timely basis.

Obtain quotes from Statutory and Tax Auditors every year for all above work and prepare analysis and refer to CFO for approval. Preference for Big 4

Obtain quotes for actuarial valuation for end of service/leave after consulting CFO for end of service and leave at these offices and prepare analysis and refer to CFO for approval.

Ensure IFRS, US GAAP and SOX Compliance and Local Compliance

VAT/WHT/Tax Filings

VAT filing and Reconciliations (Monthly) for all offices

TDS/WHT filing and monthly Reconciliation for all offices

Ensure compliance with WHT/VAT/PASI and related regulations in Oman.

Ensure compliance of WHT and VAT and other related regulations for all office,

Timely filing of Tax Returns for all offices

Budget and Forecast

Yearly Budgeting and Forecasting including Cash Flow, Profit and Loss and Balance Sheet after obtaining estimates from management, projects and sales staff. This should start September/October and completed by November/December

Document all assumptions for salary increase, work in hand, expected work, headcount, utilization and bill rate, overhead costs, payroll costs, subcontracting costs, job income margin etc.

Make a High-Level Short-Term Plan for 5 years using Discounted Cash Flow method.

Banking and Bank Guarantees and Collection

Responsible for Banking and Bank Guarantees

Support CFO in Collection and Payment Process.

Circulate Daily Bank and Cash balance to CFO and expected collections and payment for the day and next 7 days. Ensure this is done as a first priority.

Payroll

Payroll Processing and Transfer to Bank and Payroll Reconciliation Monthly

Fixed Assets and Investments and Software (Intangible or Right to Use)

• Ensure maintenance of Fixed Asset Register and Depreciation Rate used for Statutory books for all offices.
• Ensure maintenance of Fixed Asset Register and Depreciation Rate used for Tax books for all offices.
• Ensure details of Software used and the method of charge / amortization / depreciation or write off.
• Calculated Rate of Return (with payback period) for new investment after consulting CFO. Suggest methods to be used along with interest rate for the calculations using discounted cash flow method.

Insurance

Prepare calculations/analysis for Professional Indemnity, Workmen's Compensation, Office/Fire Insurance, Fidelity, Vehicle etc as well as support HR for Medical Insurance in negotiating and obtain to CFO for approval before approval by CEO.

Department Management and Cooperation

Save and backup all data on server from computer/laptop drives.

Arrange weekly meetings of staff and CFO

Ensure segregation of duties and suggest improvements to CFO by using best practices.

Work closely with CFO on all matters relating to projects and general accounting.

Advise CFO and work closely with CFO on matters delegated by CFO.

Any other work matter delegated from time to time by CFO.

Project Accounting:

Overall Responsible for Project Accounting

Work closely with Projects Control, Contracts and Projects staff to ensure all income and costs are booked on jobs.

Ensure all Project Costs do not exceed Contract Value.

Accurate and timely project accounting and related information based on relevant accounting standards.

Calculate accurate project forecasting in consultation with Project staff and Contracts department.

Check project forecasts with actuals and contract value every month and highlight anomalies.

Follow IFRS 15 and Accounting Manual for recognizing Revenue including POC Profit on non-reimbursable jobs.

Ensure all project costs and accruals and invoices and invoice accruals are booked in system every month.

Calculate fx loss/gain on project jobs and check with systems calculation.

Monthly refer all loss jobs to CFO for taking approval of CEO

Manhour Rates and Multiplier

Calculate robust manhour and overhead rates on projects.

Develop a multiplier and overhead rate based on budget, achievable recovery and working hours.

Ensure all multipliers, manhour rates and overhead rates are set for next year at time of budget preparation. Refer to CFO for taking approval from CEO.

Update above multiplier and rates only after consultation with CFO.

Review Internal Rate Mark up for all offices and suggest to CFO for changes. Changes to be made only after approval by CEO.

Internal Control and Compliance

Ensure Internal Controls are in place and is working and effective.

Ensure compliance with local regulation and standards and best practice.

Collection and Payments

Working closely with project staff to ensure timely collection from Debtors.

Timely payment to creditors

DSO and DPO calculations monthly.

Calculate and ensure sufficient Cash Flow for operations in consultation with Sr Director Finance and CFO

Self-Development:

Update self on latest changes in Accounting, Finance, Governance, Compliance etc by self-learning or attending seminars.

Undertake 12 Lunch and Learn Trainings for non-finance staff in the organisation.

Suggest any other self-development and training needs from time to time.