Senior Accountant

2 weeks ago

Dhahran Compound, Saudi Arabia Waed Ventures Full time

Job Purpose:

Senior Accountant position responsible for preparing calculations/ workings, accounting and analysis in support of the financial activities of the company.

Functional Duties:

1- Budgets and Plans

Prepare annual budgets, quarterly management accounts, ad-hoc reports and other internal processes used to account for business transactions (incl. the financial stewardship report to be shared with Aramco showing the proper utilization of funds), as required by managers and officers inside the company.

Prepare financial performance versus the budget at the Business Unit level so that the business is aware of anticipated costs/revenues, and areas of unsatisfactory performance are identified, and corrective action is taken in a timely manner.

Prepare projected financial statements based on the approved budget.

2- Financial Accounting and Book Keeping:

Participate in the preparation of Wa'ed's general ledger and ensure that financial accounting transactions are accurately and properly reflected in the accounting books in accordance with Wa'ed's accounting procedures, regulatory requirements, and any other relevant international accounting standards and practices.

Participate in the preparation of account reconciliations, which involves analyzing monthly movements on various accounts and reconciling the balance with the ledger, following up with the concerned departments for clearance of outstanding items, and with third parties for the settlement of invoices/claims.

Review the general ledger prints outs, to ensure allocation of accounts and balances to the right departments, manage queries from the concerned departments on the status of their accounts and supervise the preparation of journal vouchers to correct or reallocate funds as appropriate.

Control all general ledger accounts including trial balances, foreign currency position, general ledger rejected transactions in order to ensure matching of total debts and credits by monitoring opening, closing and reconciliation of general ledger accounts to ensure that account balances are correct.

Ensure the effective management and maintenance of fixed asset ledger by conducting asset classification as per fixed asset accounting policy, determining depreciation schedule or write off loss in order to ensure compliance with local and international accounting standards and processes.

3- Accounts Payable

Perform detailed accounting duties relating to verification, processing and control of all invoices, cash calls, disbursements, MPS, advance payments and other ad-hoc payments as applicable ensuring that payments are correct, properly accounted for, processed within service delivery norms and comply with contractual terms and conditions.

4- Accounts Receivables

Prepare ageing report and track all collections due and communicate to the operations team on a timely basis for their action.

5- Banking and Cash Management

Prepare the cash position (cash flow), monitoring day-to-day bank balances, determining status of cash receipts and disbursements to ensure adequate fund requirements to meet the current and future requirements.

Prepare cash call requests to Saudi Aramco

Coordinate with banks to get bank statements and to challenge if there are any unknown charges

Prepare Bank reconciliation (Currently done by Saudi Aramco Finance).

6- Financial Reporting

Produce year-end financial Statements along with all the supporting documents and workings; liaising with the company's auditors in line with Wa'ed's accounting policies, chart of accounts and related accounting principles and practice.

Prepare VC valuations, Loan provisioning and other workings to support the recording in the FS.

Prepare financial stewardship report for Wa'ed management. Prepare KPI/LOI reporting to meet Saudi Aramco requirements.

7- Financial Reporting Support:

Prepare promissory notes for the Entrepreneurs and perform functional reviews or financial due diligence support on Loans and VC deals.

8- Policies, System, Processes & Procedures:

Provide inputs and implement policies, systems and procedure for the assigned section so that all relevant procedural/ legislative requirments, fulfilled while delivering a quality, cost-effective service.

Bachelor's degree in finance accounting.

5+ years of experience.


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