Budgeting Process Review Consultant
3 weeks ago
ID: 1790 | 10-15 yrs | Saudi Arabia | careers
**Objective**:
The Budgeting Process Review Consultant will be required to work closely with Budgeting team, SAP Team and other technical experts to implement the accepted solutions, from design phase of changes in system, through to the final testing of the solutions.
**Job Description & Responsibilities**:
**Status Assessment**: Assess the current status of the overall budgeting and planning processes, and its interactions with all stakeholders.
**Gap Analysis**: Analyzing the existing budgeting process from a perspective of comparison with worldwide standard best practices. Reviewing includes the governing structure such as (but not limited to) the Policies & Procedures, the Delegation of Authority Matrix, etc. The consultant will be required to assess the existing process and identify issues faced by departments while planning their next years’ budgets, as well as while requesting to utilize the budget. Further, the gaps should be identified between the client’s current processes and best practices followed by large organizations like the client company.
**Identifying solutions for gaps**: Based on the analysis, the consultant will be providing multiple solutions and discuss with all stakeholders the solutions that best fit for the client’s specific requirement (compatible with SAP System).
The gap analysis needs to be - but not limited to - the following areas:
Current structure and roles within the department, assessing the clarity of responsibilities and reporting lines.
Inputs from strategy department for the budget, and alignment of planning activities with organizational goals and objectives.
Budget templates and their alignment with other stakeholders.
Assess the existing technology infrastructure and tools utilized by the department & their integration with other organizational systems.
Communication and training to departmental & cost category SPOCs.
Quality of budget submissions from departments and their link with strategy and objectives of the departments.
Financial Classification methodology of requested items.
Revenue planning methodology.
Assumptions used to generate budgeted financial statements.
Prepare Presentations and approval processes to different levels of management, including CFO, CEO and Board.
Define Budget Control measures for each type of OPEX, CAPEX and inventory.
Perform Benchmarking for other Planning and Budgeting processes that should be included in the client’s processes to enhance the overall planning and budgeting, and bring it in line with International best practices.
**Implementing the accepted solutions**: Consultant will need to work closely with Budgeting team, and SAP Team and other technical experts to implement the accepted solutions, from design phase of changes in system, through to the final testing of the solutions.
**Training and Support**: Finally, training workshops for the stakeholder include complete change management. Update the governance documents, along with providing support to all stakeholders to implement the change.
Submit best practices-based solutions for the gaps.
Support Technical consultants to implement the solutions.
Test the implementation and provide initial training and support to the client staff to execute the new processes.
Draft updates to the client’s governance documents.
**Required Qualifications & Experience**:
Minimum Bachelors degree level qualification in Accounting/ Finance.
Minimum 10+ years proven experience in Financial Budgeting, Financial Operation, Financial Planning & Analysis domain.
**Accounting knowledge**: Must be well versed with IFRS requirements, and latest updates to IFRS.
**Budgeting knowledge**: Must have a solid understanding & experience of budgeting processes needed by large entities.
**Inventory & Procurement Management**: Must have a good understanding of inventory & procurement management processes.
**Data Analysis**: Must be able to analyze transactional data and identify transaction types that need to be segregated from the normal budgeting / control processes and create specialized processes for those transaction types. This requires the ability to use tools such as Excel and ERP software.
**Attention to detail**: It is essential to have a keen eye for detail and be able to identify issues.
**Communication**: Must be able to communicate effectively with various stakeholders, such as accountants, inventory managers, and procurement managers, cost category owners, departmental SPOCs to ensure that detailed gap analysis is possible.
**IT & Tools Expertise**: Should have detailed expertise of SAP, SAC and other IT systems’ functional capabilities and be able to guide the technical implementation team regarding how to implement the suggested solutions in SAP.
**Deliverables**: Prepare a gap analysis for the complete budgeting process and process connected to it.
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