Budget Controller

2 weeks ago

Khobar, Eastern Province, Saudi Arabia H. M. Al Rugaib & Sons Trading Co. Full time
Roles and responsibilities

 Design effective budget models for departments and the entire company
 Analyze financial information (e.g. revenues, expenditures and cash management) to ensure all operations are within budget
 Present annual budgets to senior managers
 Review budget requests for approval
 Forecast future budget needs
 Identify variances between actual and budgeted financial results at the end of each reporting period
 Suggest spending improvements that increase profits
 Review the company's budget for compliance with legal regulations
 Ensure department managers meet budget submission deadlines
 Design and implement effective budgeting policies and procedures
Budget Preparation and Planning
Develop budgets: Collaborate with department heads to create detailed budgets for various departments, projects, or the organization as a whole.
Forecast financial needs: Estimate future financial requirements based on business goals, historical data, and market trends.
Provide financial advice: Assist in setting realistic financial targets and ensure that the budgets align with strategic company goals.
Monitoring and Tracking Expenditures
Track budget performance: Regularly monitor actual spending against the budget to identify any variances.
Identify discrepancies: Investigate and explain any budget variances, whether under or over-spending, and suggest corrective actions.
Prepare reports: Produce detailed financial reports for management showing budget compliance, variance analysis, and recommendations for improvements.
Cost Control and Optimization
Analyze spending: Review costs and expenditures to identify areas for cost savings or improved efficiency.
Implement cost-control measures: Recommend changes to spending patterns or business practices to optimize costs and ensure adherence to the approved budget.
Evaluate suppliers: Work with procurement teams to assess suppliers and ensure that purchases are made cost-effectively.

Desired candidate profile

Proven experience in financial management, accounting, or a related role, with at least 3 years
in a supervisory capacity.
 Hands-on experience with accounting software and statistical packages
 Knowledge of MS Excel (specifically, advanced formulas, pivot tables and charts)
 Familiarity with forecasting methods and data analysis
 Excellent numeracy skills with an attention to detail
 Strong analytical skills
 Knowledge of accounting best practices and regulations
 Ability to explain budgeting and financial information in plain terms
 BSc/MSc degree in Accounting, Finance or relevant field
Financial Forecasting and Analysis
Conduct financial forecasting: Use historical financial data and business trends to predict future financial performance and adjust budgets accordingly.
Provide financial insights: Offer management insights into the financial health of the company, suggesting ways to improve profitability and reduce waste.
. Collaboration with Departments
Work with department heads: Collaborate with department leaders to ensure that budgets are realistic, well-funded, and reflect business needs.
Assist in project planning: Help departments forecast costs for specific projects, ensuring they have the necessary resources without exceeding budget limits.
Provide training: Educate other team members or departments on budgeting processes, tools, and financial best practices.

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