Project Cost Controller JIS119728

2 weeks ago

Dammam, Eastern Province, Saudi Arabia MM Management Consultant Full time 11,000 - 12,000 per year

Job Title : Project Cost Controller

Ǫualifications : CWA/CMA with 8 years of experience in EPC Industry must.

Job Location : Dammam, Saudi Arabia

Salary - SAR 11000 TO SAR 12000

HO (8 Hours Working) – CMA , Accounting – SAR

Status Key Responsibilities

  • Project Cost Analysis and Control
  • Monitor, analyze, and report on project costs for large-scale EPC projects.
  • Track costs across engineering, procurement, and construction phases, ensuring alignment with budgets.
  • Prepare detailed variance reports, analyzing the causes of deviations between budgeted and actual costs.

  • Validating the Petty Cash and Non-PO Based Expense of Projects, Supplier assessment, advance to suppliers, utilization of credit facility and credit period.

  • Progress Monitoring and Reporting

  • Collaborate with project teams to track progress and update percentage-of- completion calculations as per IFRS 15.

  • Provide insights and reports on cost performance, profit margins, and project cash flow on a regular basis.

  • Contract and Cost Compliance

  • Ensure compliance with contractual agreements and project-specific financial regulations.
  • Validate costs in line with the contract terms and identify any cost overruns or savings opportunities.
  • Conduct audits to ensure all costs are allocated accurately to their respective projects and phases.
  • Inventory and Procurement Cost Management
  • Work with procurement to control and analyze material and service costs.

  • Ensure proper valuation of inventory used for EPC projects and implement strategies to minimize waste and cost.

  • Risk Management and Cost Optimization

  • Identify potential risks related to project costs, including scope changes, delays, or unexpected expenses.

  • Recommend strategies for cost reduction, such as value engineering or efficiency improvements, manpower management, material management, reducing idealness.

  • Fixed Assets Management at Project Site

  • Track, record, and monitor fixed assets (e.g., machinery, equipment) at the project site to ensure proper utilization and maintenance.
  • Oversee asset capitalization, depreciation calculations, and ensure compliance with relevant accounting standards(e.g., IAS 16 for Property, Plant, and Equipment).

  • Conduct periodic asset audits and reconcile asset records to ensure accuracy and prevent asset misplacement or misuse.

  • Financial Reporting and Forecasting

  • Prepare regular financial and cost reports, analyzing project expenses, and forecasting costs for project budgeting purposes.
  • Generate monthly, quarterly, and annual reports for COO, Project managers, detailing variances, expected cost overruns, and other key financial metrics.
  • Collaborate with the finance department to support overall financial reporting.

Required Skills:

  • Knowledge of Standards
    : Familiarity with all IFRS, particularly IFRS 15 (Revenue from Contracts with Customers), IFRS 9, IFRS 16 and IAS 16
  • Industry-Specific Knowledge
    : Understanding of EPC project lifecycle, cost drivers, and risks.
  • Technical Proficiency
    : Familiarity with project management and accounting software (SAP, Oracle).
  • Analytical Skills
    : Strong skills in cost analysis, budgeting, and variance analysis.
  • Communication Skills
    : Ability to present cost information and insights effectively to management.

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