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Lead Finance Specialist 1 - Project Control

GE Oil and Gas

Posted on July 13, 2018

3 - 5 years Eastern Province - Saudi Arabia

Any Graduation.

Opening 01

Job Description

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Role Summary/Purpose:
Lead Project Finance Controller (PFC) is business partner of Unit Business Operations Manager/Project Manager/s for the Product Line (PL) who controls all financial aspects of the Unit PL, its portfolio of projects and responsible for all major areas of project operations which includes but not limited to Budget control, Billing / Invoicing, revenue recognition, stock control and management, procurement validation, hedging, bank guarantees, insurance and logistics.
Essential Responsibilities:
Take overall responsibility of all financial issues on the portfolio of its projects after tender phase, i.e., from contract award to TCC or contract close depending on unit set-up. Have at all times full knowledge of all financial movements in regard to revenue, margin and cash. Ensure that such information is consistent, approved and reconciled on a regular basis in ERP.
Ensure global view correctness: consolidate financials of Unit PL portfolio, understand each partner's financial movements and able to present and explain the data in financial section during project reviews
Define revenue recognition plan at project inception and billing milestone plan (invoice and progress payments), consolidate, validate and forecast milestones to ensure consistent consolidated revenue recognition.
Invoice customer and create related invoice in ERP
Manage issuance, reduction, recovery and cancellation of bonds and guarantees issued by GE to the clients
Ensure accurate foreign exchange coverage throughout the project life: request hedges for selling price and main sourcing items at project start, track status of hedges during execution and request roll-over or early settlement based on cash received as needed
Check, control and monitor movements in Actuals and Costs Committed on monthly basis: identify and analyze overruns versus budget in ERP, search for root causes, interface with project manager and other relevant teams (e.g. sourcing), and ask for corrections when necessary. Ensure that Costs at Completion are aligned with project assumptions.
Manage and forecast cash movements monthly. Track overdue status, give alerts and ensure that follow-up action plan is taking place.
Provide input on claim valuation. (Note: Claim identification responsibility lies with the Project Manager role, and detail claiming writing with the legal or contract management teams)
Perform risk valuation and booking, once risk identification has been done by Project Manager
Provide necessary support to Operations Manager, Project Managers on financial issues
Responsible for timely and correct booking (GM as Sold, internal flow elimination, request Project Header opening) from order booking to project completion. Ensure that project data reporting is in line with approved Project reviews at Project level i.e. that approval of margin deviation follows defined process and that approved margin deviations are consequently booked in the system. Coordinate with project team to ensure consistent accounting (margin recognition) and reporting across the project. Identify key contacts from the beginning and organize kick-off call to establish rules of working together
Prepare and participate in cash session: identification of invoicing triggering events, invoice format, steps from invoice generation until payment, preparation of project instruction...
Develop strong relationships and continuous communication flows with all project controllers in Project Participating units to ensure that working assumptions are shared, consistent and reported in a timely manner and Implement the controlling tools used within the reporting unit
Ensure that all financial processes and internal controls, including DoA, are implemented, robust and compliant
Prepare and attend consolidated Project Review on quarterly basis. Prepare following documents for consolidated Project Review, with significant input from Project Manager:: consolidated KEOPS EAS sheet, ROR, BDR, cash curve, trading and billing plans. Project Manager and Controller should specifically propose and define one or more budget options for the Project review.
Manage and reconcile onshore and offshore scope project results both within project accounts and with respect to balance sheet positions related to Project. Produce all financial project reporting as requested by project functions or project related units.
tBachelor's degree from an accredited University or College
tMust possess sound knowledge of accounting principles, construction contract accounting and revenue recognition.
tMust have minimum 3-5 years' experience working as a project finance controller handling projects with some level of complexity.
tStrong presentation skills, well versed in excel and power point.
tPrior knowledge of SAP as power user
tPrevious experience of coordinating external/ internal audit is must.
Desired Characteristics:
Strong oral and written communication skills. Strong interpersonal and leadership skills. Ability to influence others and lead small teams. Lead initiatives of moderate scope and impact. Ability to coordinate several projects simultaneously. Effective problem identification and solution skills. Proven analytical and organizational ability.

Oil & Gas / Petroleum

Accounts / Taxation / Audit / Company Secretary


Manager Internal Audit Sap Balance Sheet Erp Billing Project Finance Logistics Procurement Contract Management Revenue Recognition


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GE Oil and Gas

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