Financial Analyst – Gulf Cryo
A well-known and well-reputed Company based in Dubai, United Arab Emirates is looking for an experienced, skilled, competent, mature, qualified, creative, and intelligent candidate with significant knowledge and relevant working experience for the position of “Financial Analyst”.
| Company Name |
Gulf Cryo |
| Qualification | Bachelors Degree | Masters Degree | ACCA | CPA | ICAEW | CFA | CA |
| Experience | 4 – 6 years of Relevant Experience Required |
| Monthly Salary | 13,000 AED – 18,000 AED |
| Employment Type | Full Time | Permanent |
| Company Size | 50-100 Employees |
| Benefits | Medical Insurance |
| Location | Dubai |
Main Job Purpose:
Spearhead the setup of a group-wide standard costing inventory accounting method across all production lines and sites. This model must be aligned with the conventions being set in preparation for the implementation of the new D365 ERP system over the next 2 years.
Once the method has been successfully implemented in the ERP system and is up and running, you will perform course corrective adjustments to minimize the costing variances and align the built theory with reality. Reporting and analysis of variances will be part of your remit.
The financial dimensions set up and defined for the ERP reporting will be built out and maintained by this role. This links closely with the other functions in the team to construct a fully-fledged, cost center-driven, self-service BI environment.
Core Department Functions:
Standard Costing:
- Together with the production teams, identify all production processes in the group and the locations at which these are performed.
- Identify and assess all direct and indirect costs contributing to the production processes and sites identified.
- Design a framework from which this direct and indirect cost can be assigned to production processes and the resulting products. The framework will include all cost allocation drivers and consider an allocation to the raw, intermediary, and final products.
- Use the framework to create a standard costing formula that can be applied to each production recipe at each production site and then use the formula to calculate the standard cost for each product.
- Transfer all this information to any ERP or similar system used in the group, now or in the future, in order to calculate the cost of produced inventory.
- Create and refine reports which can identify variances between standard production cost and actual inputs, in granular detail. Then analyze the variances to provide recommendations on the necessary cost controls to help manage the actual vs planned inputs.
- Continuously assess whether the standard costs set are still relevant and require adjustment in the allocation rates or basis. Based on the assessment, amendments to allocations need to be performed.
- Identify trends and forecast deviations from the standards set, to recommend corrective actions.
- Identify, put in place, and apply procedures and protocols for change management whenever changes to the standard costing are required.
- Identify trends and forecast deviations from the standards set, to recommend corrective actions.
- Project planning and monitoring and data collection to ensure that the standard costing project is progressing according to the budgets, timelines, and schedules. Intermittent reporting on progress will be required.
- Prepare part of the group’s annual budget and forecasts which rely on the standard costing.
Financial Dimensions and BI
- From the desired financial dimensions, work closely with other responsible roles to build out the assigned financial dimension values to the chart of accounts and cost centers.
- Identify through extensive consultation the calculation and the allocation basis of shared cost among financial dimensions.
- Conceptualize, design, and maintain variance finance reports in the BI reporting tool, based on the multidimensional view, working with different departments to extract the financial insight required.
Analysis, team assistance, and ad hoc:
- As the team and responsibilities grow, various ad hoc and new opportunities will come towards the team and role. This means constant transfer and building up of skills.
Job Requirements:
Education
Bachelor in Accounting degree or related finance field. Management accounting focuses are highly preferred.
Experience
At least 3 years, of which a minimum of 2 years has been spent in a continuous manufacturing environment using a process of standard costing. Significant involvement in developing/ maintaining/ leveraging BI tools.
Skills
- Must have very strong analytical skills, meticulous, detail-oriented
- High level of computer literacy with specific requirements in MS D365, MS PowerBI, MS Office (Excel in particular)
Languages
Strong communication skills in the English language are required. Arabic is a plus.