GL Sr. Accountant

Job description / Role

Job Purpose:

The GL ( Sr.) Accountant handles all General Ledger accounting transactions for a specific/ region/country/ project for a BU(except for units operated by third parties) ensuring compliance with International Financial Reporting Standards as well as local regulations. He is responsible of proper and timely closing of the books of accounts on monthly and quarterly basis as well as at the year-end.
This person plays integral role in ensuring that transactions of a business unit have been properly accounted for and accurately reflect the company's accounting process; he takes the ownership of the entire Trial Balance of each business unit and represents a key contact person for year-end and quarterly external audit.

Key Accountabilities:

1. Business Insights and Support:
Provide standard and ad-hoc reporting of General Ledger data, to Asset Management teams and act as a finance business partner in this regard.
Provide necessary support in preparation of budgets, forecasts and long term plans; through rationalization, validation, and verification of figures and balances related to area of responsibility.
Performs GL Accounting processes efficiently and effectively, and supports business units activities in relation to those processes.
Ensure effective and efficient communication with the operating teams in connection to any issue, requirement, or inquiry.

2. Financial Control and Stewardship:
Ensure compliance with internal controls and procedures as per companys financial Policies in connection with GL accounting and recommend improvements.
Monitor and reconcile GL control accounts on regular basis and ensure correct and accurate balances.
Run GL Accounting related integrity reports on monthly basis and ensure no issues are outstanding.
Liaise with Internal and External auditors on accounting and financial reporting matters or any other matters as and when required; ensuring timely implementation of audit recommendations.
This position maintains all inter-company accounts as well as bank balances through regular reconciliations and resolution of issues.
This position must maintain proper control over accruals and provisions during as well as at the end of the fiscal year ensuring correctness, completeness, and adherence to the companys financial policies and procedures.

3. Financial Reporting and Transaction processing
Prepare journal entries for the assigned area of responsibility for posting to the companys general ledger accounting system; ensuring:
Adequacy of supporting documents,
Proper authorizations are in place,
Correctness and completeness of information recorded in the system
Correctness and appropriate selection of the accounting treatment, and
Proper selection of all accounting flex-field values
Ensure compliance with monthly, quarterly and year-end Closing Check List.
Process, enter the monthly, quarterly and year-end closing entries, ensuring all deadlines are always met.
Communicate to and coordinate with all concerned parties with regards to accruals/provisions requirements during the year and review adequacy and correctness of accruals/provisions on monthly basis.
Monitor and prepare entries for all prepaid amortizations, advances, and allocations ensuring accuracy and compliance with IFRS/IAS; and take necessary actions if needed.
Prepare foreign currency schedules for all monetary balances of malls/offices balance sheets on monthly basis and ensure proper recording of resulting Forex Gain/Loss.
Prepare the Balance Sheet Schedules of assigned area of responsibility and initiate necessary actions to resolve issues.
Prepare Income Statement Schedules of assigned area of responsibility and communicate the same to all stakeholders.
Provide details of data residing in the accounting systems to the business teams on amonthly basis and resolve any issues reported back to finance.Prepare debit/credit notes.
Prepare Inter-company Reconciliations on monthly basis ensuring transactions accuracy and completeness, and resolve outstanding reconciling items and escalate if required..
Prepare Bank Reconciliations for assigned area of responsibility on monthly basis ensuring correctness of all bank balances and resolve outstanding reconciling items or escalate to higher management in case of disputes.
Perform unannounced Petty Cash counts throughout the fiscal period.
Prepare transactions relating to transfer of funds and borrowing.
Prepare Loan balance,movement schedules and cash flow projections of borrowings for use by key stakeholders..
Provide required assistance in implementation of new financial systems, interfaces, and/or system improvement as well as similar initiatives.
Prepare tax declarations as required by local regulations.

4. Compliance
Ensure GL accounting transactions are in compliance with MAFP Policies and Procedures, IFRS/IAS, local tax requirements, authorized according to applicable DOA, and supported by required supporting documents.

Requirements

Minimum Education Qualifications
Bachelors degree in accounting or finance or other relevant business discipline.
CPA/CMA/ACCA/CIMA or other relevant accounting certification.

Minimum years of On- The- Job Experience

3+ years experience in GL Accounting.
IFRS/IAS and local regulations knowledge and proficient in application of the same.
Strong analytical, problem solving, and organizational skills as well as commercial sense.
Initiative, detail oriented and selfmotivated team player with ability to work independently.
Excellent interpersonal and communication skills.
Extensive knowledge in computer applications (especially MS Excel) and business solutions software skills.
Experience in working with Oracle or similar best in class ERP system.
Other Requirements e.g. Special Qualifications or skills

About the Company

Majid Al Futtaim Properties is one of MENAs leading diversified property companies with operations across shopping malls, hotels and mixed-use communities.

The Shopping Malls Business Unit, an industry leader, owns, manages and develops mall destinations that provide memorable shopping, entertainment and social experiences for its customers. Majid Al Futtaim Properties has pioneered the regional face of retail, leisure and entertainment, since the launch of its first mall, Deira City Centre in 1995. The companys mall portfolio includes 17 shopping centres across UAE, Bahrain, Oman, Egypt and Lebanon with a combined gross leasable area (GLA) of over 1 million sqm, more than 2,800 tenants and an increasing footfall of over 160 million visitors in 2013.

The Hotel Business Unit develops and manages hotels and branded serviced apartments that are synergistic with the companys malls. Majid Al Futtaim owns nine hotels in the UAE and two in Bahrain. Their strategic proximity to the malls contributes to welcoming over 1.2 million guests annually.

The Communities Business Unit develops quality mixed-use projects anchored by residential housing. Majid Al Futtaim currently has three communities under development. The Wave, a joint venture with the government of Oman to develop Muscats largest ocean-front integrated community; Al Zahia, a joint venture with the Government of Sharjah, to build the Emirates first gated residential community with a regional mall in a prime growth corridor; The 250,000 sqm Waterfront City development in Beirut, Lebanon, a joint venture with Socit Joseph Khoury & Fils Holding SAL to build Beiruts premier mixed used community with one of the largest marinas in the Mediterranean.

Majid Al Futtaim Properties is recognised as a sustainability leader in the MENA region. According to the 2013 Global Real Estate Sustainability Benchmark (GRESB) survey, the company ranks No. 1 in MENA, second in the Asia-Pacific region and in the top 133 property businesses worldwide. In 2013, Majid Al Futtaim launched its new five-year sustainability strategy with the vision to enhance peoples lives through sustainable real estate. This commitment is reflected in Majid Al Futtaim Properties pioneering standards, prosperous communities and high performance assets.