Lead Finance Specialist - Project Control

Job description / Role

Role Summary:
Lead Project Finance Controller (PFC) is the business partner of Unit Business Operations Manager/Project Manager/s for Product Line (PL) who controls all financial aspects of 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:
1) 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 system.

2) Ensure global view correctness: consolidates the financials of Unit PL portfolio, understand each partner's financial movements and is able to present and explain the data in financial section during project reviews.

3) 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.

4) Invoice customer and create related invoice in ERP. (Note: Creating packing and shipping list does not belong to the responsibilities of the Project Controller)

5) Manage issuance, reduction, recovery and cancellation of bonds and guarantees issued by GE to the clients

6) 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

7) 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.

8) Manage and forecast cash movements monthly. Track overdue status, give alerts and ensure that follow-up action plan is taking place.

9) 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)

10) Perform risk valuation and booking, once risk identification has been done by Project Manager

11) Provide necessary support to Operations Manager, Project Managers on financial issues

12) 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

13) Prepare and participate in cash session: identification of invoicing triggering events, invoice format, steps from invoice generation until payment, preparation of project instruction…

14) 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

15) Ensure that all financial processes and internal controls, including DoA, are implemented, robust and compliant

16) Prepare and attend the consolidated Project Review on a quarterly basis. Prepare the following documents for the 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.

17) Manage and reconcile the onshore and offshore scope project results both within the project accounts and with respect to balance sheet positions.

Qualifications/Requirements:
1) Bachelor's degree from an accredited University or College

2) Must possess sound knowledge of accounting principles, construction contract accounting and revenue recognition.

3) Must have minimum 3-5 years' experience working as a project finance controller handling projects with some level of complexity.

4) Strong presentation skills, well versed in excel and power point.

5) Prior knowledge of SAP as power user is must

6) Previous experience of coordinating external/ internal audit is must.

Desired Characteristics:
\tStrong oral and written communication skills.
\tStrong interpersonal and leadership skills
\tAbility to influence others and lead small teams
\tLead initiatives of moderate scope and impact
\tAbility to coordinate several projects simultaneously
\tEffective problem identification and solution skills
\tProven analytical and organizational ability

About Us:
GE (NYSE:GE) drives the world forward by tackling its biggest challenges. By combining world-class engineering with software and analytics, GE helps the world work more efficiently, reliably, and safely. GE people are global, diverse and dedicated, operating with the highest integrity and passion to fulfill GE’s mission and deliver for our customers. www.ge.com
Additional Locations:
Saudi Arabia;Jeddah;

About the Company

GE is a diversified technology, media and financial services company, dedicated to creating products that make life better. From aircraft engines and power generation to financial services, medical imaging, television programming and oil and gas, GE operates in more than 100 countries and employs over 300,000 people worldwide.

GE's Oil & Gas business is a leader in the development and delivery of advanced product and service offerings for the global oil and gas industry. As a consequence of the rapid expansion of its technology base, GE's Oil & Gas is capable of addressing the largest and most complex engineering and application challenges entirely from its own worldwide resources. So whether it's the world's largest LNG compression trains, re-injection of high sulfur gas, enhancing the safety and productivity of the world's oil and gas pipelines, or equipment for the production of oil and gas from harsh environments, GE is leading the charge.