Job description / Role

Employment: Full Time

Accountant is a multitask role with key responsibilities within the finance department such as day-to-day duties in general accounting, commodity trade accounting, treasury and other areas. The officer is in charge of bookkeeping of various administrative expenses, posting and invoicing aspects of purchase/sales trade transactions and related costs, inventory movements and initiating the payments associated with such transactions, arranging the treasury and trade finance support, issuing / receiving Letter of credits, opening bank guarantees on daily basis. The role also includes tasks related to compliance and KYC processes, as well as supporting the team with the preparation for the tenders in which the Company participates, review of the contracts drafted by the commodity contract desks to ensure the Company is not exposed to risks related to payment terms, commodity price formula, etc;

All of the above duties are 90% done in the SAP system - so strong knowledge of SAP is mandatory.

Primary Responsibilities:

General Accounting:
- Handle petty cash accounting;
- Bank clearing on day-to-day basis and daily posting of bank statements in SAP R3 (CITIDIRECT, Citibank, FIDES, etc);
- Responsible for accounting of the administrative expenses; registration of the utility bills, office expenses, rebilling of the L/C costs and other administrative costs in the accounting system and filing on day-to-day basis;
- Regular reconciliations with counterparties (accounts payables and receivables);
- Reconciliation of bank accounts and statements;
- Foreign currency exchange (forex) deals input and posting in the accounting system;
- Issuance of debit/credit notes to counterparties when necessary;
- Control over accuracy of data entries in the accounting system;
- Control over overdue positions and ageing reporting to Group’s credit control team on a weekly basis;
- Participation in the monthly closing through ensuring completeness of data input (monthly closing checklist) and correctness of CO procedures in the SAP;
- Prepare reporting required by management and participate and/or lead other projects as assigned by the management;

Trade Accounting:
- Gather, analyze and assort various supporting documents, communicate with Operations and Trading desks;
- Input data into SAP module in a timely and accurate manner in order to create purchase and sales orders, good movements and cost accruals of the commodities with correct allocation to appropriate trade deals in SAP;
- Control the input of data by Operations and Trading against the supporting documents;
- Responsible for registering of the incoming invoices of physical goods and services;
- Be in charge of commercial invoices preparation in the SAP for the crude oil and petroleum products, services and demurrages, etc.
- Monitor the stock movement of the commodities and posting related entries into the SAP accounting system;
- Follow up portfolio of deals/voyages to ensure information is complete and up-to-date;
- Coordinate with counterparties and headquarter on the price calculation, on the dates of payments and avoid negative working capital gaps
- Filing all the documents in a proper way (DCTM - "Documentum", soft copies in the folders on the server, hard copies)

Treasury and trade finance function:
- Initiate and monitor the bank payments upon approval received from Finance Director;
- Monitoring of the Cash Flow Forecast D+5/D+10 days in SAP, communication with the Cash Operations team in the Central Treasury on timely basis (discounting flows, amounts to be paid/received, etc.);
- Preparation of daily payment orders according to the instructions given by the Management and the internal procedures and policy;
- Submitting the instructions to the bank(s) to issue Letter of credits/Bank Guarantees in cooperation with the Operations team;
- Issuance of the Letters of credit, bank guarantee, arrange for the factoring/discounting of the receivables through the various financial institutions;
- Monitoring and examining of the incoming guarantees from the counterparties with strong cooperation from Group’s LC Desk (on demand);
- Handle KYC process and negotiate attractive financing conditions to onboard new banks/open bank accounts/set up credit facilities;
- Develop strong support from a pool of banks in the Middle East, capable to support business requirement of the company;
- Review tenders and business projects in order to identify finance related requirements and meet the requirements in optimal manner;
- Perform regular credit control procedures and ensure receivable balances are recovered on time;
- Coordination of treasury related matters of the Company and efficient communication between various desks (Trading, Legal, Contract Desk, Finance, Accounting, Letter of Credit Desk, Cash Control, and others) on the Headquarters level;

Other areas:
- Assist the team with various ad hoc tasks such as but not limited to compliance, Know Your Client process, tender preparation, contracts review, etc.
- Other tasks to support the front and back office teams in delivering high quality service, therefore, increasing the performance of the Company;

Requirements

- Bachelor’s or higher degree in Accounting or Finance;
- CA or CPA certificate is a plus
- Minimum of 5 years of experience in a similar position (finance and/or accounting) within a large or medium size and well-known industry major
- Experience in the Oil & Gas or commodity trading industry is a plus.

Knowledge:
- Knowledge of US GAAP/IFRS
- Experience in SAP R3 (knowledge of FI, MM, CO and other modules)
- Advanced Microsoft Excel user

Key skills:
- Top three: Stress resistance / Multitasking / Highly detail oriented and organized in work;
- Team player and flexible;
- Ability to meet assigned deadlines;
- Excellent negotiation, communication and interpersonal skills with a customer service focus;
- Ability to act and operate independently with minimal daily direction from manager to accomplish objectives;
- Ability to work cooperatively and collaboratively with all levels of employees, management, and external agencies to maximize performance, creativity,
problem solving, and results.

Languages:
- Excellent written and oral English communication skills is mandatory
- Arabic, French and/or Russian are plus

About the Company

LITASCO was founded in 2000 in Switzerland and it is the exclusive international marketing and trading company of LUKOIL Oil Company.

With head office in Geneva, LITASCO Group has established additional trading and business development offices worldwide, extending its reach around the world from the United States to Europe, the Middle East and Asia, managing LUKOIL's global crude oil and petroleum products supply, marketing and trading needs.

LITASCO has affiliates in Germany, Kazakhstan, Singapore, Sweden, the United Arab Emirates, the United States of America, the Netherlands as well as representative offices in China in Russia, in India and in Iraq.

LITASCO Group is one of the world's major traders of crude oil and refined petroleum products and deals with a vast range of suppliers and customers, including all of the world's major oil corporations.

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Accountant salaries in UAE

Average monthly compensation
AED 5,000

Breakdown available for industries, cities and years of experience