Financial Accounting Manager

Role Overview

Lead and manage the financial accounting function to guarantee precise financial statements, adherence to regulatory standards, and robust internal controls. Protect the organization's financial integrity while supporting auditing activities and governance frameworks. Ensure smooth coordination between accounting functions and operational activities, focusing especially on manufacturing and inventory processes, while maintaining strict control over assets and liabilities. Provide senior management with dependable financial data and insights to promote informed decision-making and financial discipline across the enterprise.

Key Responsibilities

• Manage preparation and review of monthly, quarterly, and annual financial reports aligned with IFRS standards.
• Ensure prompt and accurate period-end closing, including entries related to plant operations.
• Validate and analyze cost of goods sold, inventory valuations, and profit margins.
• Oversee accurate accounting for raw materials, work-in-progress, and finished goods inventory.
• Supervise standard costing systems, cost roll-ups, and variance analysis.
• Confirm proper valuation of inventory including provisions, net realizable value assessments, and obsolescence.
• Account correctly for production variances and absorption costs.
• Manage the complete lifecycle of fixed assets from capitalization through disposal.
• Verify capitalization of capital expenditure projects, including transfers from construction work-in-progress to assets.
• Review and approve asset classifications, depreciation methods, and useful life estimates consistent with IFRS.
• Control and monitor capital work-in-progress to ensure timely capitalization.
• Ensure precise recording of asset additions, disposals, and transfers within the asset register.
• Coordinate fixed asset physical verifications and reconciliations periodically.
• Conduct impairment assessments and manage asset write-downs when necessary.
• Maintain stringent controls for asset tracking and security.
• Ensure complete compliance with Zakat, Tax and Customs Authority regulations.
• Manage preparation and submission of Zakat returns according to local laws.
• Oversee VAT compliance, including filing, reconciliation, and documentation.
• Administer withholding tax and other relevant tax obligations.
• Engage with regulatory bodies on tax assessments, audits, and inquiries.
• Stay updated on local tax legislations and implement changes promptly within the company.
• Maintain accuracy and consistency of the company’s general ledger and chart of accounts.
• Supervise reconciliation of all balance sheet accounts.
• Manage accounting of provisions, accruals, lease agreements, and financing arrangements.
• Align financial data with production figures by collaborating closely with plant teams on inventory management and controls.
• Lead and support periodic physical inventory counts and cycle count procedures.
• Direct external audit engagements, ensure compliance with IFRS and local requirements, and address audit findings to reinforce controls.
• Develop and enforce robust internal controls covering procurement, inventory, and payment processes.
• Ensure compliance with delegation of authority and company policies.
• Identify and manage financial risks, particularly those related to inventory and cost accuracy.
• Oversee working capital accounts including inventory, payables, receivables, and cash management to maintain accurate reporting.
• Lead, mentor, and develop the accounting team spanning corporate and plant locations, fostering expertise in cost accounting and manufacturing finance.
• Clarify roles, responsibilities, and implement effective performance management systems.
• Drive system and process improvements by optimizing ERP platforms for accounting and inventory modules.
• Enhance automation, streamline reporting, and shorten financial close cycles.
• Improve integration between operational and financial information systems.

Qualifications and Experience

• Bachelor’s degree in Accounting or Finance.
• Between 10 to 15+ years of extensive financial accounting experience, ideally within the manufacturing sector.
• Deep knowledge of inventory accounting, cost accounting, and fixed asset management.
• Comprehensive understanding of IFRS and Saudi Arabia’s tax regulations, including Zakat compliance.
• Familiarity with ERP software, preferentially Microsoft Dynamics 365 Finance & Operations.
• Proven track record of handling external audits and regulatory engagements successfully.
• Excellent communication and interpersonal skills to coordinate effectively across departments.
• Strong capabilities in presentation and report generation targeting senior management.
• Ability to support senior leadership with accurate financial insights for strategic decision-making.
• Demonstrated leadership qualities with a focus on control, accuracy, and detail orientation.