• Title
    Project Accountant
    Requisition ID
    2019-37586
    Work Location
    GB-Lanarkshire-Glasgow
    Department / Discipline
    Finance Operations
    Position Type
    Fixed Term
  • Overview / Responsibilities

    Wood is currently recruiting for a Project Accountant in Glasgow to support their clean energy team on a 12 month contract.

     

    The role is primarily responsible for Accounting for projects which will include lump sum contracts and reimbursable contracts of both long term contracts and short term contracts. Main focus is to conform with accounting principles and business processes.

    This key role:

    • Works closely with Project Managers, Project Controllers, Billing Specialist and the Project Finance Managers to obtain produce individual project financials, project analysis and obtain project forecasts.
    • Works effectively across the project allocation to ensure that robust project accounting takes place.

    Project Responsibilities:

    • Understand the financial information contained within the commercial agreements, agreed rates and required approvals.
    • Provide project accounting assistance at kick off meetings and monthly project review meetings.
    • Work with Project Controls to ensure each project is set up to capture the structure correctly i.e. in Lump sum contracts, Revenue recognition points, Billing milestones.
    • Review Project costs in the month and make necessary accruals for missing costs.
    • Review variation Orders (VOs) and potential VOs confirming the accounting with regards to their status & probability of them being awarded by the client.
    • Set up and monitor Bill Rate Schedules in Oracle. Working with PMs and PCs to ensure correct rates billed to customers.
    • Generate Revenue in Oracle and resolve any revenue rejections in a timely manner.
    • Ensure we are meeting the conditions for revenue recognition and billing milestones and ensuring we are accounting for the Revenue milestones vs cash milestones appropriately.
    • Account for the Impact of FX on each of the projects. For all non-functional currency projects on – understanding what is the cost to the business and improve our hedging activities
    • Maintain visibility over all costs incurred; pass through costs, and, passing them through timely.  
    • Maintain Visibility over amounts Unbilled and work with Billing specialists to get invoices out timely.
    • Accounting for costs that have not yet been received on the project (maintaining margins) in accordance with the project CTR / Activities.
    • Margin analysis, Cost rate vs Sell rate explaining Mix and volume variance.
    • Accounting from a full project forecast to the end of the job compared to “AS sold”.
    • Contingency analysis – Understanding what we have to work with in the project and accounting for contingency when releases or increases are due.

    Reporting Responsibilities:

    • Project reporting – On all large projects, we should include within the financial & progress reporting pack.
    • Provide variance analysis showing “As Sold/Original ” P/L verses “Actual / Current” P/L.
    • Maintaining Cash Flow implications on the wider business, especially on large projects.  
    • Maintaining clear visibility of the project balance sheet
    • Reconciliation and financial management of Work in progress & unbilled / Accrued Sales, understanding the timing and timing of these areas.
    • Reporting Backlog, Backlog burn and replenishment.

     

    Skills / Qualifications

    Preferred:

    Qualified Accountant (ACCA, ACA, CIMA) with a proven track record in project accounting

     

    Skills:

    • Numerate, Analytical, with an Inquisitive background.
    • Able to provide examples where you have developed a reporting framework.
    • Experience working on an ERP system, ideally Navision but other ERP’s also carry importance.
    • Computer literate with a good understanding of Microsoft Office.
    • Good Excel skills.
    • Knowledge of Project Accounting and Long term Contracts
    • Must be able to meet deadlines.
    • Ability to work well in a team and independently.
    • Strong communication skills – both written and oral.

    Company Overview

    Wood is a global leader in the delivery of project, engineering and technical services to energy and industrial markets. We operate in more than 60 countries, employing around 60,000 people, with revenues of over $10 billion.  We provide performance-driven solutions throughout the asset life cycle, from concept to decommissioning across a broad range of industrial markets, including the upstream, midstream and downstream oil & gas, power & process, environment and infrastructure, clean energy, mining, nuclear, and general industrial sectors.  www.woodplc.com  

     

    Diversity Statement

    We are an equal opportunity employer that recognises the value of a diverse workforce. All suitably qualified applicants will receive consideration for employment on the basis of objective criteria and without regard to the following (which is a non-exhaustive list): race, colour, age, religion, gender, national origin, disability, sexual orientation, gender identity, protected veteran status, or other characteristics in accordance with the relevant governing laws.

     

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