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  • Job reference: RMS0103409

Asset Accountant

  • Sector: Engineering
  • Location: Aberdeen
  • Job type: Contract
  • Date posted: 30/11/2011
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The Company:
With interests in over 20 UK Continental Shelf (UKCS) fields, my Client has one of the most significant exploration and production businesses in the offshore waters of the UK.

The Role:
• Process monthly accounting entries for Oil and Gas sales revenue for client asset
• Documentation of all revenue related processes
• Review of the draft Field Revenue accounts to ensure integrity of the accounts and to identify and correct anomalies /errors prior to the accounts being finalised
• Raise sales invoices from the data received from field operators and client marketing departments. Checking the validity of information received and liaison with information providers and counter parties.
• Booking sales data to the general ledger/sales and distribution model, reconciliation of individual debtors control accounts.
• Preparing, analysing and commenting on Aged Debtors report and chasing up late payments. Accountable for the process to ensure compliance with the group credit risk policy.
• Preparing weekly cash flow forecast (three month weekly view) covering all UK North Sea sales income.
• Responsible for all accounting issues related in connection with taxation on Revenue. This includes working with the tax department to support the six monthly PRT returns to the Oil Taxation Office and the monthly Vat return (C88)
• Primary contact for the assets for all production/revenue related queries.
• Liaise with the Operated Asset and Non-Operated Asset teams to ensure all deadlines are met for month end processing
• Articulate operational issues impacting the assets financials to other audiences outside the asset including Group Finance and Regional Finance
• Liaise and assist with PWC quarterly and annual audits
• Maintain and review at least annually all Financial Control Assurance documentation in connection with the role.

Joint Venture Accounting

• Month end duties, including journal entries, VOWD collation and accruals, report preparation and analysis and issue of partner billings within strict deadlines
• Preparation of monthly variance analysis commentary (gross and net) for internal and external (JV partner) reporting.
• Preparation and booking of monthly tariff actuals and accruals and provision of variance analysis
• Ensure validity and accuracy of working capital balances per the billings and ensure cash is received from partners on the required due date
• Provision of effective Cost Control support, reviewing and challenging opex and capex to ensure delivery of budgets/forecasts.
• Responsible for adherence to all aspects of JOA accounting provisions including effective AFE procedures.
• Ensure internal approvals processes are followed.
• Provision of cost updates/analysis to customer groups (internal and external) within agreed timeframes
• Preparation of JV opex & capex business plans, budgets and quarterly forecasts.
• Co-ordination of joint venture audits for assets for which responsible
• Presentation at JV Partner meetings

Monthly Financial Reporting

• Month end duties, including journal entries, VOWD collation and accruals, report preparation and analysis and issue of partner billings within strict deadlines
• First point of contact for client Accounting Team for operational accounting issues relevant to assets responsible for. Respond to requests for analysis from the client Accounting Team.
• Co-ordinate month end reporting of actual results
• Prepare gross data prior to month end close and submit month end net submissions on reporting day
• Contribute to submission of quarterly returns / disclosures.
• Demonstrate knowledge of commercial issues likely to impact reported financials
• Contribute to Operate client monthly management report
• Ensure SAP and Cognos systems are utilised to their full potential.
• Maintain adequate records for Financial Controls Assurance (FCA)

Business Planning & Forecasting (Operated & Non-operated)

• Co-ordinate the preparation of Asset business plans for operated assets
• Manage business plan process such that all financial inputs are prepared by JV accounting
• Liaise with Economics, Sub-Surface and Commercial colleagues to obtain all inputs necessary to the asset business plans
• Control opex and capex data entry for asset business plans into planning system, review planning system output and variance analysis.
• Co-ordinate preparation of Budget and Plan packs for assets.
• Input of operated assets data to the forecasting system
• Review G&A allocations to assets for which responsible.
• Co-ordinate and review responses to Group / Region queries and carry out additional analysis as required
• Ensure accurate entry of non-financial information (eg reserves data, volumes)
• Co-ordinate and contribute to the completion of commentary packs for each asset following quarterly forecasts.
• Respond to client Planning Team queries for additional plan analysis.

Essential Skills / Qualifications:
• Qualified accountant (CIMA or equivalent)
• International Financial Reporting Standards applicable to the Oil and Gas industry and extensive joint venture accounting and audit experience.
• Understanding of Joint Operating Agreement (JOA’s) and vendor contracts
• SAP / Cognos competency, Advanced Excel and presentation skills
• General technical understanding of offshore operations
• Demonstrated ability to take responsibility and improve processes

You will also:
• Demonstrates ability to take responsibility and improve processes
• Be customer focused
• Strong analytical and presentational skills
• Ability to plan, prioritise and meet tight deadlines
• Results oriented with a commitment to quality and continuous improvement
• Strong communications skills
• Ability to use initiative and solve problems
• Strong confident character, able to influence others
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