Summary
Power International Holding is seeking a Cost Control Officer for a role located in Saudi Arabia; no city is specified. The officer will monitor project budgets and expenses, analyze cost variances, prepare forecasts and reports, and identify opportunities to improve cost efficiency. The role also involves supporting contract and supplier negotiations, advising project stakeholders, and contributing to HSE initiatives. Applicants need a bachelor's degree in accounting or a related field and at least five years of work experience, including three years of relevant experience; two years of GCC experience is a plus. SAP and ERP knowledge are required, while CCS (Candy) knowledge is an advantage.
The posting
As published on powerholding-intl.com. Pulled from the employer's site and shown as they wrote it.
Job Summary
The Cost Control Officer is responsible to monitor and manage project expenditures, ensuring adherence to budgets and identifying areas for cost-saving opportunities. They analyze financial data, track expenses, and implement strategies to optimize project profitability while maintaining quality standards. Additionally, they provide financial insights and recommendations to support informed decision-making and mitigate financial risks.
Job Responsibilities 1
Monitor project budgets and expenditures to ensure adherence to financial plans and identify any variances or discrepancies.
Track and analyze project expenses, including labor costs, material purchases, subcontractor fees, and overhead expenses, to maintain accurate financial records.
Conduct cost analysis and cost-benefit evaluations to identify cost-saving opportunities, optimize resource allocation, and improve project profitability.
Prepare financial forecasts and projections based on project timelines, resource requirements, and market trends to support long-term planning and decision-making.
Perform variance analysis to compare actual costs against budgeted costs, investigating any deviations and implementing corrective actions as needed to mitigate financial risks.
Generate regular reports and financial statements summarizing project costs, expenses, and budget performance for management review and decision-making purposes.
Develop and implement cost control procedures, policies, and best practices to enhance efficiency, streamline processes, and minimize wastage.
Assist in contract negotiations, review contract terms and conditions, and ensure compliance with contractual agreements to mitigate financial risks and optimize cost-effectiveness.
Collaborate with vendors, suppliers, and subcontractors to negotiate pricing, terms, and payment schedules, ensuring cost competitiveness and adherence to budgetary constraints.
Provide financial advice and recommendations to project managers and stakeholders on cost-related matters, including budget planning, forecasting, and risk assessment, to support informed decision-making and project success.
Support the implementation of HSE initiatives, participate in safety awareness activities, and contribute to incident reporting and resolution in alignment with company and IMS policies
Job Knowledge & Skills
Knowledge of cost control packages such as CCS (Candy) will be a distinct advantage
Knowledge in project cost planning, scheduling and reporting
Knowledge of the Operating Procedures for Project Controls and Cost Management functions
Proficient with computer programs and a working knowledge of new technology
ERP knowledge preferably SAP functional skills are a requirement to be successful in this role.
Job Experience
Minimum 5 year(s) working experience, 3 year(s) relevant working experience, 2 year (s) GCC is a plus
Competencies
Resilience
Agility
AI Fluency
Quality_321977507
Leadership_321977503
Cost Management L2
Cost Control L2_321977571
Project Estimating L2
Financial Reporting L2_323745501
Projects-Commercial L2
Education
Bachelor's Degree in Accounting or any related field