Cost Accountant

Position Overview

Virtucruit is partnering with a leading mining company in Saudi Arabia to recruit a highly skilled Cost Accountant to join the Drilling Department. This pivotal role is designed to enhance financial oversight by developing, maintaining, and optimizing the company’s cost accounting system. The Cost Accountant will ensure precise costing of drilling operations, inventory management, equipment maintenance, workshops, and support services. By delivering timely and accurate cost analysis, variance reports, and budgeting support, the successful candidate will empower management with critical financial insights to drive operational efficiency, maximize profitability, and maintain strict compliance with IFRS standards, company policies, and internal controls.

Key Responsibilities

• Cost Accounting System Management: Develop, maintain, and enhance the company’s cost accounting system to ensure accurate and reliable financial data for all drilling-related activities.
• Drilling Cost Monitoring: Analyze and monitor costs associated with drilling projects, rigs, and equipment to identify trends, variances, and opportunities for cost optimization.
• Financial Reporting: Prepare and present monthly cost reports, variance analyses, and profitability assessments to support informed decision-making.
• Inventory and Stock Management: Oversee inventory valuation, material consumption tracking, and stock reconciliations to ensure accuracy and minimize discrepancies.
• Cost Allocation: Accurately allocate direct and indirect costs across projects, departments, and cost centers to reflect true financial performance.
• Budgeting and Forecasting: Assist in the preparation of budgets, forecasts, and cost planning initiatives to align financial objectives with operational goals.
• Financial Closing Support: Contribute to month-end and year-end financial closing activities, ensuring compliance with accounting standards and internal policies.
• ERP System Maintenance: Maintain cost centers, project costing, and inventory costing within the Sage 300 ERP system to ensure seamless financial operations.
• Compliance and Audits: Ensure adherence to IFRS, company policies, and internal controls while supporting internal and external audits through the provision of costing schedules and reconciliations.
• Process Improvement: Identify cost-saving opportunities and recommend strategic process improvements to enhance operational efficiency and financial performance.
• Cross-Functional Collaboration: Work closely with Operations, Procurement, Warehouse, and Maintenance teams to ensure accurate cost reporting and alignment with departmental objectives.
• Management Reporting: Prepare comprehensive management reports and financial analyses to facilitate data-driven decision-making at all levels of the organization.

Qualifications and Requirements

• Education: A Master’s degree or diploma in Accounting & Finance is required. Professional certifications such as CMA, ACCA, or CPA are highly preferred.
• Experience: Minimum of 5 years of relevant experience in cost accounting, with a strong preference for candidates with prior exposure to drilling, mining, oil & gas, or heavy equipment industries.
• Technical Skills: Proficiency in Sage 300 ERP is advantageous. Strong knowledge of IFRS, cost accounting principles, budgeting, and inventory management is essential. Advanced skills in MS Office, particularly Excel, are required.
• Language Proficiency: Fluency in English, both written and verbal, is mandatory. Basic proficiency in Arabic is a plus.
• Safety and Compliance: Commitment to maintaining the highest standards of safety, health, and environmental practices in all operational activities.

Compensation and Benefits

The company offers a competitive and tax-free employment package, including accommodation, transportation, and meals provided at the mine site. Full medical coverage is included, along with comprehensive end-of-service benefits to ensure long-term financial security and well-being.