Finance Manager

Lockton; Muscat; On-site; OMR 30,000 - 70,000; Full time

Job summary

An established industry player is seeking a finance leader to manage the full finance and accounting function for its Oman operations. This role involves overseeing financial operations, ensuring compliance with regulations, and advising the CEO on financial matters. The ideal candidate will have a strong background in accounting and finance, with experience in insurance broking finance and a proven ability to manage multiple tasks effectively. Join a dynamic team where your expertise will contribute to strategic financial planning and operational efficiency in a growing market.

Qualifications

• 5+ years of finance experience, ideally in financial services or insurance.
• Strong understanding of Omani VAT, corporate tax, and regulatory reporting.

Responsibilities

• Manage full finance and accounting function for the Oman entity.
• Prepare and file regulatory reports required by local authorities.
• Lead budgeting and forecasting for the Oman operation.

Skills

Accounting

Tax Compliance

Financial Reporting

Insurance Broking Finance

Analytical Skills

Interpersonal Skills

ERP Systems Knowledge

Budgeting

Education

Bachelor’s degree in Accounting or Finance

Professional qualification (ACCA, ACA, CPA)

Tools

PeopleSoft

Oracle

Advanced Excel

Job description

To independently lead and manage the full finance and accounting function for the Oman entity. This role is responsible for all financial operations including accounting, reporting, regulatory compliance, insurance broking finance (IBA & Non-IBA), tax filings, audit coordination, and cash flow management. The role demands a hands-on, detail-oriented professional who can operate autonomously while also acting as a key financial advisor to the CEO.

Key Responsibilities

1. Corporate Finance

• Handle internal and external audit processes from preparation to final sign-off, ensuring compliance with all audit requirements.
• Review and reconcile supplier statements regularly, resolve discrepancies, and ensure accuracy before approval and payment.
• Ensure accuracy and completeness of expense claims and vendor invoices before seeking CEO sign-off.
• Prepare and post monthly journal entries for all relevant accounts including accruals, prepayments, and other accounting adjustments.
• Process all direct expenses, supplier payments, and urgent payments in line with company policy and approval matrix.
• Prepare timely and accurate monthly revenue forecasts, including supporting schedules.
• Reconcile monthly revenue for Employee Benefits (EB) and General Insurance (GI) business lines.
• Perform revenue accrual reconciliations and analyze monthly accrual ageing reports.
• Close the monthly accounts in accordance with global deadlines and circulate detailed financial reports to management.
• Ensure accurate IFRS 9 provisioning and analytical reviews as needed.
• Manage preparation and filing of XBRL and other regulatory reports required by local authorities.
• Assisting external tax consultant with calculation and provision for Omani corporate tax; coordinate with advisors for return submission and tax payments.
• Prepare monthly cash flow forecasts to support financial planning and working capital needs.
• Reconcile petty cash monthly and maintain accurate cash book records.
• Execute monthly intercompany reconciliations and facilitate settlement as per intercompany agreements.
• Complete and reconcile all monthly bank statements across all bank accounts.
• Conduct monthly balance sheet reconciliations for all GL heads and maintain audit-ready records.
• Prepare monthly and ad hoc financial reports as required by management or regulatory bodies.
• Preparation of UK GAAP to IFRS reconciliation.

2. Insurance Business Accounts (IBA)

• Accurately allocate all insurance-related receipts and payments in the broking system.
• Monitor and follow up with insurers to ensure timely collection of commissions.
• Perform detailed reconciliations of insurer ledgers every month.
• Collaborate with internal departments to resolve technical or process issues affecting payment or reconciliation.
• Accelerate premium collection by strengthening coordination with client and insurance companies, streamlining reconciliation processes, and improving overall collections efficiency.
• Review and verify all tax invoices monthly to ensure VAT and regulatory compliance..
• Implement and monitor credit control processes; perform aged debtor reviews and escalate overdue balances.
• Generate and review monthly unallocated cash reports; reconcile discrepancies and ensure prompt allocation.
• Prepare monthly and ad hoc financial reports as required by management or regulatory bodies.
• Participate in monthly reviews with management to assess cash flow, collections, and ageing receivables.

3. Budgeting & Forecasting

• Lead the preparation of the annual budget and periodic forecasts for the Oman operation.
• Provide financial planning insights to support local strategic initiatives.
• Track performance against budget and report deviations with explanations.

4. Tax & Regulatory Compliance

• Assist regional tax manager with VAT/ WHT return preparation and filing, ensuring accuracy and compliance with Oman Tax Authority.
• Assist tax advisors with timely and accurate calculation, provisioning, and filing of corporate tax.
• Maintain full compliance with all statutory and regulatory filings including audit reports and XBRL submissions.

5. Treasury & Banking

• Manage day-to-day banking operations including collections, supplier payments, and payroll payments.
• Maintain relationships with local banking partners.
• Monitor bank balances and optimize working capital across operational accounts.

6. Internal Controls & Process Improvement

• Design and implement robust internal control processes appropriate for a standalone finance operation.
• Ensure data integrity, segregation of duties (where feasible), and audit readiness.
• Recommend and implement improvements to enhance accuracy, compliance, and reporting efficiency.

Competencies & Skills

• Highly self-sufficient with the ability to independently manage an end-to-end finance function.
• Technical knowledge in accounting, tax, VAT, and insurance broking finance.
• Ability to manage multiple tasks with precision and meet strict deadlines.
• Strong interpersonal and communication skills to interface with auditors, banks, regulators, and internal stakeholders.
• Working knowledge of ERP systems (e.g., PeopleSoft, Oracle, or equivalent).
• Advanced Excel and analytical skills.

Qualifications & Experience

• Bachelor’s degree in Accounting, Finance, or related field.
• Recognized professional qualification such as ACCA, ACA, CPA, or equivalent.
• Minimum of 5 years of progressive finance experience, ideally in financial services or insurance.
• Proven track record managing finance functions independently.
• Strong understanding of Omani VAT, corporate tax, and regulatory reporting requirements.
• Prior experience in GCC, preferably in Oman.