Cost Controller

Job Summary:

Analyze, record, and monitor production or operational costs within the company to ensure the accuracy of financial information and provide reliable data that supports strategic financial decision-making. This includes the preparation of cost-related reports, analysis of variances between planned and actual costs, preparation of project cost estimates, monitoring of project budgets and expenditures, and reporting any budget overruns. It also involves ensuring compliance with accounting standards and contributing to business efficiency improvements through effective cost and budget management.

Duties and Responsibilities:

• Calculate and analyze production or project implementation costs based on available data.
• Identify direct and indirect costs of materials, labor, and operational expenses.
• Contribute to cost planning for future projects and ensure alignment with planned budgets.
• Prepare monthly and annual accounting reports that reflect the total costs of projects or departments as requested by the finance department.
• Periodically analyze direct and indirect cost components, determine standard cost rates, identify deviations, and assess their impact on increasing or reducing overall costs.
• Continuously coordinate with project managers and engineers to ensure data is updated and reflects actual site conditions.
• Adhere to the company’s financial policies and local regulations related to cost management.
• Prepare and review cost estimates for all project stages, from design to delivery, in coordination with technical and engineering departments.
• Periodically analyze actual vs. estimated costs, identify variances, and prepare analytical reports for relevant stakeholders.
• Prepare and update cash flow projections based on work progress and in line with financial department requirements.
• Monitor daily project costs to ensure compliance with the approved budget.
• Coordinate with the procurement team to review and analyze quotations and ensure alignment with budget allocations.
• Analyze financial risks associated with projects and propose mitigation strategies to minimize cost deviations.
• Provide detailed periodic reports to management on cost status, completion percentages, and actual expenses.
• Contribute to the improvement of cost management procedures to enhance effectiveness and efficiency.
• Verify and audit contractor and supplier invoices, ensuring they match approved contracts and payment terms.
• Support financial decision-making by providing accurate data and clear financial forecasts.
• Participate in the financial evaluation of new projects and provide initial cost estimates.
• Establish and maintain an internal control system to monitor and manage costs while ensuring transparency and accountability.
• Use digital systems and ERP software for financial monitoring and project cost control.
• Continuously coordinate with project managers and engineers to ensure actual data aligns with projections.
• Develop and improve cost accounting methods and keep up with scientific and technological developments in the field.
• Store and archive reports in the project database according to approved policies and procedures.
• Provide financial support to the finance department and facilitate communication with project management by clarifying financial inquiries and preparing related reports.
• Perform any other finance-related tasks assigned by the direct supervisor.

Performance Indicators (KPIs)

• Based on approved annual performance indicators.

Communication Channels

Internal Functional Relationships:

• Coordination with all internal departments for relevant arrangements.

External Functional Relationships:

• Coordination with all external parties related to assigned tasks.

Required Competencies at Hiring

Educational Qualification:

• Bachelor’s degree in Business Administration, Financial Management, or Civil Engineering.

Professional Experience:

• Minimum of 5 years of relevant experience.

Professional Knowledge:

• Strong knowledge of cost accounting principles and accounting systems.
• Ability to analyze financial data and use cost analysis tools.
• In-depth understanding of cost accounting concepts and financial analysis techniques.