Head of Accounting

Confidential; Riyadh; On-site; SAR 350,000 - 550,000; Full time

Job summary

Confidential, a real estate development company, seeks an experienced Head of Accounting to lead all accounting operations in Saudi Arabia. Responsibilities include financial reporting, project cost accounting, contractor payments, budgeting, zakat and tax compliance, and leading monthly and annual closes.

The ideal candidate will have 7+ years in accounting within real estate and contracting, strong project accounting know-how, ERP proficiency (Odoo preferred), and professional qualifications

Qualifications

• Bachelor's degree in Accounting or Finance.
• 7+ years of relevant accounting experience.
• Minimum 2 years in supervisory role as Head of Accounting.
• Experience in real estate development and contracting accounting.
• Strong IFRS/IFRS for SMEs knowledge.
• ERP experience; Odoo preferred.
• SOCPA/CPA/ACCA/CMA qualification an advantage.

Responsibilities

• Lead the accounting function, allocate responsibilities, and monitor task completion.
• Oversee project costs, budgets, cost centers, and timely reporting for real estate development.
• Review WIP balances and allocate costs to projects accurately.
• Verify contractor/supplier payment certificates against contracts and variations.
• Monitor zakat and tax compliance and oversee tax reporting.
• Manage rental income, operating expenses, and property-owner accounts.
• Coordinate with external auditors and authorities for required financial information.
• Ensure monthly, quarterly, and annual closing activities are completed on time.

Skills

Leadership

Supervisory experience

IFRS knowledge

Excel proficiency

Analytical skills

Decision making

Education

Bachelor's degree in Accounting/Finance

Tools

ERP systems (Odoo preferred)

Microsoft Excel

Job description

A real estate development company is seeking an experienced Head of Accounting to lead and oversee its accounting operations. The role is responsible for financial reporting, accounting controls, project cost accounting, contractor payments, property-related accounts, budgeting, tax and zakat compliance, and the timely completion of monthly and annual closing activities.

The ideal candidate will have strong accounting experience within real estate development and contracting, with practical knowledge of project accounting, cost centers, contractor payment certificates, rental income, and financial reporting.

Key Responsibilities:

• Lead the accounting function, allocate responsibilities, and monitor the performance and completion of assigned tasks.
• Supervise accounting activities related to real estate development projects, including project costs, approved budgets, and cost centers.
• Review work-in-progress balances and ensure that all costs are accurately allocated to the correct projects.
• Review contractor and supplier payment certificates and verify their alignment with contracts, completion percentages, advance payments, and retention amounts.
• Monitor the financial impact of project variation orders and update project costs and financial forecasts accordingly.
• Oversee the financial accounts of company-owned properties, including rental income, operating expenses, collections, and related financial reporting.
• Supervise third-party property accounts and ensure the complete separation of property owners' funds from company funds.
• Prepare periodic statements and settlements for property owners when required.
• Review tenant collections and deposits and ensure that property owners' dues are transferred in accordance with approved contracts and agreements.
• Prepare periodic financial reports for each project and property, covering actual costs, budgets, variances, cash flow, revenue, collections, expenses, and occupancy rates.
• Review and approve journal entries and ensure the accuracy and completeness of supporting documentation.
• Oversee monthly, quarterly, and annual financial closing activities.
• Review trial balances and ensure the accuracy of account balances.
• Supervise accounts receivable and accounts payable and ensure that required reconciliations are completed.
• Review bank reconciliations and ensure that discrepancies are resolved promptly.
• Oversee fixed asset accounting and depreciation calculations.
• Participate in preparing annual budgets, financial forecasts, and variance analyses.
• Coordinate with external auditors and regulatory authorities and provide the required financial information and documentation.
• Oversee the preparation and timely submission of zakat and tax returns in accordance with applicable regulations.
• Develop accounting procedures and internal financial controls to improve efficiency and reduce financial risks.
• Provide management with financial reports, analyses, and insights to support decision-making.

Qualifications and Experience:

• Bachelor's degree in Accounting, Finance, or a related field.
• Minimum of 7 years of relevant accounting experience.
• At least 2 years of supervisory experience as a Head of Accounting, Chief Accountant, or in a similar position.
• Practical experience in real estate development and contracting accounting is essential.
• Strong experience in project accounting, cost centers, budgeting, and cost control.
• Experience reviewing contractor payment certificates, retention amounts, advance payments, and project variation orders.
• Experience managing rental income, tenant collections, operating expenses, accounts receivable aging, and property-owner accounts.
• Strong knowledge of Saudi zakat and tax regulations and other relevant statutory requirements.
• Good knowledge of IFRS and IFRS for SMEs, particularly standards related to real estate, revenue, and contracts.
• Experience using ERP systems; experience with Odoo is preferred.
• Advanced proficiency in Microsoft Excel.
• Strong financial reporting, analysis, leadership, supervision, problem-solving, and decision-making skills.
• High level of accuracy, integrity, and confidentiality when handling financial information.
• Professional accounting qualifications such as SOCPA, CPA, ACCA, or CMA are an advantage.