Manager - Cost
To manage, monitor and control the company’s financial cost accounts and records ensuring cost and expenditure are within the right mechanism, all carried in compliance with Air Arabia policies, procedures and approved accounting standards.
Prepares budgets, financial reports and financial analysis; Interacts with internal and external parties such as banks, auditors, GSAs and suppliers in order to facilitate decisions or resolve function-related matters.Key Result Responsibilities
- Manages and monitors the Company’s Costs Accounts for all the technical costs as well as general costs this includes: general ledgers, subsidiary ledgers, suspense accounts, etc., ensuring all entries are timely reflected, verified, and recorded in the corresponding accounts and Finance systems.
- Oversees the monthly and annual accounts movements and activities such as accruals, assets, and advanced payments, lease and sublease, end of service, etc.
- Monitors the Technical Costs, Lease and Sublease Agreements, Service Level Agreements and other costs resulting from contracts in terms of claims and credits. Coordinates with internal departments and external suppliers to ensure claims are timely settled.
- Ensures the efficient preparation of the monthly, quarterly, and annual reports for financial controls and auditors in line with business requirements and Company’s financial policies; updates the management with status regularly.
- Partners with Stakeholders the Engineering and Maintenance Department to manage the periodic Stock Checks with adherence to laid down procedures.
- Utilizes and maintains available data and records to monitor Aircraft Maintenance Costs and corresponding scheduled payments against lease rate and monthly utilization all in accordance with fleet plan and agreements.
- Facilitates and monitors the preparation of Security Deposits processed for the aircrafts; follows up with suppliers and lessors for confirmations.
- Coordinates with banks to effectively manage and monitor the existing/future “Letters of Credit” including issuance, amendments, charges, documentary credits, and requirements ensuring all are executed on time and as per adopted procedures.
- Conducts Micro Analysis and MIS Analysis of various costs; interacts with Stakeholders on regular basis to identify cost elements and cost structures, etc. Generates reports on all areas of cost to be presented to the Head of Finance on regular basis.
- Partners with department heads and managers to finalize the preparation of annual budget for the assigned accounts and to agree on the subsequent monitoring of cost performance against budget aiming for control over cost and expenditure.
- Liaises with internal and external auditors to facilitate audit checks and ensure smooth inspections and compliance with audit requirements. Implements corrective measures based on findings when and as necessary. Manages all the schedules required for statutory compliances.
- Manages the skills and performance of the “Cost Team” with focus on knowledge sharing, process improvement as well as career enhancement. Motivates, coaches, mentors and monitors the overall performance of the team members to achieve high standards in delivering results.
- Partners with HR to set objectives and identify KPIs for the respective team members; ensures his/her subordinates are fully aware and knowledgeable of their targets. Provides on-going support and supervision to the team members to assist them achieve their goals and bridge any gaps identified.
- Bachelor degree in Accounting / Finance/Commerce or equivalent from a recognized university; alternately a related degree combined with required experience and exposure is acceptable.
- CA (Chartered Accountant) or CPA (Certified Public Accountant) certificates are preferable.
- Proficient in Microsoft Office- Advanced Excel, Access, Word, Power Point skills, Internet and Web Search.
- Cost Control, Compliance, Budgeting and Auditing certificates and trainings are an added value and some may be treated as conditional for this role.
- Good communication skills.
- Fluent in English Language.
- 7+ years of similar experience in corporate finance/accounting in Airlines Industry for a company operating on regional or multinational level; a minimum of 3 years at least handling cost areas related to Engineering and Maintenance sections; experience with low cost airline is an advantage.
- Sound knowledge in financial control and accounting fundamentals such as SFAS (Statements of Financial Accounting Concepts), accounting procedures, systems and process flow is a pre-requisite.
- Thorough knowledge in aircrafts engineering and maintenance systems and processes.
- Strong math and numerical reasoning ability and high accuracy are mandatory for this role.
- Familiar with formalities and pre-requisites associated with internal and external audits.
- Has worked on preparing budgets and monitoring expenditure in line with agreed targets.
- Experienced in a computerized accounting environment with exposure on financial models and new technologies.
- Capable of identifying irregularities, high attention to details and ability in adhering to procedures.
- Experienced in measuring team’s performance against policies, procedures, business needs, and in line with adopted regulations and approved standards.
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