Project Cost Controller

Job Description:

Project Cost Analysis and Control

o Monitor, analyze, and report on project costs for large-scale EPC projects.

o Track costs across engineering, procurement, and construction phases, ensuring alignment with budgets.

o Prepare detailed variance reports, analyzing the causes of deviations between budgeted and actual costs.

o Validating the Petty Cash and Non-PO Based Expense of Projects, Supplier assessment, advance to suppliers, utilization of credit facility and credit period.

Progress Monitoring and Reporting

o Collaborate with project teams to track progress and update percentage-of completion calculations as per IFRS 15.

o Provide insights and reports on cost performance, profit margins, and project cash flow on a regular basis.

Contract and Cost Compliance

o Ensure compliance with contractual agreements and project-specific financial regulations.

o Validate costs in line with the contract terms and identify any cost overruns or savings opportunities.

o Conduct audits to ensure all costs are allocated accurately to their respective projects and phases.

Inventory and Procurement Cost Management

o Work with procurement to control and analyze material and service costs.

o Ensure proper valuation of inventory used for EPC projects and implement strategies  to minimize waste and cost.

Risk Management and Cost Optimization

o Identify potential risks related to project costs, including scope changes, delays, or unexpected expenses.

o Recommend strategies for cost reduction, such as value engineering or efficiency improvements, manpower management, material management, reducing idealness.

Fixed Assets Management at Project Site

o Track, record, and monitor fixed assets (e.g., machinery, equipment) at the project site to ensure proper utilization and maintenance.

o Oversee asset capitalization, depreciation calculations, and ensure compliance with relevant accounting standards (e.g., IAS 16 for Property, Plant, and Equipment).

o Conduct periodic asset audits and reconcile asset records to ensure accuracy and prevent asset misplacement or misuse.

Financial Reporting and Forecasting

o Prepare regular financial and cost reports, analyzing project expenses, and forecasting costs for project budgeting purposes.

o Generate monthly, quarterly, and annual reports for COO, Project managers, detailing variances, expected cost overruns, and other key financial metrics.

o Collaborate with the finance department to support overall financial reporting