indeed
Project Accountant
Oxypro Electromechanical Contractors
Dubai, UAE
Contract
Mid
Onsite
AED 5,000/month / month
6 days ago
Payment CertificationRetention ManagementAdvance DeductionProject AccountingCash Flow ForecastingERP Systems
Free
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Payment CertificationRetention ManagementAdvance Deduction
About the Role
Oxypro Electromechanical Contractors seeks a Project Accountant in Dubai to manage payment certification, retention, advance deduction, and project cash flow for construction projects.
Key Skills for This Role
Payment CertificationRetention ManagementAdvance DeductionProject AccountingCash Flow ForecastingERP Systems
Responsibilities
- Verify and certify subcontractor/vendor invoices against BOQ, work completed, and approved rates
- Ensure supporting documents (delivery notes, measurement sheets, approvals) are attached before certification
- Coordinate with site/project engineers for work progress validation
- Track and calculate retention amounts withheld on subcontractor/vendor payments as per contract terms
- Maintain retention release schedules and process retention payments upon completion of defects liability period
- Reconcile retention balances periodically
- Track mobilization/advance payments issued to subcontractors and suppliers
- Ensure proportionate recovery/deduction of advances against each running invoice
- Maintain advance recovery schedules and reconcile outstanding balances
- Maintain project wise books of accounts (cost, revenue, WIP)
- Monitor project budget vs. actual cost
- Prepare project profitability and cost variance reports
Requirements
- Bachelor's degree in Accounting/Finance/Commerce (CA Inter / CMA / MBA Finance preferred)
- 3–5 years' experience as an Accountant/Project Accountant in a contracting, construction, or MEP company
- Strong knowledge of retention, advance recovery, PDC management, and project costing
- Proficiency in ERP systems (SAP, Oracle, or similar) and advanced Excel
- Good understanding of construction contract terms (FIDIC or similar is a plus)
- Strong attention to detail and reconciliation skills
Full Job Posting
Key Responsibilities
- Verify and certify subcontractor/vendor invoices against BOQ, work completed, and approved rates.
- Ensure supporting documents (delivery notes, measurement sheets, approvals) are attached before certification.
- Coordinate with site/project engineers for work progress validation.
- Track and calculate retention amounts withheld on subcontractor/vendor payments as per contract terms.
- Maintain retention release schedules and process retention payments upon completion of defects liability period.
- Reconcile retention balances periodically.
- Track mobilization/advance payments issued to subcontractors and suppliers.
- Ensure proportionate recovery/deduction of advances against each running invoice.
- Maintain advance recovery schedules and reconcile outstanding balances.
- Maintain project wise books of accounts (cost, revenue, WIP).
- Monitor project budget vs. actual cost.
- Prepare project profitability and cost variance reports.
Additional Responsibilities
- Prepare and process retention bills/invoices as per contractual milestones.
- Follow up with clients for retention release and collection.
- Plan, track, and manage issuance of PDCs to vendors/subcontractors.
- Maintain PDC registers and ensure timely presentation/clearance.
- Coordinate with banks and treasury for PDC related matters.
- Prepare and monitor project wise cash flow forecasts (inflow from client billing, outflow to vendors/subcontractors/payroll).
- Flag cash flow gaps and coordinate with finance team for fund planning.
- Support management with periodic cash flow reports.
Requirements
- Bachelor's degree in Accounting/Finance/Commerce (CA Inter / CMA / MBA Finance preferred).
- 3–5 years' experience as an Accountant/Project Accountant in a contracting, construction, or MEP company.
- Strong knowledge of retention, advance recovery, PDC management, and project costing.
- Proficiency in ERP systems (SAP, Oracle, or similar) and advanced Excel.
- Good understanding of construction contract terms (FIDIC or similar is a plus).
- Strong attention to detail and reconciliation skills.
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