Senior Accountant Plus Palace General Contracting LLC

Job Overview

The Senior Accountant is responsible for overseeing the financial operations of Palace Group, ensuring the accuracy and integrity of financial records, optimizing cash flow, and implementing strategies for financial efficiency. This role involves supervising accounts, managing corporate tax filings, coordinating with internal teams and external auditors, and ensuring compliance with all financial regulations. The Senior Accountant also plays a pivotal role in supporting project cash flow and cost management while maintaining strong relationships with banking institutions and vendors.

Key Responsibilities:

Financial Operations Management

• Oversee all accounting operations, ensuring accuracy and adherence to financial standards.
• Monitor daily bank transactions, balances, and overall cash flow to ensure liquidity and effective financial management.
• Conduct a thorough review of all client invoices prior to their submission, ensuring accuracy, compliance with project agreements, and alignment with Palace Group financial policies.
• Verify all payment documents, including cheques and online transactions, before issuance, ensuring proper authorization, accuracy, and adherence to financial standards and protocols.
• Coordinate with the site team to provide support for urgent payment requests.
• Manage the collection of receivables and ensure that all revenue is accurately verified and recorded. This includes ensuring that payments are received on time and in compliance with Palace Group policies and financial guidelines.

Payroll and Compliance

• Prepare monthly payroll, including processing through the Wages Protection System (WPS).
• Review and approve leave salaries and final settlements for employees.
• Ensure compliance with financial rules and regulations, including UAE labor laws and tax policies.

Corporate Tax and VAT Management

• Implement strategies to optimize corporate tax liabilities.
• File VAT and Corporate Tax reports in a timely and accurate manner.

Budgeting and Financial Reporting

• Review and analyze projects cash flows and cost reports, comparing them with monthly invoices to ensure alignment with budgets.
• Monitor the cash flow and cost reports of development projects, providing insights and recommendations for optimization.

Vendor and Contract Management

• Review contracts with third parties, ensuring favorable terms and compliance with Palace Group policies.
• Manage the renewals of rents, insurance policies, and trade licenses.

Banking and Financing

• Evaluate Palace Group operational and project-based financial needs to determine the necessity for external financing.
• Arrange bank financing when required, to ensure sufficient liquidity for business operations and project execution.
• Engage with financial institutions to negotiate and secure favorable terms for financial agreements and transactions.
• Develop strong and professional relationships with financial institutions to streamline financing processes and ensure ongoing support.
• Oversee the effective use of secured funds to align with Palace group strategic objectives and ensure compliance with agreed-upon financing terms.

External Coordination and Auditing

• Coordinate with external auditors to facilitate annual audits and ensure compliance with legal requirements.
• Act as a liaison between Palace Group and external stakeholders regarding financial matters.