Accountant

About the Role

Eaton Arabia is seeking an Accountant to join their team in Dammam, Eastern Region. This full-time role is responsible for processing Accounts Receivable (AR) transactions accurately and promptly, ensuring compliance with internal guidelines and external regulations. The Accountant will also manage the planning and collection of payments from customers.

Key Responsibilities

• Create and update a customer database with essential information such as Commercial Registration (CR) expiry dates, VAT references, national addresses, and contact details for all active and blocked customers with AR balances.
• Collaborate with the Credit Team to ensure complete customer master data and liaise with Sales, Projects, and Services Teams for missing information or documents.
• Obtain Credit Application Forms from customers to establish credit limits and payment terms based on credit risk profiles, utilizing SIMAH reports from the group Credit Team.
• Prepare daily collection reports, highlighting deviations from targets and underlying issues.
• Reconcile Accounts Receivables, make necessary adjustments, and submit reports to stakeholders.
• Share detailed reports with Management after period closing on collection deviations, reasons, and recovery actions.
• Analyze AR Aging with explanations and actions taken for receivables over 180 days.
• Prepare and submit monthly collection plans and report related party receivables to the group.
• Work to optimize Days Sales Outstanding (DSO) to 60 days and reduce AR aging.
• Prepare, issue, and distribute invoices to the operation team in compliance with policies, ensuring accuracy and attaching supporting documentation in SAP (Open Text).
• Collaborate with the operation team to submit invoices and obtain acknowledgment of receipt from customers.
• Cultivate customer contacts to facilitate effective follow-ups and timely payments.
• Gain access to customer portals for payment submission, monitoring, and follow-up.
• Monitor AR balances, schedule visits and meetings with customers regarding overdue accounts, follow up, collect payments, and resolve disputes.
• Manage daily AR operations and collections, including weekly collection calls and follow-ups on past due invoices.
• Document collection and dispute interactions accurately with internal and external parties.
• Prepare LC Invoices in line with LC terms, ensuring no discrepancies, and follow up with customers for counter-signed documents for bank submission.
• Circulate Balance Confirmations and statements to customers quarterly, ensuring receipt of confirmation.
• Obtain customer statements of account and prepare reconciliations.
• Prepare ECL calculation for AR provision quarterly, maintain records of provisions against bad debts, and track litigation cases.
• Review and act on credit memos and other adjustments posted to receivable accounts.

Process Improvement and Compliance

• Assist in developing and implementing processes and procedures to optimize efficiency and productivity.
• Drive process automation in accounts receivables reporting, including statement of account and balance confirmation.
• Coordinate with corporate treasury or banks' E-Banking units for implementation processing and troubleshooting.
• Implement relevant internal accounting and reporting guidelines in compliance with external regulations.
• Comply with and support Internal Control over Financial Reporting compliance in Accounts Receivable.

Required Qualifications

• Education: Bachelor’s degree in finance, accounting, or a relevant quantitative discipline.
• Experience: 2-5 years of experience in financial accounting, accounts receivables, and collection management.

Work Type

This is a full-time position based in Dammam, Eastern Region.