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Fixed Assets & Fixed Costs Accountant

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Compensation Grade

ACE-USD-SAL

Purpose of the job: 

Lead the end to end assets process to make sure fixed assets and fixed cost accounting complies with IFRS, INEOS Acetyls and INEOS Group accounting guidelines, providing analytical support to the business and leading the reporting for forecast, budget and actuals ensuring accurate and timely results.

Accountabilities:

  • Champion the INEOS 20 Safety Principles.

  • Fixed Assets Accounting:

    • Oversee the site fixed assets accounting process, including acquisition / construction, depreciation and disposal/derecognition to ensure alignment with the INEOS Accounting Policy, liaising with Group Finance as and when required.

    • Perform postings, including assets acquisition/disposal/write off, depreciation and monthly accruals.

    • Provide cash forecasting information for weekly and monthly cash flow reporting.

    • Perform balance sheet assurance and reconciliations on quarterly/monthly basis.

    • Maintain and update the fixed asset register.

    • Lead impairment testing as required by INEOS Accounting Policy.

  • Fixed Asset Reporting:

    • Prepare monthly fixed assets reporting (including cash capex, fixed assets movements, budget vs actual comparison and FAV summary reports) 

    • Review and report Assets Under Construction (AUC) monthly, ensure timely closure and write off.

    • Support with providing insight on project spending, including project economics and project returns.

    • Ensure capitalization of new assets follows the INEOS policy.

  • Fixed Asset Verification (FAV):

    • Verify physical existence and integrity upon fixed assets on 3 year rolling basis with the assistance of the asset manager.

    • Based on FAV result, develop corrective plan and action with related teams including disposal of idle asset, update fixed assets register. 

  • Fixed Cost Accounting:

    • Ensure fixed cost entries are in line with the INEOS Accounting Policy and liaise with Group Finance as and when required.

    • Co-ordinate with cost centre owners to ensure their forecast and budget data is provided to Finance in a timely and accurate manner for Finance to adhere to the Acetyls and Group timetable.

    • Liaise with cost centre owners to promote cost control and provide assistance when required.

    • Provide cash forecasting information for weekly and monthly cash flow reporting.

    • Validate procurement fixed cost savings targets on regular basis with subsequent review with Procurement team.

  • Fixed Cost Reporting:

    • Report actual fixed cost spend by cost center and cost center owner for budget holders and the Site Leadership team.

    • Liaise with cost centre owners to understand the variances between actual, forecast, budget and prior years in order to provide clear and concise commentary for the Site Leader and senior management.

    • Develop and continuously seek to improve reporting files to ensure flexibility in reporting to the changing environment and business needs.

  • Identify, build and develop opportunities to standardize processes, promote the sharing of best practices within the local and global finance organization.

  • Identify errors, find solutions and implement those solutions to achieve a high level, accurate and consistent reporting.

  • To join ad-hoc project teams in order to help INEOS Acetyls achieve specific goals.

Technical Skills:

  • Bachelor’s degree in accounting & finance with 3-5 years relevant experience.

  • The role requires a sound technical accounting knowledge and strong understanding of International Financial Reporting Standards (IFRS) and GAAP, to be capable of applying the understanding and knowledge in daily posting and reporting activities.

  • The jobholder will also be required to have well developed PC skills, and expert knowledge of SAP.

  • It is preferred the jobholder has previous experience in professional firm(s).

  • It is preferred the jobholder has previously worked in a fixed assets accountant role and has experience of fixed cost reporting.

Behavioral Skills:

  • Pro-active and have strong interpersonal and communication skills to resolve issues and present information effectively.

  • Fast learner with ability to adapt to changing business requirement/processes/environment.

  • Attention to detail.

  • Willingness to learn with a can-do attitude and wanting to succeed as an individual as well as team. 

  • Aptitude to identify and respond to stakeholder needs.

  • Well organised and flexible when dealing with regional issues against tight deadlines and differing time zones.

  • Good team player.

  • Sound knowledge of project management.

Performance Indicators:

  • Assets accounting completes in a timely and accurate manner.

  • Fixed Cost accounting completes in a timely and accurate manner.

  • Balance Sheet Assurance is complete as required by the process in a timely manner.

  • Project analysis and evaluation are provided to the business stakeholder in a timely and accurate manner with positive reflection from the stakeholders.

  • Fixed Asset Verification (FAV) is completed in a timely manner.

  • No material inactive assets balance.

  • No material long aged unjustified Assets Under Construction (AUC) items.

  • Fixed cost budget and forecast accurately reflect the business strategy and is communicated and agreed with all budget holders.

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