Project Costing Specialist

About the job Project Costing Specialist

General Description of Role and Responsibilities:

• ERP System Management:

1. Administer and maintain the ERP system, including configuration, customization, and user access management, to support project cost accounting, budget tracking, and financial reporting requirements.
2. Collaborate with IT and finance teams to optimize ERP functionality, troubleshoot system issues, and implement enhancements to streamline project costing processes and improve data accuracy.

Project Cost Management:

1. Develop and implement project cost management strategies, policies, and procedures to monitor, control, and analyze project costs throughout the project lifecycle.
2. Coordinate with project managers, engineers, and procurement teams to establish project budgets, cost estimates, and resource allocations based on project requirements and contractual obligations.

Cost Estimation and Budgeting:

1. Assist in the preparation of project cost estimates, budget forecasts, and financial plans using historical data, cost models, and industry benchmarks to support project planning and decision-making.
2. Review and analyze project budgets, expenditures, and variances to identify cost-saving opportunities, mitigate financial risks, and ensure adherence to budgetary constraints.

Financial Analysis and Reporting:

1. Perform financial analysis, variance analysis, and cost-benefit analysis to assess project performance, identify trends, and forecast future project costs and revenues.
2. Prepare regular and ad-hoc financial reports, dashboards, and executive summaries using ERP reporting tools to provide project stakeholders with timely and accurate financial insights.

Contract Management and Compliance:

1. Collaborate with contract administrators and legal teams to review project contracts, change orders, and subcontractor agreements to ensure alignment with project cost objectives and compliance with contractual terms.
2. Monitor contract deliverables, milestones, and payment schedules to track project expenditures, validate invoice charges, and resolve billing discrepancies in accordance with contract requirements.

Process Improvement and Optimization:

1. Identify opportunities for process improvement, automation, and standardization within the project costing function to enhance the efficiency, accuracy, and scalability of cost management processes.
2. Implement best practices, controls, and internal audit procedures to maintain data integrity, ensure regulatory compliance, and mitigate fraud risks within the ERP system.

Qualifications, Experience, Knowledge and Skills:

• Minimum of 5 + years of work experience.
• Well-versed with Oracle Projects & Costing.
• Oracle and ERP technical & functional background.
• Ability to analyze data and come to conclusions.