Oil States Industries, a subsidiary of Oil States International (NYSE: OIS), is a global company with manufacturing, service and sales locations in twelve countries. With more than 25 locations around the world, including manufacturing and service hubs in each of the major offshore basins, we have the infrastructure to support you wherever you operate. Our global footprint ensures that we will be there, when you need us, with the solution to your most complex challenges. Our integrated solutions include not only hardware but exceptional service you can depend on.
Since our inception in 1942 as a regional U.S. manufacturer of elastomer products for the domestic industrial and oilfield markets, Oil States Industries, Inc. has forged a path of innovation and success through our dedication to solving critical challenges for our customers. From the first flexible load bearings for bridges, to the earliest laminated load-bearing products used in buildings, Oil States designed and manufactured a broad range of pioneering elastomer products.
Since those earlier days of our history, we have continued to expand our product lines to meet unique challenges and solve our customers’ most complex problems. From the first elastomer products to complete systems, Oil States has developed a reputation for high quality and reliable products and services. We have built on that foundation of over 70 years of leading-edge technologies to become a major global provider of innovative energy systems and solutions. We will continue to partner with our customers to solve critical problems in the offshore and onshore environments. Together we can meet the challenges of the future.
Oil States have recently relocated their manufacturing team to a newly constructed 240,000 square foot facility in Heartlands, which sits on 27 acres of land next to the M8 motorway which runs between Edinburgh and Glasgow. Oil States anticipates that the move to the £40m facility will reduce costs and improve project execution efficiencies.
Background to the Current Opportunity
The company is now looking to recruit a high calibre Management Accountant to be based at the new state of the art Heartlands facility which is situated between Edinburgh and Glasgow on the M8 (between Whitburn and Harthill junctions). The successful candidate will support the UK business to undertake the production and control of all management accounting aspects of the business unit with a focus on forecasting, inventory, sales and margin analysis. The role offers an excellent opportunity for an ambitious and enthusiastic finance professional to make a difference in an exciting and fast-paced environment. Reporting directly to the UK Financial Controller, Key to this role is the ability to interpret financial results through analysis and to clearly communicate key concepts so as to drive improved financial performance of the business. It is desired that technical and business astute judgements should be applied to improve the efficiency and accuracy of key business processes.
Preferred Candidate Background
The Management Accountant position requires a professionally qualified accountant who possesses strong business partnering skills and an excellent analytical approach to help convey commercial information in a meaningful way that will aid decision making. The successful candidate will also be adept at presenting to a wide variety of stakeholders at all levels and will have strong influencing abilities when it comes to pointing out both opportunities and risks. It is likely that the individual will be working in a similar role within industry and have gained the skills required to perform in the role however, they may have also qualified within practice and are working within a commercial finance remit where their skill set is focused more towards an analytical/management reporting role within a business.
Given the interface with internal stakeholders, it is critical that the candidate possesses sufficient credibility and confidence when challenging quoted numbers and understanding root causes. As the business grows, the role will also require an individual who is flexible, robust and able to work on a variety of projects as they present themselves.
A summary of the key candidate requirements are as follows:
- A qualified accountant (CA/ACCA/CIMA)
- Exposure to US GAAP and IFRS
- Excellent Excel skills and strong IT literacy around financial systems.
- Outstanding communication skills, with the ability to influence at all levels and translate and simplify management information for key stakeholders.
- Internal audit experience and a strong understanding of process development and controls.
- High attention to detail and an ability to analyse variances to understand root causes
- Organised approach to work with ability to prioritise own workload and meet deadlines
- Self-starter, tenacious and inquisitive – uses initiative to identify opportunities and solve problems.
- Extensive experience in cost accounting methodologies in manufacturing and service businesses which operate a mix of products.
- Extensive experience in the production of management accounts and associated schedules.
- Experienced understanding of the control and reporting of Inventory, WIP, BOM and underpinning structures.
- Knowledge of accounts payable and credit control functions is also preferred.
Reporting directly to the UK Financial Controller, the successful candidate will be responsible for the following:
- Provide direction and assurance for all Management Accounting areas including direction and support to subordinates to ensure accuracy and quality of all management accounting information in line with Company requirements.
- Accountability for reporting and analysing financial results to gross margin combined with associated balance sheet areas such as; AR, inventory, WIP, GRNs, job loss provisions, deferred sales etc.
- Develop reporting and analysis for key inventory moves identifying areas such as slow moving inventory towards improved company standards and practice. Ensure accuracy of cost processing within inventory so that robust inventory valuations are recorded.
- Seek to record and put in place remediation for out of process errors in processing.
- Identify and explain key margin variances to establish root causes and delve deep to identify any financial lessons learned.
- Recognise revenue and costs in line with contract and revenue standards.
- Take ownership of special revenue recognition types such as percentage of completion reporting.
- Liaise with project and operational managers to ensure accurate reporting and analysis.
- Drive month end cut off routines to ensure all costs are completed within their correct period.
- Produce reconciliations in key areas identified and identify key items that impact the working capital or financial results of the business.
- Ensure that corporate financial reporting requirements are met in a timely and accurate manner with all queries and variances tackled in a detailed manner.
- Feedback operational performances to department managers to enable financial performance improvements to be attained.
- Develop Management Accounting processes to streamline and systemise so that more analysis time may be allowed.
- Maintain order book and order book forecasts. Liaise with key stakeholders to establish revenue and gross margin forecasts to feed into the master financial forecast.
- Prepare multi-currency cashflow forecasts incorporating operations forecasts, live ledger detail and current AR intelligence.
- Apply techniques to undertake reviews of labour rate calculations and labour absorption performance.
- Ensure all system entries and estimations have full documentation attached.
- Seek to develop Glovia reporting capabilities so as to present and generate financial information to business users in a more often more useable form.
- Facilitate collection and reporting R&D program expenditure in tandem with engineering. Produce and evaluate information in such a manner as to supply &D tax submissions.
- Facilitate, where relevant, internal and external audit and audit requirements in line with duties attached.
Salary: Circa £40,000 - £45,000 per annum + 10% bonus
Additional Benefits: Employer pension 5%
Annual Leave: 32 days inclusive of public holidays
For more information please contact out retained advisor, Daryl Harper at Rutherford Cross on 0131 603 8111. Please note, any direct or 3rd party applications will be forwarded to Rutherford Cross for assessment.