Financial Analyst - Contractor
Houston, TX 77077
This position is responsible for completing basic financial processes but may be extended to moderately complex financial processes depending on the experience of the employee. The base duties include identifying the need for accrual entries, preparing amortization schedules for prepaid and deferred items, reconciling general ledger account balances, and preparing correcting entries identified during that reconciliation. Additional duties may include supporting the above activities through reference to authoritative accounting literature and identifying impact of accounting transactions on reported cash flow and existing or contemplated debt covenants. In addition, the job identifies and develops financial processes within the Controller’s organization. Identifies where existing accounting practice are not in agreement with GAAP (generally accepted accounting principles) and proposes changes to those practices to ensure compliance with GAAP. This position will prepare and analyze financial results. This analysis will include, but is not limited to, hydrocarbon inventories; hydrocarbon purchases and sales; freight and related expenses. Furthermore, the employee in this position will also provide analysis to the operating group which it supports regarding the impact of acquisitions, or divestments. The employee will use knowledge of GAAP, company operations and company financial processes as they relate to both corporate and business unit earnings to act as an analytical resource within the Controller’s organization (and within the business units when necessary). Use creative thinking skills for problems solving. Perform analytical tasks independent of direct daily supervision.
1. Monthly Analysis
2. Transaction and account analysis (activities may involve some or all the following)
- Prepare and analyze comparison of current month results to prior month results as well as estimated results to actuals. Identify factors impacting those results.
- Prepare price/volume analysis; gross margin analysis; analysis of actual vs. planned expense; other month end or month over month analysis as required. Compare market price variations to actual variations and validate reasonableness of reported results.
- Review billing metrics results and provide detailed explanations for activity that exceeds the established threshold. Review and maintain inspection reports/pipeline tickets/ rail BOL, email correspondences, sales agreement, and other supporting documentation. Work with Operations, as necessary, to complete analyses.
- Perform closing duties including BU LIFO calculation and entries, GRIR review for purchase price accruals, reclasses, prepaids, sales price accruals, etc.
- Prepare monthly reporting for purchases, sales, and other ad hoc reports as request by business unit and/or reporting groups.
- Prepare variance report for all Refined Products.
- Address Audit sample request for data in a timely manner.
3. Special Projects/Reports – Perform report summarization and/or analysis as requested providing management with results and recommendations for improvements.
4. GAAP Accounting – Perform continuous review and evaluation of transactions within assigned area to ensure recorded results agree with generally accepted accounting principles and compliance to SOX Control. When processes are not in agreement with GAAP, bringing to supervisor’s attention prior to modify those processes to remove the possibility of audit exceptions and later corrections. If this modification results in substantial changes to processes, communicate this potential with management.
- Analyze purchase and sales contracts to ensure accurate interpretation of contract terms for proper execution of transactions. Review pricing to ensure sales/purchase orders are properly updated prior to finalizing transaction in SAP. Review supporting volume documentation prior to actualization to ensure accuracy of entries and subsequent reporting.
- Reconcile inventory and analyze discrepancies for timely resolution. Company inventory is maintained at the refineries, in-transit, or at 3rd party locations. Collaborate with Operations to determine reasons for inventory variances (price and volume). Process necessary corrections and/or provide details for clearing discrepancies. Report your findings and any proposed process changes to department management.
- Review nomination reports daily and actualize product movements (i.e. sales, purchases, and transfers) promptly.
- Review hydrocarbon supplier invoices for accuracy, assign proper coding, and submit for processing.
- Create customer invoices, review invoice attributes for accuracy and submit promptly to customer for payment.
- Handle daily cash forecast upload. Prepare daily comparison schedule (Current vs Previous) and provide explanations to Treasury.
- Serve as back up for another analyst in the group, as needed.
The minimum number of years of job related experience required by this job is:
List any specialized training or unique skills required:
- College Degree (Bachelors Level) Accounting, Finance, or General Business Administration.
- Perform broad financial analysis of results of operations.
- Prioritize duties when given multiple projects with limited supervision.
- Extensive computer skills: Intermediate Excel – creation/use of Lookups and Pivot tables.
- Effective oral and written communication skills.
- Experience with SAP or similar software including report generation.