Oil & Gas UK, Financial Reporting Manager - London

INEOS - Finance
Ref: 1066 Date Posted: Thursday 17 Dec 2020
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Organisational Context and Job Purpose

INEOS is a global manufacturer of petrochemicals, speciality chemicals and oil products. It comprises of 30 businesses, spanning across 168 sites and 26 countries throughout the world. Our key values include excellence in safety, health and environmental performance; Encouragement of innovation, entrepreneurship and reward for achievement; and empowering employees to create real value.


INEOS Oil & Gas UK (“IOG UK”) is a fully integrated exploration and production company focused on upstream operations in the Southern North Sea (“SNS”) and West of Shetland. IOG UK also manages INEOS’ onshore shale and upstream services businesses. Our business purpose is the responsible, reliable, long-term extraction of natural gas and our strengths include our know-how, extensive geological and technological experience and our commitment to research and development.


Reporting directly into the Financial Controller the successful candidate will take a prime role within the Finance team managing all of the financial reporting for IOG UK. The role also has accountability for the IOG UK 13-week cash forecast process along with working capital analysis.


Responsibilities and Accountabilities

Financial Information for decisions

  • Produce high quality, relevant financial reporting information and KPI understanding. Explain and present the financial results to the IOG UK CFO and the IOG UK Financial Controller on a monthly basis to enable them to provide commentary to the IOG UK Board for submission to INEOS Capital and make correct business decisions.
  • Provide high quality business analysis to alert senior managers to potential deviations from strategic financial objectives and work with them to ensure corrective action is taken by proactively making improvement recommendations.
  • Compile and take accountability for the full set of financial statements for IOG UK organisation (12 legal entities) including profit & loss accounts, balance sheets and cash flow.
  • Produce and coordinate the timely submission of the monthly financial statements to HFM in order to provide validity and accuracy to the financial statements for the IOG UK Board and INEOS Capital.
  • Coordinate the annual tax computations in order to provide accurate and timely information for tax computation to be submitted on time and in compliance with tax legislation.
  • Work closely with senior managers to support effective working relationships with relevant accounting matters.


Financial control and integrity of monthly financial statements

  • Develop a robust control environment by proactively identifying financial and business control issues, implementing internal control processes and reviewing compliance with such processes. This includes the control of Accounts Payable, Accounts Receivable, Employee Expenses, Timewriting, Fixed Asset and General Ledger functions ensuring the functions operate effectively and efficiently by maintaining an adequate level of internal controls.
  • Review the monthly financial statements to ensure their accuracy, integrity, transparency and compliance with laws, UK GAAP and INEOS accounting policy. 
  • Advise on accounting treatment for extraordinary and non-routine business transactions.
  • Evaluate the impact of any new accounting standards and implement changes to the financial statements as and when required.


Line Management

  • Supervise, support and coach a team of 3 finance staff to ensure they have the motivation and training to deliver the required levels of performance.
  • Provide leadership and management to achieve high performance and effective service delivery; which will include planning the use of resources and staff effectively. This will include changes to duties and staffing requirements relating to improved or streamlined processes, the creation of opportunities for staff development and collaboration.


External Audit

  • Preparation of the annual statutory financial statements, including external disclosure notes for 12 UK legal entities and coordinate end-to-end delivery of the statutory accounts.
  • Plan the year-end processes, including liaison and key point of contact with the external auditors; preparing the external audit and reporting timetable.
  • Preparation of supporting audit documentation including accounting papers, UK GAAP reporting and impairment reviews to assist with the audit close process.


Process improvements and ad-hoc projects

  • Develop and maintain an approach of continuous improvement to financial reporting, SAP and business process issues to ensure maximum value is added to business decision-making processes.
  • Take a lead role by implementing major business process improvements assigned by the IOG UK Financial Controller. This part of the role will involve an element of project management and cross-functional stakeholder engagement.
  • Support the IOG CFO and Business Controller with oil and gas M&A activity as required


Cash forecasting and working capital

  • Lead the 13-week cash forecasting process for IOG UK. Provide insightful commentary to help the Business Controller explain to the IOG UK Board the main drivers of cash flow in the business.
  • Work with key stakeholders to ensure the forecast is aligned with the latest view of results. Prepare a rolling 3-month working capital forecast for IOG UK via a direct report and identify opportunities to improve the reporting process, lead business working capital reduction projects and increase understanding of the forecast.


Skills & Knowledge Required

  • Business Degree in Finance, Accounting or equivalent
  • Qualified accountant (ACA)
  • Experience in a major international group
  • Ability to use modelling tools and present outcomes simply and concisely
  • Ability to use SAP (reports & workflow usage required)
  • Advanced Microsoft Excel and PowerPoint skills
  • Highly numerate with a high degree of accuracy and attention to detail
  • Analytical
  • Excellent communication skills (written and verbal)
  • Keen problem solver
  • Team player
  • Previous experience of line management is preferred