Program Financial Analyst

Overview

This role has overall responsibility for the administration of the accounting function for programs. The role has accountability and custody of the programs accounting data and records. The role provides life-cycle accounting, analytical support, and finance partnering expertise to Program Manager(s) from pricing proposals through financial reporting of those programs. The role partners with the Program Manager(s) to manage the WBS structure, ensure actual costs are maintained in SAP, and all relevant costs are budgeted/forecasted and accounted for on a timely basis.

Forecasting includes sales (revenue recognition), inventory, gross margin, and cash.

Qualifications

Essential Functions

Provides ongoing financial support to the Program Manager(s) through preparation of monthly program financials detailing P&L and balance sheet items in support of detailed program reviews. Monthly financials will highlight and address key areas of program risk/opportunity while also ensuring accurate and compliant accounting. This will involve:

• Attend program kick-off meeting, setting up program in SAP and generating WBS structures.
• Monthly review of all program balances (WIP, deferred revenue, unbilled), raising accruals or other entries as appropriate, and reconcile all outstanding items.
• Ensure all internal controls and accounting policies regarding program accounting and bids & tenders are followed. Recommend improvements to the same where appropriate.
• Ensure all program invoicing occurs on schedule and is IFRS/FAR/government contract compliant.
• Monthly review of all cost elements ensuring accuracy and reasonableness.
• Variance analysis (actuals vs forecast and budget).
• Monitor cumulative billings against contract value and highlight programs that are approaching contract ceilings.
• Present financial results in monthly program management reviews; addressing financial risks and opportunities to leadership.
• Support internal and external audits.
• Ensure that all accounting information is captured accurately within the timetables set for month end and year end reporting.
• Compare program actual costs to bid / budget costs highlighting variances and propose suggestions for recovery where applicable.
• Creation of WBSs in SAP in accordance with the contract based on an understanding of the implications of how the WBS will function within SAP.

Forecasting

Provides detailed and accurate program financial forecast identifying phasing of revenue, cost, gross margin, and cash collection. Act as financial leader for responsible programs to drive financial performance. Provide timely and proactive communication to Program Management and Finance leadership on forward looking expectations of program financial performance. This will involve:

• Leading program financial reviews with Program Manager(s) detailing current financial performance and trends.
• Identify and highlight program financial risks versus budget and prior forecast. This includes variances in expected revenue or costs.
• Proactively escalate variances to budget (revenue, cost, gross profit/gross margin %) to Program Manager(s) and Finance leadership.
• Support revenue forecasting and providing narratives detailing variance to budget and prior forecast.
• Act as finance subject matter expert on assigned programs. Possess a deep knowledge of revenue recognition, cost structure, invoicing requirements, cost and revenue drivers on assigned programs.
• Work with assigned Program Managers to document contract performance to date, monthly ETC and EAC projections, and provide forecast inputs of revenue and gross margin per project.
• Understand and communicate cash collection expectations, highlighting aging items and actions to resolve.
• Forecast balance sheet items such as obsolescence, inventory minimum buy/write-off impacts, project WIP, and others.
• Supporting the bid and proposal process for both government and commercial proposals by reviewing the solicitation and determining the financial structure of the bid and raising any financial risks that may be present.
• Managing and verifying accuracy of the financial data in proposals, completing ah-hoc scenarios.
• Presenting financial data during Gate review meetings.
• Populating cost volumes and customer submission files.

General

Other duties and responsibilities that occur on an ad hoc basis or are not specific to the above:

• Assist the Program Finance Manager with preparing and reviewing deliverables, training new hires and establishing best practices/procedures.
• Participate in continuous improvement efforts, identify quality improvements, and evaluate opportunities to drive efficiency and effectiveness.
• Support the various responsibilities required by the financial reporting/accounting cadence including, but not limited to month-end, half-end, year-end.
• Provision of information to support assumptions and estimates in compiling budgets and forecasts.
• Operate within Company policies and procedures such as Smiths Code of Business Ethics with a high level of integrity.
• Ensure…