Relocation:Relocation Benefits Not Available for this PositionNote:Employer will not sponsor visas for positionJob Summary:
This position is responsible for completing basic to moderately complex financial processes. This includes preparing accounting entries to properly record CITGO business transactions, identifying the need for accrual entries and supporting that need through reference to authoritative accounting literature, preparing amortization schedules for prepaid and deferred items, identifying impact of accounting transactions on reported cash flow and existing or contemplated debt covenants, reconciling general ledger account balances and preparing correcting entries identified during that reconciliation. In addition the job develops financial processes within the Controller’s organization and where those processes do not already exist and confirms the staffing needs to perform those processes. Identify where existing accounting practice is not in agreement with GAAP (generally accepted accounting principles) and propose changes to those practices to ensure compliance with GAAP. Be familiar with emerging issues in accounting practice and identify how those issues will impact CITGO reported results. This position will analyze and report on results for the department manager to which the analyst is assigned and for the operating group the position supports. This analysis will include, but is not limited to, hydrocarbon inventories; purchases and sales; balance sheet accounts; required corrections; and errors and exceptions as identified, and the impact of acquisitions, mergers or divestments within the operating groups the analyst supports. Use knowledge of GAAP, CITGO operations and CITGO 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. Creative thinking skills are required for identifying issues before a potential problem is recognized. Perform analytical tasks independent of direct supervision.Minimum Qualifications:
College Degree (Bachelos Level) Accounting
The minimum number of years of job related experience required by this job is three years.
1. Prepare timely and accurate accruals, which include but are not limited to, Bunker Fuels, Freight for Time Charters, Oil Spill Tax, Duty Drawbacks, Harbor Maintenance Fees and Inspection Fees. Prepare report to analyze current month accounts receivables billed against Citgo’s billing matrix. Identify factors impacting those results. Recommend changes if needed to ensure all activity conforms to CITGO best practices for controls and processes. Prepare journal entries for monthly, quarterly, and year end close as needed. To facilitate timely and accurate receipt of information required to make accruals and prepare required reports you will need effective communication with outside groups including but not limited to Marine Chartering and Operations, Supply Operations, Traders, Credit, Treasury and Contract Administration. Develop and maintain documented procedures for the activities performed.
2. Transaction and accounting analysis (activities may involve some or all of the following) – Collaborate with Operations to determine reasons for inventory volume variances (price and volume) at refineries, terminals, exchanges and in-transit sites. Report findings and propose process changes to department management. Analyze discrepancies between CITGO reported inventory and third party inventory (if the CITGO inventory is not under CITGO physical control) for resolution. Analyze monthly, quarterly and yearly purchase and sales activity. Analyze purchase and sales contracts to ensure accurate interpretation of contract terms for proper execution of transactions. Compare prices to industry standard working with Operations to ensure the standard price is consistent with known market changes. Review volume changes, especially on related party activity, to ensure accurate reporting. Evaluate the processes in these areas as directed by department management. As required, perform transaction processing or account analysis associated with financial reporting and SEC reporting.
3. Special Projects – Perform analysis as requested by the department manager or Corporate Controller. Perform special projects associated with the operations group supported by this analyst including results of the project and recommendations for improvements.
4. GAAP Accounting – Perform continuous review and evaluation of transactions within assigned area to ensure recorded results are in agreement with generally accepted accounting principles. When processes are not in agreement with GAAP, modify those processes to remove the possibility of audit exceptions and later corrections.
5. Prepare Daily Cash Forecast report of Hydrocarbon procurement and sales activity and provide analysis of daily variances.
6. Meet closing and financial reporting deadlines. Prepare Purchases Report which is used by a variety of groups to complete their closing processes. Identify and recommend changes if needed to ensure all activity conforms to CITGO best practices for controls and processes.