Finance, Accounting, and Treasury Departments
Finance, Accounting, and Treasury Departments Overview
Strategic Financial Management, Compliance, and Treasury Operations for Mega Construction Projects
1. Introduction
At BEC Arabia, the Finance, Accounting, and Treasury Departments operate as distinct but interconnected units, ensuring financial stability, compliance, and cost efficiency across multi-billion SAR projects. Each department has specialized roles that contribute to accurate financial planning, regulatory compliance, contract finance management, and risk mitigation.
To maintain financial excellence, we implement structured financial governance, cash flow optimization, investment management, and audit controls that align with Saudi financial regulations, international accounting standards (IFRS, SOCPA), and best practices for mega construction projects.
Finance Department
Optimizing Financial Planning, Budget Control, and Project Cost Management
The Finance Department at BEC Arabia plays a strategic role in financial forecasting, cost management, and investment planning to ensure financial sustainability and profitability. Our team oversees financial performance, budget control, liquidity, and capital allocation for ongoing and future projects.
Key Responsibilities:
Financial Planning & Budgeting
Develops corporate and project-specific financial strategies.
Ensures project feasibility and budget alignment with business goals.
Reviews long-term financial planning and capital investments.
Project Cost Control & Variance Analysis
Monitors budget deviations and cost overruns to prevent financial risks.
Conducts variance analysis to assess financial performance and control expenditures.
Works closely with Project Control and Commercial Departments to align financial planning with execution.
Liquidity & Cash Flow Management
Ensures adequate liquidity for operational and project-specific financial requirements.
Manages cash flow forecasting to avoid funding gaps or financial strain.
Coordinates with Treasury to secure credit facilities, optimize cash reserves, and ensure smooth financial operations.
Financial Risk Management & Mitigation
Identifies and mitigates financial risks, currency fluctuations, and economic uncertainties.
Ensures financial decisions align with corporate risk management frameworks.
Implements contingency planning to safeguard against unexpected financial challenges.
Technology & Integration:
The Finance Department integrates ERP systems, financial planning tools, and real-time analytics dashboards to enhance budget control, cost monitoring, and strategic decision-making.
Compliance Benchmark: Maintain budget deviations below 5% and ensure full regulatory adherence to financial governance laws.
Accounting Department
Ensuring Financial Transparency, Accuracy, and Regulatory Compliance
The Accounting Department at BEC Arabia is responsible for financial record-keeping, regulatory compliance, tax management, and financial reporting, ensuring all transactions align with Saudi and international financial standards.
Key Responsibilities:
Financial Record-Keeping & Reporting
Maintains general ledger (GL) accuracy and structured financial records.
Prepares monthly, quarterly, and annual financial statements.
Ensures financial transparency and adherence to International Financial Reporting Standards (IFRS) and Saudi SOCPA regulations.
Audit & Internal Controls
Conducts internal financial audits to maintain data accuracy and compliance.
Ensures all financial reports align with external audit standards and regulatory expectations.
Implements fraud prevention mechanisms and financial governance best practices.
Accounts Payable & Accounts Receivable Management
Manages supplier invoices, payments, and receivables from clients.
Ensures timely processing of payments to subcontractors and vendors.
Tracks financial commitments and outstanding receivables to optimize cash flow.
Tax Compliance & VAT Management
Ensures compliance with Saudi VAT regulations (15%) and corporate taxation policies.
Manages electronic invoicing (FATOORA) as per Saudi ZATCA requirements.
Submits tax filings and financial reports on schedule to avoid penalties.
Technology & Integration:
The Accounting Department integrates ERP-based financial modules to streamline financial reporting, automate invoicing, and track compliance with tax laws.
Compliance Benchmark: 100% accuracy in financial reporting, tax filings, and regulatory compliance audits.
Treasury Department
Managing Liquidity, Banking Relations, and Financial Risk for Sustainable Growth
The Treasury Department at BEC Arabia focuses on liquidity management, investment strategies, banking relationships, and financial risk mitigation. It ensures the company has adequate capital, secured credit facilities, and structured financial investments to support project operations.
Key Responsibilities:
Cash Flow & Liquidity Management
Ensures the company has sufficient liquidity to meet operational and project-specific financial needs.
Works with banks and financial institutions to optimize cash reserves.
Implements cash flow forecasting to prevent shortfalls and financial inefficiencies.
Banking & Credit Facility Management
Maintains strong banking relationships to secure funding, credit lines, and financial guarantees.
Ensures all transactions are aligned with Saudi financial regulations and corporate credit policies.
Manages letter of credit (LC) transactions for international procurement and supplier payments.
Foreign Exchange & Hedging Strategies
Manages currency fluctuations and forex exposure for international transactions.
Implements hedging strategies to reduce financial risks in cross-border contracts.
Works closely with Finance to ensure cost stability for international procurement and contractor payments.
Investment & Capital Structuring
Strategically allocates funds to maximize returns while maintaining liquidity.
Ensures capital structuring aligns with long-term financial planning and business growth strategies.
Oversees financial risk management related to investments, funding, and financial contingencies.
Technology & Integration:
Treasury operations are managed through ERP-based treasury modules and integrated financial analytics tools, ensuring real-time liquidity tracking, investment monitoring, and risk management.
Compliance Benchmark: Maintain liquidity ratios above industry standards and ensure 100% compliance with banking and financial risk regulations.
Conclusion
The Finance, Accounting, and Treasury Departments at BEC Arabia are essential pillars of the company’s financial sustainability. Together, they ensure:
Strategic financial planning and cost control for mega construction projects.
Full compliance with international and Saudi financial regulations, IFRS, and SOCPA.
Efficient cash flow and liquidity management to support project execution.
Structured banking relations, credit management, and risk mitigation strategies.
Integration of digital financial solutions for data-driven decision-making and operational efficiency.
By implementing structured financial governance, investment planning, and compliance strategies, BEC Arabia ensures sustainable financial health, profitability, and strong financial positioning in the construction industry.
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