Senior Cost Accountant

Overview

Purpose: A cost accountant in a factory is a vital member of the finance and accounting team, responsible for overseeing and managing the cost-related aspects of manufacturing operations. They play a crucial role in monitoring and controlling costs, analyzing production expenses, and providing financial insights to optimize efficiency and profitability within the factory setting. A cost accountant in a factory is a vital member of the finance and accounting team, responsible for overseeing and managing the cost-related aspects of manufacturing operations. They play a crucial role in monitoring and controlling costs, analyzing production expenses, and providing financial insights to optimize efficiency and profitability within the factory setting.

Key Responsibilities

Cost Analysis and Reporting:

• Collect, compile, and analyze cost data related to factory operations, including raw materials, labor, overhead expenses, and production output.
• Prepare regular cost reports, variance analysis, and other financial reports to provide insights into cost drivers, identify areas of improvement, and support decision-making processes.
• Collaborate with cross-functional teams, such as production, procurement, and engineering, to gather relevant data and ensure accurate cost calculations

Inventory Management:

• Monitor and reconcile inventory levels, ensuring accurate valuation and reporting of raw materials, work-in-progress, and finished goods.
• Conduct periodic physical inventory counts, investigate discrepancies, and implement measures to minimize inventory shrinkage or obsolescence.
• Analyze inventory turnover, carrying costs, and lead time to optimize inventory levels and support production planning and scheduling.

Cost Control And Optimization:

• Identify cost-saving opportunities by analyzing production processes, identifying inefficiencies, and recommending process improvements or cost reduction initiatives.
• Collaborate with operational teams to develop and implement cost control measures, such as standard costing, cost allocation methodologies, and waste reduction strategies.
• Monitor and track actual costs against budgeted costs, investigate variances, and provide recommendations for corrective actions.

Financial Planning And Budgeting:

• Assist in the preparation of annual budgets, forecasts, and financial plans for the factory.
• Collaborate with department heads and management to develop cost assumptions, establish performance targets, and track financial performance against targets.
• Provide cost-related inputs for business cases, capital expenditure proposals, and investment evaluations.

Compliance And Audit:

• Ensure compliance with relevant accounting standards, internal controls, and regulatory requirements related to cost accounting.
• Support internal and external audits by providing accurate and timely cost-related information, documentation, and explanations.

Job Requirements:

• 3-5 years’ functional experience in same position.
• Bachelor’s degree in accounting, finance, or a related field & Professional certifications such as Certified Management Accountant (CMA) or Certified Cost Accountant (CCA) are preferred.
• Understanding of Accounting practices.
• Understanding of banking practices.
• Precision and speed in data entry.
• Excellent MS office skills.
• Previous knowledge of ERP.
• Communication skills.
• Adaptability.