- Cost of Goods Manufactured (COGM) Preparation:
- Prepare and calculate the Cost of Goods Manufactured (COGM), ensuring all direct materials, direct labor, and overhead costs are accurately accounted for.
- Collaborate with production and inventory teams to track and validate cost data, ensuring that it reflects the true cost of manufacturing.
- Regularly review and update COGM to reflect changes in production processes, material costs, and labor rates.
- Cost Analysis & Reporting:
- Prepare and review cost reports, including cost of goods sold (COGS), labor, overheads, and other expenses.
- Analyze cost variances, identify trends, and provide actionable insights to management.
- Maintain cost accounting records and ensure accuracy in reporting.
- Budgeting & Forecasting:
- Assist in the preparation of the annual budget, working closely with the Costing and Reporting Section Head and other department leaders.
- Monitor actual performance against the budget on a monthly and quarterly basis, analyzing variances and providing detailed explanations.
- Provide regular updates and recommendations to cost section head regarding budget performance, cost controls, and corrective actions when necessary.
- Cost Control:
- Ensure that all expenses are accurately allocated to the correct General Ledger (GL) accounts and cost centers.
- Oversee and verify that cost allocations follow appropriate accounting standards and internal policies.
- Provide ongoing oversight of cost structures and identify areas for cost reduction or process improvement.
- Stock Control & Inventory Management:
- Oversee stock control processes, ensuring accurate tracking of inventory levels and valuation.
- Work closely with the Junior Cost Accountant to ensure that inventory movements are properly recorded .
- Monitor stock usage, wastage, and discrepancies between physical stock and system records.
- Physical Inventory Counts:
- Conduct regular and unannounced physical counts of inventory to ensure accuracy of stock records and identify discrepancies between physical and system-recorded inventory.
- Work with the Junior Cost Accountant to schedule and execute periodic physical inventory counts, ensuring proper documentation and reconciliation of inventory records.
- Investigate and resolve any discrepancies found during physical counts, providing recommendations for improvements to inventory management processes.
- Ensure that inventory counts align with financial reporting and cost control objectives.
- Product Costing & Pricing:
- Calculate and update product costs, including direct materials, direct labor, and overhead allocations.
- Ensure that all product costs are accurate and reflect the true costs of manufacturing and supporting product profitability analysis.
- Work closely with production and operations teams to review and update the Bill of Materials (BOM) and other cost-related documents to ensure accuracy.
- Price New Products: ensuring that the prices reflect the cost structure.
- Update Price Lists: Regularly update and maintain the company's price lists, ensuring they reflect cost changes.
- Financial Reporting:
- Prepare and present comprehensive financial reports, including cost breakdowns, profitability analysis, and cost forecasting.
- Ensure timely and accurate reporting of cost-related information in compliance with company policies and accounting standards.
Minimum 3 years of experience in cost accounting industrial field is must .Thorough knowledge of accounting proceduresIn-depth understanding of Generally Accepted Accounting Principles (GAAP)Experience with accounting software, like FreshBooks and ZohoComputer literacy, MS Excel in particular (familiarity with VLOOKUPs and pivot tables)Excellent analytical skills with an attention to detailStrong time management skillsIntegrity, with an ability to handle confidential informationBSc degree in Accounting, Finance or relevant study