Project Cost Manager

2 days ago

Vellore, Tamil Nadu, India beBeeCost Full time ₹ 15,000 - ₹ 16,000
Project Cost Manager Position

We are seeking a skilled project cost manager to oversee the financial aspects of our projects. The successful candidate will be responsible for analyzing and controlling project costs, ensuring alignment with budgets.

  • Key Responsibilities:
  • Project Cost Analysis and Control: Monitor, analyze, and report on project costs to ensure they are within budgeted parameters.
  • Track Costs Across Phases: Track costs across engineering, procurement, and construction phases to identify areas for improvement.
  • Prepare Variance Reports: Prepare detailed variance reports to analyze the causes of deviations between budgeted and actual costs.
  • Validate Petty Cash and Non-PO Based Expenses: Validate petty cash and non-PO based expenses to ensure accurate tracking and reporting.
  • Progress Monitoring and Reporting:
  • Collaborate with Project Teams: Collaborate with project teams to track progress and update percentage-of-completion calculations as per IFRS 15.
  • Provide Insights and Reports: Provide insights and reports on cost performance, profit margins, and project cash flow on a regular basis.
  • Contract and Cost Compliance:
  • Ensure Contractual Compliance: Ensure compliance with contractual agreements and project-specific financial regulations.
  • Validate Costs: Validate costs in line with contract terms and identify any cost overruns or savings opportunities.
  • Audit Costs: Conduct audits to ensure all costs are allocated accurately to their respective projects and phases.
  • Inventory and Procurement Cost Management:
  • Control and Analyze Material and Service Costs: Work with procurement to control and analyze material and service costs.
  • Implement Strategies to Minimize Waste and Cost: Implement strategies to minimize waste and cost by optimizing inventory levels and improving procurement processes.
  • Risk Management and Cost Optimization:
  • Identify Potential Risks: Identify potential risks related to project costs, including scope changes, delays, or unexpected expenses.
  • Recommend Strategies for Cost Reduction: Recommend strategies for cost reduction, such as value engineering or efficiency improvements.
  • Fixed Assets Management at Project Site:
  • Track and Record Fixed Assets: Track, record, and monitor fixed assets (e.g., machinery, equipment) at the project site to ensure proper utilization and maintenance.
  • Oversee Asset Capitalization: Oversee asset capitalization, depreciation calculations, and ensure compliance with relevant accounting standards (e.g., IAS 16 for Property, Plant, and Equipment).
  • Conduct Periodic Asset Audits: Conduct periodic asset audits and reconcile asset records to ensure accuracy and prevent asset misplacement or misuse.
  • Financial Reporting and Forecasting:
  • Prepare Regular Financial and Cost Reports: Prepare regular financial and cost reports, analyzing project expenses, and forecasting costs for project budgeting purposes.
  • Generate Monthly, Quarterly, and Annual Reports: Generate monthly, quarterly, and annual reports for management, detailing variances, expected cost overruns, and other key financial metrics.

Required Skills:

  • Knowledge of Standards: Familiarity with IFRS standards, particularly IFRS 15, IFRS 9, IFRS 16, and IAS 16.
  • Industry-Specific Knowledge: Understanding of EPC project lifecycle, cost drivers, and risks.
  • Technical Proficiency: Familiarity with project management and accounting software (SAP, Oracle).
  • Analytical Skills: Strong skills in cost analysis, budgeting, and variance analysis.
  • Communication Skills: Ability to present cost information and insights effectively to management.

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