Senior Cost Manager

4 days ago

Nellore, Andhra Pradesh, India beBeeCostController Full time ₹ 15,00,000 - ₹ 16,00,000

Job Title: Cost Controller


Key Responsibilities:
  • Project Cost Analysis and Management
  • Monitor, analyze, and report on project costs for large-scale projects.
  • Track costs across engineering, procurement, and construction phases, ensuring alignment with financial objectives.
  • Prepare detailed variance reports, analyzing the causes of deviations between budgeted and actual costs.
  • Validate petty cash and non-PO based expenses of projects, supplier assessments, advance to suppliers, utilization of credit facilities, and credit periods.
  • Progress Monitoring and Reporting
  • Collaborate with project teams to track progress and update percentage-of-completion calculations as per IFRS 15.
  • Provide insights and reports on cost performance, profit margins, and project cash flow on a regular basis.
  • Contract and Financial Compliance
  • Ensure compliance with contractual agreements and project-specific financial regulations.
  • Validate costs in line with contract terms and identify any cost overruns or savings opportunities.
  • Conduct audits to ensure all costs are allocated accurately to their respective projects and phases.
  • Inventory and Procurement Cost Optimization
  • Work with procurement to control and analyze material and service costs.
  • Ensure proper valuation of inventory used for projects and implement strategies to minimize waste and cost.
  • Risk Management and Cost Efficiency
  • Identify potential risks related to project costs, including scope changes, delays, or unexpected expenses.
  • Recommend strategies for cost reduction, such as value engineering or efficiency improvements, manpower management, material management, and reducing inefficiencies.
  • Fixed Assets Management at Project Sites
  • Track, record, and monitor fixed assets (e.g., machinery, equipment) at the project site to ensure proper utilization and maintenance.
  • 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 and reconcile asset records to ensure accuracy and prevent asset misplacement or misuse.
  • Financial Reporting and Forecasting
  • Prepare regular financial and cost reports, analyzing project expenses, and forecasting costs for project budgeting purposes.
  • Generate monthly, quarterly, and annual reports for COO, Project managers, detailing variances, expected cost overruns, and other key financial metrics.
  • Collaborate with the finance department to support overall financial reporting.

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