Cost Optimization Specialist

2 days ago

Lucknow, Uttar Pradesh, India beBeeCostOptimizer Full time ₹ 20,00,000 - ₹ 25,00,000

Job Overview:

The Cost Optimization Specialist will play a pivotal role in ensuring the accuracy and efficiency of our organization's cost accounting function.

This position requires a highly skilled professional with expertise in managing costing systems, preparing budgets, performing variance analysis, and generating detailed cost reports.

A successful candidate will have a proven track record of identifying cost reduction opportunities, implementing process improvements, and collaborating with cross-functional teams to drive business growth.

Key Responsibilities:

  • Cost Management & Analysis:
  • Develop and maintain standard costing systems, ensuring accurate cost allocation for materials, labor, and overheads.
  • Perform detailed cost variance analysis, identify cost reduction opportunities, and provide recommendations to management for process improvements.

Budgeting & Forecasting:

  • Prepare comprehensive cost budgets, ensuring they align with the company's financial goals and strategic objectives.
  • Regularly update and forecast costs based on business dynamics, collaborating with key departments for timely inputs.

Cost Reporting:

  • Provide regular and detailed costing reports, including standard Vs Actual variance analysis and insights on cost trends.
  • Present findings to senior management, highlighting key cost drivers and offering actionable recommendations for improvement.

Inventory Management:

  • Ensure accurate inventory valuation for raw materials, work-in-progress (WIP), and finished goods using appropriate costing methods.
  • Implement robust processes to minimize inventory obsolescence, improve inventory turnover, and ensure accurate inventory records.

Internal Controls & Compliance:

  • Ensure adherence to accounting standards, financial regulations, and internal controls related to costing, inventory, and financial reporting.
  • Assist with internal and external audits by providing accurate and comprehensive costing and inventory data.

Process Improvement:

  • Continuously assess costing methods and accounting processes to identify and implement improvements for enhanced efficiency and accuracy.
  • Develop and integrate new systems or tools for better cost tracking, data analysis, and reporting.

Cross-Functional Collaboration:

  • Collaborate with production, procurement, and supply chain teams to gather relevant data for cost tracking and forecasting.

Qualifications:

  • Education: Institute of Cost and Works Accountants (ICWA) certification is required.
  • CA
  • Experience: Minimum 8-10 years of experience in cost accounting, costing management, or financial analysis in a manufacturing or production environment.
  • Proven expertise in managing costing systems, preparing budgets, performing variance analysis, and generating detailed cost reports.
  • Experience in using ERP systems such as SAP, Oracle, or similar financial management software is highly desirable.

Personal Attributes:

  • High attention to detail and accuracy.
  • Strong communication, interpersonal, and leadership skills.

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