Incharge Costing and Financial Performance Analyst

This role involves monitoring project costs, ensuring accurate billing, and optimizing financial performance.

• The Incharge Costing and Billing is responsible for tracking expenditures, analyzing cost variances, and ensuring that billing aligns with contractual terms and milestones.
• A key objective of this position is to prevent cost overruns, streamline invoicing, and maintain financial transparency.
• This role also supports efficient cash flow management and strategic decision-making to enhance the company's financial health.
• The responsibilities of Incharge Costing and Billing span across cost management, financial reporting, budget control, and billing accuracy, ensuring the company remains financially sustainable and profitable.
• Cost Estimation & Budgeting:
• Prepare detailed cost estimates for new shipbuilding projects, ship repairs, retrofits, and maintenance work.
• Analyze direct and indirect costs, including materials, labor, subcontractors, and overhead expenses.
• Develop and monitor project budgets, ensuring alignment with cost targets and financial constraints.
• Assist in the preparation of tenders and bids, ensuring cost competitiveness while maintaining profitability.
• Allocate costs appropriately to different projects, vessels, or departments to ensure accurate financial reporting.
• Assist in the preparation of annual budgets, forecasts, and financial projections for company operations.
• Ensure that cost estimates align with technical requirements and scope changes.
• Establish effective cost accounting systems to provide timely, accurate and consistent cost inputs.
• Develop annual Revenue budget guidelines, standards, time schedule and assumptions.
• Capture relevant data from SAP for cost sheet preparation of ongoing projects. Analyze project-wise profitability for all company projects.
• Cost Monitoring & Control:
• Identify and analyze cost variances, investigating the reasons for deviations and recommending corrective actions.
• Implement cost control measures to prevent overruns and ensure optimal resource utilization.
• Ensure correct absorption of overhead costs, including depreciation, utilities, and administrative expenses, into project costing.
• Work closely with project managers, engineers, and production teams to track costs and progress.
• Provide insights on cost-saving opportunities, pricing strategies, and financial impacts of project decisions.
• Work closely with procurement and inventory teams to monitor inventory valuation, pricing fluctuations, and material wastage.
• Prepare and provide monthly, quarterly, and yearly variance reports between actual and budgeted figures, provide necessary explanations on large variances.
• Provide monthly updates to concerned departments regarding variance of actual expenditure from Budget and support in provisioning for rest of financial year to adhere to Budget.
• Provide overhead recovery for computation of estimated price of any query for price bid computation based on data provided by planning department.
• Conduct age-wise analysis of inventory and physically examine proportion of WIP variation.
• Estimate ship-wise cost of completion on quarterly basis. Calculate status of inventory for delivered ships.
• Prepare reports for top management on open purchase orders for delivered ships by reconciling accounting liabilities with SAP MM Module.
• Reconcile purchase orders released/executed for all materials (including imports).
• Invoice Preparation & Revenue Recognition:
• Prepare accurate and timely invoices for shipbuilding projects, dry docking, repairs, and maintenance services.
• Ensure that invoices reflect contractual terms, agreed-upon milestones, and cost variations.
• Monitor outstanding invoices and accounts receivable, ensuring timely payments from clients.
• Coordinate with the functional stakeholders and clients to follow up on overdue payments and reduce collection delays
• Work closely with project managers and finance teams to ensure revenue is recognized correctly in financial statements.
• Financial Reporting & Compliance Support:
• Generate detailed financial reports related to project costs, revenue, profit margins, and billing trends.
• Provide cost analysis reports to General manager Finance for decision-making on pricing strategies, contract negotiations, and project feasibility.
• Ensure that all costing and billing processes comply with financial regulations, tax laws, and accounting standards.
• Assist in internal and external audits, providing necessary cost records, invoices, and supporting documentation.

Preferred Candidate Profile:

• Qualifications: Bachelors degree in finance, Business, Commerce, or a related field
• Masters degree in finance, Business, Commerce, or a related field is preferred.
• Certifications:
• Professional certification in accounting and finance such as CA / ICWA are preferred
• Financial Acumen & Cost Control: Proficiency in budgeting, cost control, and financial analysis to achieve procurement efficiency and maintain budget alignment.
• Costing & Budgeting: Experience in job-order costing, cost allocation, variance analysis, and expense control.
• Billing & Invoicing: Knowledge of milestone-based billing, progress invoices, change orders, and final accounts.
• Leadership & Team Management: Effective leadership skills for guiding, mentoring, and developing a team of procurement professionals.
• Analytical & Problem-Solving Skills: Ability to conduct risk assessments and develop strategies for cost control and invoice process improvements.