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Senior Project Cost Specialist

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Malappuram, Kerala, India beBeeCost Full time ₹ 15,00,000 - ₹ 16,00,000
Job Title: Project Cost Analyst

This role involves tracking and analyzing project costs for large-scale EPC projects. We are seeking an experienced individual to join our team as a Project Cost Analyst.

Key Responsibilities:
  • Project Cost Analysis
  • Analyze, track, and report on project costs, ensuring alignment with budgets and contractual agreements.
  • Prepare detailed variance reports, identifying the causes of deviations between budgeted and actual costs.
  • Validate Petty Cash and Non-PO Based Expenses of Projects, Supplier assessments, advances to suppliers, utilization of credit facilities, and credit periods.
    • Progress Monitoring
    • 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 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.
        • Risk Management and Optimization
        • 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, reducing idleness.
          • Fixed Asset Management
          • Track, record, and monitor fixed assets at the project site to ensure proper utilization and maintenance.
          • Oversee asset capitalization, depreciation calculations, and ensure compliance with relevant accounting standards.
          • Conduct periodic asset audits and reconcile asset records to ensure accuracy and prevent asset misplacement or misuse.
            • Financial Reporting
            • Prepare regular financial and cost reports, analyzing project expenses and forecasting costs for project budgeting purposes.
            • Generate monthly, quarterly, and annual reports detailing variances, expected cost overruns, and other key financial metrics.
            • Collaborate with the finance department to support overall financial reporting.
        Required Skills and Qualifications:
        • Familiarity with all IFRS, particularly IFRS 15 (Revenue from Contracts with Customers), IFRS 9, IFRS 16, and IAS 16.
        • Understanding of EPC project lifecycle, cost drivers, and risks.
        • Familiarity with project management and accounting software.
        • Strong skills in cost analysis, budgeting, and variance analysis.
        • Ability to present cost information effectively to management.