Senior Project Cost Analyst

4 days ago

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

Job Title: Cost Controller

We are seeking a seasoned professional to oversee project costs and ensure alignment with contractual agreements.

Key Responsibilities:

  • Project Cost Analysis and Control
  • Monitor, analyze, and report on project expenses for large-scale engineering, procurement, and construction projects.
  • Track costs across all phases, ensuring compliance with budgets.
  • Prepare detailed variance reports, analyzing the causes of deviations between budgeted and actual costs.
  • Validate petty cash and non-PO based expenses, conduct supplier assessments, advance payments to suppliers, and utilize credit facilities and credit periods effectively.
    • Progress Monitoring and Reporting
    • Collaborate with project teams to track progress and update percentage-of-completion calculations as per international financial reporting standards.
    • Provide insights and reports on cost performance, profit margins, and project cash flow on a regular basis.
      • Contract and Cost Compliance
      • Ensure adherence to contractual agreements and project-specific financial regulations.
      • Validate costs in line with contract terms and identify cost overruns or savings opportunities.
      • Conduct audits to verify accurate allocation of costs to respective projects and phases.
      • Inventory and Procurement Cost Management
      • Work with procurement to control and analyze material and service costs.
      • Ensure proper valuation of inventory used for EPC projects and implement strategies to minimize waste and costs.
        • Risk Management and Cost 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, and reducing idle time.
          • Fixed Assets Management at Project Sites
          • Track, record, and monitor fixed assets (e.g., machinery, equipment) at project sites to ensure optimal 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 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.

Required Skills:

  • Familiarity with international financial reporting standards, particularly IFRS 15, 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 and insights effectively to management

The ideal candidate should have 8 years of experience in the EPC industry and hold a CWA/CMA qualification.

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