Financial Manager

7 days ago

Davangere, Karnataka, India beBeeFinancial Full time ₹ 1,20,00,000 - ₹ 1,50,00,000
Cost Manager Job Overview

The Cost Manager will oversee the cost accounting function to ensure accurate calculation of product costs, manufacturing overheads, and cost of goods sold (COGS). Key responsibilities include performing detailed cost variance analysis, identifying cost reduction opportunities, and providing recommendations to management for process improvements.

Key Responsibilities:
  • Cost Accounting & Analysis:
    • Oversee the cost accounting function to ensure accurate calculation of product costs, manufacturing overheads, and cost of goods sold (COGS).
    • Perform detailed cost variance analysis, identify cost reduction opportunities, and provide recommendations to management for process improvements.
    • Develop and maintain standard costing systems, ensuring accuracy in cost allocation for materials, labor, and overheads.
  • 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.
    • Monitor expenditure against budgeted figures and take corrective action where necessary.
  • 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.
    • Perform inventory revaluation
  • 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.
    • Provide cost insights for pricing decisions, product profitability analysis, and overall business strategy.
    Qualifications & Requirements:
    • 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.
    • Skills:
      • Strong knowledge of SAP environment. cost accounting principles, financial regulations, and reporting.
      • Advanced proficiency in Microsoft Excel, including macros.
      • Strong analytical and problem-solving abilities.
      • Ability to communicate complex financial data clearly to non-financial stakeholders.
      • Excellent organizational, time-management, and multi-tasking skills.
    • Personal Attributes:
      • High attention to detail and accuracy.
      • Strong communication, interpersonal, and leadership skills.
      • Ability to work independently and as part of a collaborative team in a fast-paced environment.

A proactive and results-driven individual with a commitment to continuous improvement.

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