Cost Accounting Specialist

Cost Accounting Specialist

This role is responsible for overseeing the cost accounting function to ensure accurate calculation of product costs, manufacturing overheads, and cost of goods sold (COGS).

The Cost Accounting Specialist will perform detailed cost variance analysis, identify cost reduction opportunities, and provide recommendations to management for process improvements.

Key Responsibilities:

• Cost Management & Analysis: Ensure accurate calculation of product costs, manufacturing overheads, and cost of goods sold (COGS) through effective cost management and analysis.
• Perform detailed cost variance analysis to identify areas for cost reduction and improve profitability.
• Develop and maintain standard costing systems to ensure accuracy in cost allocation for materials, labor, and overheads.
• Budgeting & Forecasting: Prepare comprehensive cost budgets aligned 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.
• 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.
• Provide cost insights for pricing decisions, product profitability analysis, and overall business strategy.

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 professional with a commitment to continuous improvement.