Education and Experience Required

Education:

CA (max 2 attempts) or ICWA (1st attempt)

Experience:

4 – 6 years in costing

Role

Plant Cost Accountant

Position Title

Manager – Costing & Budgeting

Department

Plant Accounts

KEYPERFORMANCE AREAS

• Implementation and / or improvement of activity based costing and accounting systems
• Identifying Cost Reduction opportunities – Reduction of Fixed Cost & Conversion from Fixed to Variable, scrap and indirect material cost
• Daily, weekly and monthly monitoring that of Conversion cost and Inventory
• No. of process improvements, QIP’s and Kaizens
• Budget preparation, tracking and variance analysis
• Compliance towards statutory audits

KEY ACTIVITIES  & RESPONSIBILITIES

Planning

• Facilitate the annual budgeting process with the Division heads, Plant Finance Head and other support functions
• Initiate and coordinate financial planning and budgeting activities at the different divisions and sectors for the plant
• Evaluate the various Capex proposals by the departments and develop them further if found suitable

Budgeting

• Initiate, coordinate, and prepare Plant specific budgets in line with the guidance provided by Corporate
• Conduct the annual budget meeting with the Department heads, Plant Finance Head and other support functions
• Liaison with the Department Heads and support functions in submitting their projections and targets in a timely and accurate manner
• Extract information of the financial performance of the business from the historical databases
• Extract expenses information from the databases relating to direct costs, indirect costs, fixed costs and variable costs
• Project the operating costs for production and the project execution by building various scenarios with variables like labor, material cost, time, etc under guidance of GM Finance
• Conduct analysis of budget vs actual adherence to budgets for departments
• Ensure control over expenses by regular feedback on budgets and actual expenses
• Keep control over the Budgeted Capex and Actual Capex spends and highlighting any deviations
• Participate with the Corporate Finance team in developing requirements for budgeting standards

Cost Management:

• Ensure implementation of standard costing and activity base costing systems in line with corporate guidance
• Ensure reconciliation between the financial accounting and costing system to ensure seamless financial reporting and analysis
• Perform product costing and raw material costing, to accurately assess product profitability
• Provide required information for cost benefit analysis, transfer pricing in consultation with the Plant Finance Head
• Ensure timely coordination and analysis of financial information including monthly financial results, preparation of recurring management reports, budgeting /forecasting support
• Track and monitor Conversion cost on daily, week and monthly basis and highlight any deviations to key stake holders to discuss upon the resolution
• Conduct physical inventory checks and resolve issues with regards to any variance if observed

Cost Audit

• Keep Cost Records as required for Annual Cost Audit
• Interact with internal and external auditors in completing audits
• Ensure adherence to Statutory Requirement of Cost Auditor & Complete Cost Audit
• Analyse BOM Vs Actual RM Consumption Analysis
• Providing Key Financial Data to outside Agencies (as required)

Documentation, & MIS

• Maintain costing and budgeting reports for the Plant
• Ensure the high level accuracy and timely submission of all MIS reports
• Ensure accurate and timely SAP updation on FICO for all costing processes and activities, and monitor the quality of updation on SAP by the Plant team
• Perform variance analysis in SAP reports