Accountant

an accountant for a manufacturing firm plays a dual role: they are both a financial gatekeeper for factory operations and a compliance officer for India's complex tax and labor laws. Below is a detailed breakdown of the responsibilities, . 1. Operational & Factory AccountingThese duties focus on the shop floor—turning raw materials into finished products. Costing & Inventory Valuation: Maintain the Bill of Materials (BOM) and track the cost of raw materials, packaging, and consumables. Manage Work-in-Process (WIP) and finished goods valuation using FIFO or Weighted Average methods as per Indian Accounting Standards (Ind AS). Conduct monthly physical stock verification and reconcile with software records (e.g., Tally Prime, SAP, or MS Dynamics). Variance Analysis: Compare Standard Cost vs. Actual Cost for materials and labor. Analyze "Scrap and Spoilage" rates to identify production inefficiencies. Fixed Asset Management: Maintain the Fixed Asset Register (FAR) for heavy machinery and plant equipment. Calculate depreciation as per the Companies Act, 2013 and the Income Tax Act, 1961. 2. compliance leads . GST (Goods & Services Tax): Ensure accurate HSN coding for all manufactured products. Generate and reconcile E-Way Bills and E-Invoices for goods dispatched from the factory. File monthly returns (GSTR-1 and GSTR-3B) and claim Input Tax Credit (ITC) by reconciling with GSTR-2B. Direct Taxation (TDS/TCS): Deduct and deposit TDS (Tax Deducted at Source) on payments to contractors, professionals, and transporters. Collect TCS (Tax Collected at Source) on scrap sales or high-value sales as per Section 206C. Labor & Payroll Compliance: Oversee monthly PF (Provident Fund) and ESI (Employee State Insurance) deductions and challan generation for factory workers. Ensure compliance with the Factories Act, 1948 regarding overtime payments and worker benefits. Handle Professional Tax (PT) filings, which vary by state (e.g., Maharashtra, Karnataka, Tamil Nadu). 3. Financial Reporting & Audits Internal & Statutory Audits: Prepare schedules for the annual Statutory Audit and facilitate Tax Audits (Form 3CD). Banking & Cash Flow: Manage working capital (CC limits) and coordinate with banks for Letter of Credit (LC) or Bank Guarantees (BG) required for material procurement. MIS Reporting: Provide management with a monthly "Plant Profitability Report" showing the margin for each product line. Skills & Tools Typically Required SoftwareTally Prime (most common). SpreadsheetsAdvanced Excel (lookups, pivot tables for massive inventory data). PortalsHands-on experience with the GSTN portal, TRACES, and EPFO portal. Qualifications B.Com with 2+ years experience,