Chief Manufacturing Economist

Job Description

Position Summary: The Chief Manufacturing Cost Economist will be responsible for designing, implementing, and managing the entire product cost accounting and analysis process , ensuring precision, transparency, and alignment with production realities. The role requires deep expertise in cost structures for discrete manufacturing , and hands-on mastery of Tally ERP and Excel as the only available digital tools. Key Responsibilities: 1. Costing Process Ownership Develop and maintain a standard cost structure for all products and components, including BOM-based material costing, machine hour/labor cost allocation, and overhead apportionment. Establish Excel-based costing models integrated with Tally ERP outputs to ensure traceable and auditable calculations. Maintain a costing register for all SKUs(Stock Keeping Unit), periodically updated with actual vs. standard cost performance. 2. Raw Material & Consumption Control Perform Raw Material Consumption (RMC) reconciliation : analyze issued vs. consumed quantities and investigate abnormal deviations. Monitor consumption patterns using Excel dashboards built from Tally ERP exports , ensuring correct PRN-to-department linkages. 3. Work-in-Progress (WIP) and Finished Goods Valuation Conduct periodic valuation of WIP and finished goods using consistent costing methods (FIFO/Weighted Avg) and document the methodology. Implement Excel-based WIP tracking sheets that align with production stages and Tally inventory movements. 4. Cost Variance Analysis Analyze standard vs. actual cost deviations by component, activity, and cost center (e.g., production, QC, admin overheads). Highlight key variance drivers and provide actionable insights to reduce inefficiencies and material wastage. 5. Overhead Allocation & Absorption Build and maintain Excel-based overhead allocation models (based on machine hours, labor hours, or units) for assigning factory overheads to cost centers. Ensure consistent overhead absorption rates and correct entries in Tally ERP via journal vouchers or class tracking. 6. Monthly Costing Cycle & Closing Support Own the monthly cost close calendar : coordinate with stores, production, and finance teams to complete costing in line with the monthly closing process. Ensure proper cost provisions (e.g., unbilled GRNs, under-absorption of overheads) are passed through Tally ERP. 7. Costing Documentation & Audit Readiness Maintain complete cost sheets, cost ledgers, and pricing trails in Excel for audit and internal review purposes. Prepare documentation for cost audits and statutory cost compliance reports , ensuring data is backed by Tally ERP exports and reconciliation logs. 8. New Product Costing Develop initial costing models for new product introductions or customer-specific configurations using available BOMs and production inputs. Collaborate with engineering and operations teams to capture accurate cost drivers from the outset. 9. Also Checking and informing about the non-streamlined consumption record for channelized project flow Drafting & monitoring the SOPs for on-time task completion in accordance with industry regulations & business standards Understanding the variance (expected & current) by conducting variance analysis and providing accurate data to assist in the decision-making process by management Conducting pricing analysis & evaluating the transfer pricing Providing in-depth factors of financial relevance after analyzing the product profitability and presenting a true and fair view of financial position of the company by accurate reports preparation Capex Analysis & forecasting, and Project Controlling & Revenue forecasting for projects Assisting in audits by coordinating with and providing necessary financial information to the statutory auditors Conducted cost audit & maintained cost records Filed cost audit reports & cost compliance reports Prepared control chart, cost sheet & performance appraisal reports for product costing Other duties as assigned. Qualifications: CMA (Cost and Management Accountant) required. Minimum 10 years of experience in cost accounting within a manufacturing environment , preferably in machine-building or heavy industry . Strong proficiency in Tally ERP (cost centers, inventory, vouchers) and advanced Excel (pivot tables, formulas, data modeling). Proven record in manual costing system development , particularly where no ERP costing module is available. Key Skills: Deep understanding of costing methodologies (absorption costing, marginal costing, etc.). Ability to work with limited automation and create reliable systems using basic tools. Strong analytical and documentation skills. Capability to train and guide teams on cost awareness and control.