Cost Accountant

A Cost Accountant in a tailoring unit is responsible for analyzing costs associated with the production of clothing items (materials, labor, and overhead), managing inventory valuation, and providing key financial insights to management to optimize profitability and operational efficiency.

Key Responsibilities

The specific duties in a tailoring/apparel environment include:

• Cost Analysis and Control:
• Collecting and analyzing data on all operational costs, including raw material purchases (fabrics, thread, buttons, etc.), labor expenses (cutting, stitching, finishing), and overheads (rent, utilities, equipment depreciation).
• Performing variance analysis by comparing actual costs to standard or budgeted costs and investigating discrepancies to identify causes and solutions.
• Identifying and recommending cost-effective solutions and process improvements to reduce waste and enhance efficiency in the production process.
• Product Costing and Pricing:
• Establishing and updating standard costs for each product (e.g., a specific style of shirt or dress) based on the Bill of Materials (BOM) and production routing.
• Providing cost data and margin analysis to support management in making strategic pricing decisions to ensure competitiveness and profitability.
• Analyzing the cost impact of changes in product design, raw materials, or manufacturing methods.
• Inventory Management:
• Monitoring and accurately valuing inventory levels for raw materials, work-in-process (WIP), and finished goods.
• Coordinating and participating in periodic physical inventory counts and cycle counts to ensure the accuracy of inventory records.
• Budgeting and Financial Reporting:
• Assisting in the preparation of detailed cost budgets and financial forecasts.
• Generating detailed cost reports for management, including reports on Cost of Goods Sold (COGS), gross margin analysis, and profitability by product line.
• Supporting the month-end and year-end financial close processes by preparing journal entries and reconciliations related to cost and inventory.
• Compliance and Auditing:
• Ensuring that all cost accounting practices comply with Generally Accepted Accounting Principles (GAAP) or relevant accounting standards.
• Assisting internal and external auditors with cost-related schedules and documentation.

Essential Skills and Qualifications

• Education: A bachelor's degree in Accounting, Finance, or a related field is typically required. Professional certifications like a Certified Management Accountant (CMA) are highly advantageous.
• Experience: Prior experience in a cost accounting role, preferably within a manufacturing or production-based industry like apparel, is often essential.
• Technical Skills: Strong proficiency in accounting software (ERP systems like SAP or Oracle are a plus) and advanced Microsoft Excel skills are necessary for data manipulation and analysis.
• Soft Skills:
• Strong analytical and problem-solving skills.
• Exceptional attention to detail and accuracy.
• Excellent communication and interpersonal skills to collaborate with cross-functional teams (e.g., production, procurement, sales).
• Ability to work under pressure and meet tight deadlines.

Job Type: Full-time

Pay: ₹400,000.00 - ₹600,000.00 per year

Work Location: In person