Cost Accountant

Job Description

Overview The cost accountant position is responsible for all aspects of Manufacturing and Production costing analysis and inventory for Macnaught Private Limited ( India Manufacturer). The cost accountant is responsible for implementing correct cost method for the business, comparing system cost to actual cost and identifying and explaining variances by product. The cost accountant must also work closely with engineering, purchasing and operation teams to resolve variances and adjust Bills of Materials (BOM's). Roles & Responsibilities 1. Develop and maintain cost accounting system that ensures accurate costing by analysing product costing and standard costing. 2. Produce daily production, variance and ad hoc reports 3. Review and analyse system and actual costs for variances and prepare reports and identify areas for cost reduction 4. Update system costs and ensure accuracy in the Bill of Materials (BOM's) 5. Prepare, analyse and report monthly gross margin analysis by customer, part number and production jobs 6. Analyse and track changes in product design, raw materials, manufacturing methods, or services to determine effects on costs, contributing to better cost management 7. Study and collect data to determine costs of business activities such as raw material purchases, inventory and labour 8. Responsible for account reconciliation of physical inventories and cycle counts (Monthly/ quarterly)? 9. Prepare periodic inventory reserves reconciliation, analysing inventory for risk, and monitoring with support from internal stakeholders, ensure accuracy and minimizing waste 10. Assist in month-end and year-end closing by analysing inventory and preparing supplemental reports as needed 11. Estimate cost for new products, projects, or processes 12. Participate Support? in the budgeting process, ensuring accurate cost projections and management reporting? 13. Collaborate with other departments to implement cost-saving measures and process improvement 14. Ensure compliance with accounting standards and regulations, stay up-to-date with industry best practices and accounting standards 15. Work on special projects as required Required Skills and Qualifications: Education: ICWA CMA. Experience: 6-8 years of experience in cost accounting in a manufacturing environment. Knowledge: Strong understanding of cost accounting principles, manufacturing processes, and financial reporting. Skills: Analytical skills, problem-solving skills, strong analytical and communication skills, proficiency in accounting software, proficiency in excel with large database, Certifications: CMA or other relevant accounting certifications are a plus. KPIs Cost Variance Analysis : Identify & reduce cost variances by 10% annually Inventory Valuation Accuracy : Maintain a 95% accuracy in inventory costing & valuation. Timely Cost Reports Submission: Submit MIS and cost reports by the 5th working day monthly/ quarterly? Audit Compliance: Zero major non-compliances in cost audits or internal audits