COST ACCOUNTANT

As a Cost Accountant for a mid-sized engineering and manufacturing company in Hyderabad, your primary responsibility will be to track, analyze, and optimize the company's expenses related to production. Your role will play a crucial part in supporting strategic business decisions, ranging from pricing products to managing budgets and maximizing profitability. Key Duties and Responsibilities: - Cost Analysis and Reporting: Collect and analyze cost data related to raw materials, labor, and factory overhead. Prepare reports that compare standard costs to actual production costs to identify inefficiencies. - Budgeting and Forecasting: Collaborate with department heads and management to create and monitor budgets for operational costs. Forecasting is essential for planning future purchases and controlling expenses. - Inventory Valuation: Track raw materials, work-in-progress (WIP), and finished goods. Accurately value inventory using methods like weighted average cost, FIFO, or LIFO to affect the cost of goods sold (COGS). - Product Costing: Estimate costs for new products and analyze the profitability of existing ones at the item-specific level to make informed pricing decisions. - Overhead Allocation: Accurately allocate indirect costs like rent, utilities, and maintenance to individual products or jobs using methods such as activity-based costing. - Variance Analysis: Investigate and report on variances between budgeted and actual costs to help management take corrective action. - Process Improvement: Recommend changes to processes and policies based on cost data analysis to reduce costs and increase efficiency. - Auditing and Compliance: Assist with internal and external audits, ensuring adherence to Generally Accepted Accounting Principles (GAAP) and regulatory standards. Common challenges you may face at the company: - Siloed Data: Disconnected data between production, purchasing, and finance departments can lead to inconsistencies and errors. - Outdated Technology: Relying on legacy systems or manual data entry for tracking labor, materials, and production can lead to inaccuracies. - Inventory Management Complexity: Managing materials from multiple suppliers and across different production stages requires a robust system. - Managing Cash Flow Gaps: Long production cycles and high upfront costs for materials may lead to cash flow issues. - Old Legacy Working Architecture: Updating the working architecture to current standards may be a challenge. Essential Skills: - Technical Accounting Skills: Strong knowledge of cost accounting principles and methodologies. - Software Proficiency: Expertise with ERP systems, advanced Excel skills, and data visualization tools. - Analytical and Problem-Solving Skills: Analyze financial data and provide actionable insights for cost reduction. - Communication Skills: Ability to explain complex financial information to various stakeholders. - Detail-Oriented: Attention to detail to ensure accuracy in financial data and reports. - Cross-Functional Collaboration: Work effectively with departments across the organization to implement cost control measures. Qualifications and Experience: - Educational Background: Bachelor's degree in accounting, finance, or related field. Master's degree or relevant certifications can be beneficial. - Professional Certification: Certified Management Accountant (CMA) or Certified Public Accountant (CPA) certification is highly valued. - Relevant Experience: At least 3-5 years of experience in cost accounting within a manufacturing or engineering setting. Salary: - Mid-Level (3-7 years): Range from INR 6 to 12 LPA. Benefits: - Leave encashment - Provident Fund Work Location: In person As a Cost Accountant for a mid-sized engineering and manufacturing company in Hyderabad, your primary responsibility will be to track, analyze, and optimize the company's expenses related to production. Your role will play a crucial part in supporting strategic business decisions, ranging from pricing products to managing budgets and maximizing profitability. Key Duties and Responsibilities: - Cost Analysis and Reporting: Collect and analyze cost data related to raw materials, labor, and factory overhead. Prepare reports that compare standard costs to actual production costs to identify inefficiencies. - Budgeting and Forecasting: Collaborate with department heads and management to create and monitor budgets for operational costs. Forecasting is essential for planning future purchases and controlling expenses. - Inventory Valuation: Track raw materials, work-in-progress (WIP), and finished goods. Accurately value inventory using methods like weighted average cost, FIFO, or LIFO to affect the cost of goods sold (COGS). - Product Costing: Estimate costs for new products and analyze the profitability of existing ones at the item-specific level to make informed pricing decisions. - Overhead Allocation: Accurately allocate indirect costs like rent, utilities, and m