Costing Team Leader

Role & responsibilities

Budgeting and Financial Forecasting

• Develop and maintain detailed annual budgets, incorporating input from various departments.
• Prepare accurate and timely financial forecasts, including revenue projections, expense budgets, and cash flow forecasts.
• Create and manage cost projections for new and existing products, considering raw materials, labor, and overhead.
• Monitor budget performance against actual results, identifying and explaining variances.
• Provide financial analysis and recommendations to support strategic decision-making.
• Ensure compliance with budgetary control policies and procedures.

Manufacturing Cost Analysis

• Collaborate with production and engineering teams to optimize manufacturing processes and reduce costs.
• Prepare cost reports and presentations for management review.
• Monitor and analyze actual costs against standard costs, investigating and explaining significant variances.
• Develop and maintain standard costs for all manufactured products.
• Identify cost-saving opportunities and implement strategies to improve efficiency and reduce expenses.
• Conduct thorough analysis of manufacturing costs, including raw materials, direct labor, and factory overhead.

Variance Analysis and Reporting

• Monitor the effectiveness of corrective actions and track progress toward cost reduction goals.
• Develop and implement processes to improve cost control and reduce variances.
• Communicate variance analysis findings to relevant stakeholders, including management and department heads.
• Prepare monthly variance reports, providing insights into cost performance and trends.
• Investigate the root causes of variances and recommend corrective actions.
• Perform detailed variance analysis to compare standard costs with actual costs, identifying and explaining discrepancies.

Inventory Control and Auditing

• Ensure compliance with inventory accounting standards.
• Develop and maintain inventory control policies and procedures.
• Manage inventory obsolescence and write-offs.
• Investigate inventory discrepancies and implement corrective actions.
• Conduct regular inventory audits to verify the accuracy of inventory records.
• Oversee inventory control processes, ensuring accurate tracking and valuation of inventory.

Cross-Functional Collaboration and Support

• Support the development and implementation of financial systems and processes.
• Present financial information to non-financial audiences in a clear and concise manner.
• Develop and maintain strong working relationships with key stakeholders across the organization.
• Participate in process improvement initiatives, providing financial expertise and insights.
• Provide financial analysis and support for new product development projects.
• Work closely with cross-functional teams, including production, engineering, and supply chain, to gather data and support decision-making.

Team Leadership and Management

• Ensure the team adheres to company policies and procedures.
• Foster a collaborative and supportive team environment.
• Delegate tasks and responsibilities effectively.
• Conduct performance appraisals and identify training needs.
• Set performance goals and provide regular feedback to team members.
• Lead, mentor, and develop a team of cost accountants.