Factory Head, Accounts

The Factory Head of Accounts is responsible for leading all financial and accounting operations of the factory, ensuring accurate production costing, cost optimization, statutory compliance, and strong internal controls. This role manages bank payments, imports, fixed assets, and working capital while supporting senior management in strategic decisions related to production efficiency, financial planning, and profitability improvement.

Key Responsibilities:

A. Financial Management & Reporting

Oversee daily accounting functions and maintain accurate books of accounts at the factory level.

Finalize monthly, quarterly, and annual financial statements and reconcile with corporate finance.

Monitor factory cash flow, working capital, and fund utilization.

Ensure accurate, timely, and detailed MIS reporting for decision-making.

B. Bank Payments & Treasury Management

Manage all factory-level banking operations including vendor payments, salary disbursements, and statutory remittances.

Monitor bank balances, reconcile statements, and ensure efficient cash flow management.

Coordinate with corporate treasury for loan drawdowns, LC/BG issuance, and interest payments.

Ensure timely clearance of vendor dues to maintain supplier relationships.

C. Imports & Foreign Transactions

Handle documentation and accounting related to imported raw materials, machinery, or spare parts.

Liaise with customs, CHA (Customs House Agent), and import logistics partners.

Manage Letter of Credit (LC) documentation and foreign currency payments.

Track import duties, GST on imports, and maintain proper compliance records.

Work closely with procurement to ensure cost-efficient import processes.

D. Total Production Costing

Maintain accurate costing for each stage of production:

o Raw material costing

o Work-in-progress (WIP) costing

o Finished goods costing

Conduct variance analysis between standard vs. actual production costs.

Identify areas of cost leakage and recommend process improvements.

Prepare detailed production cost reports for management and corporate teams.

E. Fixed Assets Management

Maintain accurate records of all factory fixed assets including machinery, equipment, and buildings.

Ensure compliance with capitalization policies and depreciation accounting.

Conduct periodic physical verification and reconciliation of fixed assets.

Manage asset tagging, insurance, and disposal of obsolete assets.

Support planning for capex (capital expenditure) and new machinery purchases.

F. Budgeting & Forecasting

Prepare annual factory budgets for production, manpower, and overheads.

Forecast raw material requirements and cost trends.

Monitor monthly budget vs. actual performance and report variances.

Support management in cost control initiatives and efficiency improvement projects.

G. Statutory Compliance

Ensure timely filing of GST, TDS, PF, ESI, and other statutory returns.

Coordinate with statutory, internal, and cost auditors for seamless audit completion.

Stay updated on changes in tax laws, labor laws, and factory compliance requirements.

Ensure zero penalties and adherence to all compliance timelines.

H. Internal Controls & Process Improvement

Establish robust internal control systems for finance, stores, and production accounting.

Conduct surprise audits of inventory, cash, and production processes.

Implement digital and automated solutions to reduce manual errors.

Regularly review and improve accounting SOPs for efficiency and compliance.

I. Team Leadership

Lead and mentor the factory accounts team to ensure high performance.

Build collaboration between accounts, production, procurement, and stores teams.

Organize periodic training on finance processes, compliance, and ERP systems.

Key Deliverables:

Timely book closure with accurate MIS reporting.

Zero-delay statutory compliance for GST, TDS, imports, and factory laws.

Accurate total production costing to support pricing decisions.

Efficient bank and cash management with proper controls.

Fixed asset tracking and optimization with no discrepancies.

Cost-saving initiatives leading to continuous improvement.

Qualifications:

Education:

o Chartered Accountant (CA) preferred

o Cost & Management Accountant (CMA) or MBA (Finance) acceptable alternative

Experience:

o 1015 years in factory/manufacturing accounting

o Strong exposure to costing, imports, and fixed asset management

o Experience in ERP systems like SAP, Oracle, or Tally

Skills Required:

Strong knowledge of cost accounting and production finance

Expertise in GST, TDS, and import compliance

Proficiency in banking and treasury operations

Advanced MS Excel and ERP skills

Leadership and team development capabilities

Analytical mindset for process improvement and cost control

Behavioral Competencies:

High integrity and ethical conduct

Attention to detail with accuracy in reporting

Problem-solving and decision-making under pressure

Strategic thinking with operational involvement

Collaboration and cross-functional coordination