Production Costing Analyst

Job Summary:

Production Costing Analyst

This is mandatory requirement to maintain the costing records and proper DPC (Direct Product Cost) and FPC (Full Product Cost) of each product. There is direct connection with turnover, but if we regularize the cost calculation, which will help us to increase the turnover in different way.

The Production Costing Analyst is responsible for analyzing, tracking, and reporting production costs to help management make informed decisions. This role involves cost data collection, variance analysis, and collaboration with production and finance teams to optimize cost efficiency and support budgeting and forecasting processes.

Role & responsibilities

• Implement and maintain production controlling processes including standard costing, variance analysis, and cost center reporting.
• Develop and monitor product cost calculations (materials, labor, overheads) and ensure accurate allocation of production costs.
• Prepare regular reports and analysis on production efficiency, cost deviations, and profitability for both local management and headquarters.
• Responsible for to check process cost and optimizing the variation and reducing variance.
• Define different routes for each product.
• Responsible product cost estimation. before production.
• Responsible to create work center level drawing for each product.
• Develop and maintain. time and motion study for each activity at different work centers and continuous improvement and optimization for time taken at each work center.
• Work closely with Production and quality departments to increase Productivity.
• Cooperate closely with the production team, supply chain, and finance to ensure accurate data collection and reporting.
• Act as the key liaison between the Indian subsidiary and European controlling teams, ensuring consistency of methodology and reporting standards.
• Train and support local staff on cost calculation procedures, reporting tools, and controlling practices.
• Contribute to the continuous improvement of ERP/ Navision system usage and implementation of other reporting tools (e.g., Power BI).
• Analyze and report on production costs including materials, labor, and overhead.
• Collect and verify cost data from production and accounting systems.
• Prepare detailed cost variance reports comparing actual costs to standard or budgeted costs.
• Collaborate with production, procurement, and finance teams to identify cost-saving opportunities.
• Assist in budgeting, forecasting, and cost modeling for production operations.
• Maintain and update cost accounting records and databases.
• Ensure compliance with company policies and accounting standards.
• Provide insights and recommendations to improve cost control and efficiency.
• Support audit processes by providing accurate costing data and documentation.