Cost Accountant

Cost Accountant- Costing Qualification- ICWA Must Location: Hadapsar, Pune Experience- 5 to 10 years core costing/ Industrial Equipement/ Machine Tool Industrial Key Responsibilities: 1. Cost Planning and Control: o Prepare cost estimates for products based on historical data, market trends, and forecasts. o Set standard costs for products and monitor variance from actual costs. o Identify areas for cost reduction and suggest improvements in production processes. 2. Cost Calculation: o Calculate direct costs (raw materials, direct labor) and indirect costs (overheads, utilities) associated with the manufacturing process. o Allocate overhead costs to specific products or production units. o Analyze and calculate the cost of goods manufactured (COGM) and cost of goods sold (COGS). 3. Inventory Management: o Ensure accurate valuation of inventory using methods like FIFO (First-In-First-Out), LIFO (Last-In-First-Out), or weighted average cost. o Track and analyze inventory levels to avoid stockouts or overstock situations. o Reconcile physical inventory with financial records. 4. Budgeting and Forecasting: o Prepare detailed annual budgets for manufacturing costs. o Perform periodic forecasting and compare actual costs with budgeted costs. o Provide reports and insights into the variance analysis of actual vs. budgeted figures. 5. Reporting and Analysis: o Prepare and present monthly/quarterly/yearly cost reports to senior management. o Perform profitability analysis for different product lines, identifying the most and least profitable areas. o Analyze labor costs, raw material costs, energy consumption, and other overheads. 6. ERP System Management: o Manage and update the ERP (Enterprise Resource Planning) system to ensure accurate cost data is entered and reported. o Provide training and support to the production and finance teams for effective use of the ERP system. 7. Internal Controls and Audits: o Establish internal controls to prevent cost overrun or misallocation of expenses. o Assist in internal and external audits by providing required documentation and explanations. Skills Required: 1. Technical Skills: o Strong knowledge of cost accounting methods, including standard costing, job order costing, process costing, etc. o Proficiency in accounting software and ERP systems (SAP, Tally, Oracle, etc.). o In-depth understanding of Indian financial regulations, GST, and taxation related to manufacturing. 2. Analytical Skills: o Ability to analyze complex financial data and present it in a clear, understandable manner. o Strong problem-solving skills to identify areas for cost improvement and efficiency. 3. Communication Skills: o Ability to communicate financial information to non-financial staff. o Report writing and presentation skills for senior management. 4. Attention to Detail: o High level of accuracy in cost calculations, data analysis, and reporting. 5. Project Management: o Experience in managing cost-related projects, including budget planning and cost reduction initiatives.