Senior Costing Accountant

About the Role
This position focuses on performing product costing, manufacturing cost accounting, inventory valuation, and cost analysis. It plays a crucial role in supporting accurate financial reporting, cost control, and informed operational decision-making in accordance with company policies and accounting standards.

Key Accountability Areas
Product Costing & Manufacturing Cost Control:

• Own product costing activities for assigned manufacturing operations, ensuring the accuracy of standard costs, Bills of Materials (BOMs), routings, labor rates, and overhead allocations.
• Perform standard cost roll-ups and periodic cost reviews to ensure costing reflects current manufacturing conditions.
• Analyze actual manufacturing costs against standard costs and investigate cost variances.
• Review cost absorption, material usage, labor efficiency, scrap, rework, and production overheads to ensure accurate product costing.
• Support cost reduction initiatives by identifying opportunities to improve manufacturing efficiency and cost performance.

Inventory Accounting & Financial Reporting:

• Manage inventory valuation, work-in-progress (WIP), production order settlements, and manufacturing-related inventory accounting.
• Review material consumption, inventory movements, stock adjustments, and investigate abnormal inventory transactions.
• Support month-end and year-end closing activities related to manufacturing costs, inventory, cost centers, and production variances.
• Prepare manufacturing cost reports, inventory reconciliations, and financial analyses for management reporting.
• Ensure timely and accurate reporting of manufacturing financial results in accordance with company policies and accounting standards.

Cost Analysis, Budgeting & Performance Monitoring:

• Perform detailed variance analysis for material, labor, overhead, purchase price, scrap, rework, and production efficiency.
• Assist in the preparation of annual budgets, forecasts, and manufacturing cost plans.
• Monitor actual manufacturing costs against budgets and forecasts, highlighting financial risks and recommending corrective actions.
• Support profitability analysis, cost-saving initiatives, and operational performance improvement projects.
• Provide meaningful financial insights to support production planning, capacity utilization, and operational decision-making.

Manufacturing Finance Support & Business Partnering:

• Partner with production, warehouse, procurement, planning, engineering, and quality teams to improve cost visibility and operational performance.
• Provide financial analysis and costing support for new products, process improvements, and operational initiatives.
• Support management by explaining manufacturing cost movements, operational variances, and financial impacts.
• Collaborate with cross-functional teams to improve inventory accuracy, production reporting, and cost management practices.
• Contribute to continuous improvement initiatives aimed at enhancing manufacturing efficiency and financial performance.

Internal Controls, Compliance & Continuous Improvement:

• Ensure compliance with company policies, accounting standards, and internal controls related to manufacturing costing and inventory.
• Maintain accurate documentation for costing calculations, reconciliations, inventory adjustments, and financial analyses.
• Support internal and external audits, inventory counts, and cost audit requirements.
• Review and improve costing procedures, reconciliations, and financial reporting processes to strengthen operational controls.
• Identify opportunities to automate reporting, improve data accuracy, and enhance manufacturing finance processes through continuous improvement.

Role Accountability
HR Proficiency:

• Ability to obtain updated soft and technical skills related to the job.

Delivery:

• Perform the planned activities to meet the operational and development targets as per delivery schedules.
• Utilize resources effectively to achieve objectives within efficient cost and time.
• Provide a periodic report formatted by detailing the deviation and execution of planned tasks.

Problem-Solving:

• Solve any related problems that arise and escalate any complex operational issues.

Quality:

• Ensure quality requirements to develop effective quality control and processes including specifications for products or processes or related activities.

Business Process Improvements:

• Coordinate well-defined written systems, policies, procedures, and seek automation opportunities as much as possible.

Compliance:

• Comply with related policy and procedures and work instructions.

Health, Safety, and Environment:

• Ensure compliance with relevant safety, quality, and environmental management procedures and controls within the defined area of work activity to guarantee safety, legislative compliance, and delivery of high-quality products/services.

Academic Qualification

• Bachelor Degree in Accounting and Finance or any relevant field

Work Experience

• 4 to 6 years

Technical / Functional Competencies

• Financial Accounting (FI)
• Reconciliation
• Financial Reporting