Costing & Budgeting Section Head

Costing:

• Collect cost information and maintain an expenses database.
• Construct data accumulation systems.
• Determine fixed costs (e.g. salaries, rent and insurance).
• Plan and record variable costs (e.g. purchases of raw material and operations costs).
• Review standard and actual costs for inaccuracies.
• Prepare budgeting reports (for the company and for each department).
• Analyze and report profit margins.
• Prepare (monthly, quarterly and annual) cost forecasts.
• Assisting in month-end and year-end closing.
• Identify and recommend cost-effective solutions.

Budgeting:

• Preparing the appropriate templates to prepare the budget for all concerned departments.
• Comply with the approved policy of budgeting regarding the deadlines and the management of the budgeting process.
• Receiving the budget estimates from all the departments of the organization and critically examines them for correctness, accuracy, and completeness.
• Studying the previous budget and also taking into consideration the benefits and losses occurred during the previous financial years, due to budget planning.
• Suggesting suitable amendments in the budget to the higher authorities and managerial staff of the concerned department.
• Consolidating the data for budget presentation and also providing an overview of the financial status of all the operations.
• Rendering financial advice to the management officials of different operations, to undertake proper financial planning and decision making.
• Analyzing actual results to budgets and forecasts.
• Monitoring the budget throughout the year.
• Preparing detailed reports pertaining to discrepancies and amendments that occurred in the budget during the entire financial year.
• Assisting in projecting future financial needs, taking into considerations the various projects undertaken by the senior management of the factory and also help the higher officials in the management of financial resources.