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Job Description
- Cost of Goods Manufactured (COGM) Preparation:
- Prepare and calculate the Cost of Goods Manufactured (COGM), ensuring all direct materials, direct labor, and overhead costs are accurately accounted for.
- Collaborate with production and inventory teams to track and validate cost data, ensuring that it reflects the true cost of manufacturing.
- Regularly review and update COGM to reflect changes in production processes, material costs, and labor rates.
- Cost Analysis & Reporting:
- Prepare and review cost reports, including cost of goods sold (COGS), labor, overheads, and other expenses.
- Analyze cost variances, identify trends, and provide actionable insights to management.
- Maintain cost accounting records and ensure accuracy in reporting.
- Budgeting & Forecasting:
- Assist in the preparation of the annual budget, working closely with the Costing and Reporting Section Head and other department leaders.
- Monitor actual performance against the budget on a monthly and quarterly basis, analyzing variances and providing detailed explanations.
- Provide regular updates and recommendations to cost section head regarding budget performance, cost controls, and corrective actions when necessary.
- Cost Control:
- Ensure that all expenses are accurately allocated to the correct General Ledger (GL) accounts and cost centers.
- Oversee and verify that cost allocations follow appropriate accounting standards and internal policies.
- Provide ongoing oversight of cost structures and identify areas for cost reduction or process improvement.
- Stock Control & Inventory Management:
- Oversee stock control processes, ensuring accurate tracking of inventory levels and valuation.
- Work closely with the Junior Cost Accountant to ensure that inventory movements are properly recorded .
- Monitor stock usage, wastage, and discrepancies between physical stock and system records.
- Physical Inventory Counts:
- Conduct regular and unannounced physical counts of inventory to ensure accuracy of stock records and identify discrepancies between physical and system-recorded inventory.
- Work with the Junior Cost Accountant to schedule and execute periodic physical inventory counts, ensuring proper documentation and reconciliation of inventory records.
- Investigate and resolve any discrepancies found during physical counts, providing recommendations for improvements to inventory management processes.
- Ensure that inventory counts align with financial reporting and cost control objectives.
- Product Costing & Pricing:
- Calculate and update product costs, including direct materials, direct labor, and overhead allocations.
- Ensure that all product costs are accurate and reflect the true costs of manufacturing and supporting product profitability analysis.
- Work closely with production and operations teams to review and update the Bill of Materials (BOM) and other cost-related documents to ensure accuracy.
- Price New Products: ensuring that the prices reflect the cost structure.
- Update Price Lists: Regularly update and maintain the company's price lists, ensuring they reflect cost changes.
- Financial Reporting:
- Prepare and present comprehensive financial reports, including cost breakdowns, profitability analysis, and cost forecasting.
- Ensure timely and accurate reporting of cost-related information in compliance with company policies and accounting standards.
Job Requirements
- Minimum 3 years of experience in cost accounting industrial field is must .
- Thorough knowledge of accounting procedures
- In-depth understanding of Generally Accepted Accounting Principles (GAAP)
- Experience with accounting software, like FreshBooks and Zoho
- Computer literacy, MS Excel in particular (familiarity with VLOOKUPs and pivot tables)
- Excellent analytical skills with an attention to detail
- Strong time management skills
- Integrity, with an ability to handle confidential information
- BSc degree in Accounting, Finance or relevant study
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