Costing Executive

About the Role

We are looking for a detail-oriented and analytical Cost Accountant to manage product costing, manufacturing cost analysis, inventory valuation, cost variance analysis, and cost-control activities. The candidate will work closely with the Finance, Production, Purchase, Stores, and Operations teams to ensure accurate costing and improve overall cost efficiency.

Key Responsibilities

1. Product & Manufacturing Costing

• Prepare and maintain product-wise and SKU-wise costing.
• Calculate raw material, packaging material, labour, overhead, and total production costs.
• Prepare and maintain BOM (Bill of Materials) and standard costing.
• Review and update product costs based on changes in raw material, packaging, labour, and overhead costs.
• Calculate cost per unit / cost per kg for finished products.
• Support pricing decisions by providing accurate product cost and margin analysis.

2. Cost Analysis & Variance

• Analyse actual cost vs. standard/budgeted cost.
• Identify material, labour, production, and overhead variances.
• Investigate reasons for cost variations and coordinate with relevant departments for corrective action.
• Prepare periodic cost variance reports for management.

3. Inventory & Stock Costing

• Monitor and analyse raw material, packaging material, WIP, and finished goods inventory.
• Assist in inventory valuation and reconciliation.
• Analyse stock consumption against production and BOM standards.
• Identify abnormal consumption, wastage, and production losses.
• Coordinate with Stores and Production teams for stock and consumption reconciliation.

4. Production Cost Control

• Monitor manufacturing costs and identify opportunities for cost reduction.
• Analyse production yield, wastage, rejection, and process losses.
• Track production efficiency and cost per batch/SKU.
• Support management in identifying areas for improving manufacturing margins.

5. MIS & Reporting

• Prepare monthly cost sheets and management reports.

• Prepare product-wise profitability and contribution analysis.

• Provide regular reports on:

• Production cost

• Material consumption

• Wastage

• Cost variance

• Inventory valuation

• Product margins

• Provide cost-related data and analysis to management for decision-making.

6. Finance & Accounts Coordination

• Coordinate with the Accounts team for accurate recording of manufacturing costs.
• Support month-end and year-end closing activities related to inventory and cost accounting.
• Assist in reconciliation of inventory, production, consumption, and accounting records.
• Support internal and statutory audits with relevant costing and inventory information.

7. Cost Reduction & Process Improvement

• Identify opportunities for cost optimization and reduction.
• Analyse raw material and packaging price movements and their impact on product cost.
• Support management in evaluating new products, formulations, packaging changes, and production processes from a costing perspective.
• Develop and improve costing processes and reports.

Required Skills

• Strong knowledge of Cost Accounting and Management Accounting.
• Good understanding of manufacturing cost structures.
• Knowledge of BOM, standard costing, actual costing, variance analysis, inventory valuation, and production costing.
• Strong MS Excel skills, including Pivot Tables, VLOOKUP/XLOOKUP, SUMIFS, and data analysis.
• Good analytical and problem-solving skills.
• Ability to work with large volumes of financial and operational data.
• Good communication and coordination skills.