Costing Manager

Purpose:

To analyze, monitor, and optimize cost structures across production and business operations, ensuring efficient resource utilization, improved profitability, and strong working capital management through robust costing systems and data-driven decision support.

Key responsibilities:

• Leadership for Inventory Control:

• Oversee inventory control processes to ensure accurate tracking, efficient storage, and optimal utilization of resources.

• Develop and implement inventory management policies and procedures to minimize carrying costs while meeting production demands.

• Inventory Valuation:

• Conduct regular assessments of inventory value to reflect accurate financial reporting and assess inventory turnover ratios.

• Implement standard costing system and valuation methods such as FIFO (First In, First Out) to align with accounting standards and business needs.

• Pre & Post Costing (Product-wise/Batch-Wise):

• Analyze costs associated with production activities, including materials, labor, and overhead, both before and after production.

• Monitor cost trends and identify areas for improvement to enhance operational efficiency and reduce expenses.

• Implement cost-tracking mechanisms to accurately assess expenditures and deviations from budgetary targets.

• Allocate costs accurately to products or batches to determine profitability and identify areas for cost reduction.

• Budgeting and Forecasting:

• Collaborate with cross-functional teams to develop annual budgets and forecasts based on production requirements and market trends.

• Regularly review budgetary performance against actual expenses, providing insights and recommendations for corrective actions as needed.

• Process Improvement:

• Collaborate with IT teams to enhance existing systems or implement new technologies for more efficient cost management processes.

• Identify and address gaps in current systems to streamline data collection, analysis, and reporting.

• Identify opportunities for process optimization and cost reduction through lean principles, automation, and technology integration.

• Work closely with production teams to implement cost-effective measures without compromising quality or safety standards.

• Support in Pricing Decision:

• Provide cost analysis and insights to support pricing strategies, considering market dynamics, competitor pricing, and profitability targets.

• Assist in evaluating pricing models and setting competitive yet profitable prices for products or services.

Assist for Calculation of Gross Profitability in different ways based on :

Product / Segment / Customer / Location of sales /Sales-Person etc

Expected Initiatives:

• Working Capital Optimization in Inventory:

• Coordinate with department heads in Planning, Production, and Sales to optimize inventory levels and reduce working capital requirements. Monitor inventory levels and production output to prevent overstocking or shortages, optimizing inventory turnover and cash flow.

• Implement inventory management techniques such as JIT (Just-In-Time) or EOQ (Economic Order Quantity) to minimize carrying costs while ensuring sufficient stock availability.

• Cost Control Strategies:

• carry out monthly inventory valuation and margin reporting

• Analyze cost structures to identify areas for improvement in both variable and fixed costs.

• Collaborate with cross-functional teams to implement cost-saving initiatives and monitor their effectiveness over time. Develop and implement cost control strategies to mitigate financial risks and improve profit margins.

Stakeholder management

Describe the main interactions:

• Type of interaction: leading, participating and collaborating
• In & outside the organisation
• Internal stakeholders: Production, Planning, Sales, Finance, IT teams (upwards, downwards, and lateral coordination)
• External stakeholders: Auditors, consultants, and service providers
• Inside: upwards, downwards, laterally: All

Qualifications & Experience

• Bachelors Degree in Commerce with CA / CMA qualification (CMA preferred)
• 3 to 8 years of experience in cost accounting or financial analysis in manufacturing industry
• Strong business mindset with practical and analytical approach
• Professional, systematic, and timeline-oriented working style
• Strong data management and documentation skills
• Advanced proficiency in MS Excel
• Experience with ERP systems and data analysis tools

Optional:

• Proficiency in Power BI for advanced analytics and visualization