Manager Costing & Budgeting

Job Description

RolePlant Cost AccountantPosition TitleManager Costing & BudgetingDepartmentPlant AccountsGrade/LevelM2Key Purpose of the Job (Position Summary)The position shall be responsible for maintaining accurate cost records and for budgeting activities in the Plant and for ensuring control on the conversion cost, under the guidance of the Plant Finance Head. The positions shall be responsible for implementing standard costing and activity based costing systems providing relevant MIS reports.KEYPERFORMANCE AREAS

• Implementation and / or improvement of activity based costing and accounting systems
• Identifying Cost Reduction opportunities Reduction of Fixed Cost & Conversion from Fixed to Variable, scrap and indirect material cost
• Daily, weekly and monthly monitoring that of Conversion cost and Inventory
• No. of process improvements, QIP s and Kaizens
• Budget preparation, tracking and variance analysis
• Compliance towards statutory audits

KEY ACTIVITIES & RESPONSIBILITIESPlanning

• Facilitate the annual budgeting process with the Division heads, Plant Finance Head and other support functions
• Initiate and coordinate financial planning and budgeting activities at the different divisions and sectors for the plant
• Evaluate the various Capex proposals by the departments and develop them further if found suitable

Budgeting

• Initiate, coordinate, and prepare Plant specific budgets in line with the guidance provided by Corporate
• Conduct the annual budget meeting with the Department heads, Plant Finance Head and other support functions
• Liaison with the Department Heads and support functions in submitting their projections and targets in a timely and accurate manner
• Extract information of the financial performance of the business from the historical databases
• Extract expenses information from the databases relating to direct costs, indirect costs, fixed costs and variable costs
• Project the operating costs for production and the project execution by building various scenarios with variables like labor, material cost, time, etc under guidance of GM Finance
• Conduct analysis of budget vs actual adherence to budgets for departments
• Ensure control over expenses by regular feedback on budgets and actual expenses
• Keep control over the Budgeted Capex and Actual Capex spends and highlighting any deviations
• Participate with the Corporate Finance team in developing requirements for budgeting standards

Cost Management:

• Ensure implementation of standard costing and activity base costing systems in line with corporate guidance
• Ensure reconciliation between the financial accounting and costing system to ensure seamless financial reporting and analysis
• Perform product costing and raw material costing, to accurately assess product profitability
• Provide required information for cost benefit analysis, transfer pricing in consultation with the Plant Finance Head
• Ensure timely coordination and analysis of financial information including monthly financial results, preparation of recurring management reports, budgeting /forecasting support
• Track and monitor Conversion cost on daily, week and monthly basis and highlight any deviations to key stake holders to discuss upon the resolution
• Conduct physical inventory checks and resolve issues with regards to any variance if observed

Cost Audit

• Keep Cost Records as required for Annual Cost Audit
• Interact with internal and external auditors in completing audits
• Ensure adherence to Statutory Requirement of Cost Auditor & Complete Cost Audit
• Analyse BOM Vs Actual RM Consumption Analysis
• Providing Key Financial Data to outside Agencies (as required)

Documentation, & MIS

• Maintain costing and budgeting reports for the Plant
• Ensure the high level accuracy and timely submission of all MIS reports
• Ensure accurate and timely SAP updation on FICO for all costing processes and activities, and monitor the quality of updation on SAP by the Plant team
• Perform variance analysis in SAP reports

Education and Experience RequiredEducation:CA or ICWAExperience:4 6 years in costing,

Keyskills :
financial dataproduct costing corporate financeproject execution variance analysisfinancial planning financial reportingfinancia