COST ACCOUNTANT

Job Description

As a Cost Accountant for a mid-sized engineering and manufacturing company in Hyderabad, your primary responsibility will be to track, analyze, and optimize the companys expenses related to production. Your role will play a crucial part in supporting strategic business decisions, ranging from pricing products to managing budgets and maximizing profitability.Key Duties and Responsibilities:- Cost Analysis and Reporting: Collect and analyze cost data related to raw materials, labor, and factory overhead. Prepare reports that compare standard costs to actual production costs to identify inefficiencies.- Budgeting and Forecasting: Collaborate with department heads and management to create and monitor budgets for operational costs. Forecasting is essential for planning future purchases and controlling expenses.- Inventory Valuation: Track raw materials, work-in-progress (WIP), and finished goods. Accurately value inventory using methods like weighted average cost, FIFO, or LIFO to affect the cost of goods sold (COGS).- Product Costing: Estimate costs for new products and analyze the profitability of existing ones at the item-specific level to make informed pricing decisions.- Overhead Allocation: Accurately allocate indirect costs like rent, utilities, and maintenance to individual products or jobs using methods such as activity-based costing.- Variance Analysis: Investigate and report on variances between budgeted and actual costs to help management take corrective action.- Process Improvement: Recommend changes to processes and policies based on cost data analysis to reduce costs and increase efficiency.- Auditing and Compliance: Assist with internal and external audits, ensuring adherence to Generally Accepted Accounting Principles (GAAP) and regulatory standards.Common challenges you may face at the company:- Siloed Data: Disconnected data between production, purchasing, and finance departments can lead to inconsistencies and errors.- Outdated Technology: Relying on legacy systems or manual data entry for tracking labor, materials, and production can lead to inaccuracies.- Inventory Management Complexity: Managing materials from multiple suppliers and across different production stages requires a robust system.- Managing Cash Flow Gaps: Long production cycles and high upfront costs for materials may lead to cash flow issues.- Old Legacy Working Architecture: Updating the working architecture to current standards may be a challenge.Essential Skills:- Technical Accounting Skills: Strong knowledge of cost accounting principles and methodologies.- Software Proficiency: Expertise with ERP systems, advanced Excel skills, and data visualization tools.- Analytical and Problem-Solving Skills: Analyze financial data and provide actionable insights for cost reduction.- Communication Skills: Ability to explain complex financial information to various stakeholders.- Detail-Oriented: Attention to detail to ensure accuracy in financial data and reports.- Cross-Functional Collaboration: Work effectively with departments across the organization to implement cost control measures.Qualifications and Experience:- Educational Background: Bachelors degree in accounting, finance, or related field. Masters degree or relevant certifications can be beneficial.- Professional Certification: Certified Management Accountant (CMA) or Certified Public Accountant (CPA) certification is highly valued.- Relevant Experience: At least 3-5 years of experience in cost accounting within a manufacturing or engineering setting.Salary:- Mid-Level (3-7 years): Range from INR 6 to 12 LPA.Benefits:- Leave encashment- Provident FundWork Location: In person As a Cost Accountant for a mid-sized engineering and manufacturing company in Hyderabad, your primary responsibility will be to track, analyze, and optimize the companys expenses related to production. Your role will play a crucial part in supporting strategic business decisions, ranging from pricing products to managing budgets and maximizing profitability.Key Duties and Responsibilities:- Cost Analysis and Reporting: Collect and analyze cost data related to raw materials, labor, and factory overhead. Prepare reports that compare standard costs to actual production costs to identify inefficiencies.- Budgeting and Forecasting: Collaborate with department heads and management to create and monitor budgets for operational costs. Forecasting is essential for planning future purchases and controlling expenses.- Inventory Valuation: Track raw materials, work-in-progress (WIP), and finished goods. Accurately value inventory using methods like weighted average cost, FIFO, or LIFO to affect the cost of goods sold (COGS).- Product Costing: Estimate costs for new products and analyze the profitability of existing ones at the item-specific level to make informed pricing decisions.- Overhead Allocation: Accurately allocate indirect costs like rent, utilities, and m

Keyskills :
Cost AccountingBudgetingForecastingInventory ValuationProduct CostingVariance AnalysisProcess ImprovementAuditingComplianceAnalytical SkillsCommunication SkillsOverhead AllocationTechnical Accounting SkillsSoftware ProficiencyProblemSolving