Costing, Budget & Inventory Control Manager

Costing

A Costing Manager is responsible for developing, implementing, and maintaining cost accounting systems, analyzing costs, identifying cost variances, and implementing strategies to reduce costs and improve profitability, involving project budgeting and financial reporting.

Responsibilities:

Cost Accounting System Development and Maintenance:

• Develop and maintain a robust cost accounting system to accurately track and analyze costs.

• Ensure the system aligns with industry best practices and company policies.

Cost Analysis and Variance Reporting:

• Analyze actual costs against budgeted or standard costs to identify variances.

• Investigate the causes of variances and propose corrective actions.

• Prepare regular cost reports and analyses for management.

Cost Reduction and Improvement:

• Identify opportunities for cost reduction and efficiency improvements.

• Develop and implement strategies to achieve cost savings.

• Monitor the effectiveness of cost reduction initiatives.

Project Budgeting and Cost Control:

• Develop and manage project budgets.

• Monitor project costs against budget and identify potential overruns.

• Take corrective action to ensure projects stay within budget.

Financial Reporting:

• Prepare accurate and timely financial reports, including cost statements and analyses.

• Support the preparation of financial statements and budgets.

Team Leadership and Development (if applicable):

• Supervise and mentor cost accounting staff.

• Provide training and development opportunities for team members.

Collaboration and Communication:

• Work closely with other departments, such as operations, engineering, and procurement, to ensure accurate cost data and effective cost management.

• Communicate cost information and analysis to management and other stakeholders.

Budgeting

A budgeting manager is responsible foroverseeing an organization's budgetary processes, analyzing financial data, and providing strategic insights to support decision-making, including developing and implementing budgets, forecasting trends, and ensuring compliance with regulations.

Responsibilities:

• Develop, present, and oversee financial budgets on an annual and quarterly basis.

• Ensure all budgets and financial processes align with company goals.

• Collaborate with executives, project managers, and cross-departmental leadership to set budget goals and ensure theyre followed.

• Evaluate budget proposals and financial requests for viability.

• Forecast financial needs throughout the year.

• Track results and comparing them to key financial targets.

• Prepare cost estimates and plans, while providing necessary reporting, documentation, and financial assessments.

• Explain complex financial data clearly.

• Develop and maintain an accurate record-keeping system.

• Identify, flag, and analyze potential financial and budgetary risks.

• Provide financial summaries, reports, and recommendations as needed.

• Ensure all financial decisions and records adhere to legal regulations.

Inventory Control

An inventory control accountant tracks, monitors, and records inventory transactions, ensuring accuracy and compliance with accounting standards, reconciling discrepancies, and preparing reports to support financial decision-making.

Responsibilities

• Develop And Implement Inventory Control Procedures

• Maintain Accurate Inventory Reports

• Reconcile Inventory Discrepancies

• Prepare Inventory Reports for Management Review

• Analyze Inventory Cost Trends (inventoryvaluation, variance analysis, andcostof goods sold.Analyze inventory trendsand identify it.

• Audit And Adjust Inventory Figures.

• Develop and Maintain Inventory Control Systems (Perform daily inventory reconciliation, analysis & Manage inventory records then ensure accuracy of inventory levels).

• Ensure Compliance (Make sure to follow company policies and adhere to Accounting standards).

• Maintain Accurate Records of Inventory Transactions (including purchases, returns, and adjustments. Regularly reconcile physical inventory counts)

Skills and Qualifications:

Education and Experience Requirements:

• Bachelor's degree in accounting, finance, or a related field. (CMA preferred.)

• At least 10-15 years of experience in costing & financial analysis.

• At least 5 years of managerial experience.

Qualifications and Skills:

• Financial and analytical skills.

• Adept written and verbal communication skills.

• Strong project management.

• Working knowledge of business and financial data software.

Technical Skills:

• Proficiency in cost accounting principles and methods.

• Strong analytical and problem-solving skills.

• Experience with ERP systems and financial software.

• Excellent spreadsheet and data analysis skills.

Soft Skills:

• Strong communication and interpersonal skills.

• Ability to work independently and as part of a team.

• Attention to detail and accuracy.

• Ability to manage multiple tasks and deadlines.

Certifications:

• Relevant certifications, such as Certified Management Accountant (CMA) or Certified Cost Accountant (CCA), can be beneficial.