Basic Responsibility
The Costing Senior Accountant is responsible for analyzing financial costs, monitoring cost controls, conducting variance analysis, and preparing accurate reports to support decision-making. This role collaborates with production and supply chain teams to optimize costs and achieve organizational goals.
Main Tasks
Duties include, but are not limited to the following:
- Prepare and analyze production cost data, including raw materials, labor, overhead, and machine usage.
- Monitor and analyze cost trends, variances, and discrepancies to identify opportunities for cost reduction and efficiency improvements.
- Develop and implement cost allocation methods and procedures to ensure accurate cost distribution across departments and projects.
- Identify and implement cost-saving initiatives and process improvements to enhance financial performance.
- Coordinate with other departments, including supply chain and production, to ensure accurate cost data and alignment with organizational goals.
- Analyze and recommend changes in production methods, supplier contracts, and resource allocation to achieve long-term cost benefits.
- Address cost variances from unexpected production delays by using real-time tracking to adjust processes and minimize impacts.
- Conduct periodic audits and reviews of costing processes to identify and address any internal control weaknesses.
- Generate monthly, quarterly, and annual cost reports and financial statements for review.
- Develop financial models to simulate the impact of various operational scenarios (e.g., shifts in raw material costs, labor rates, or production volumes).
- Prepare the annual budget and rolling forecasts, provide cost projections for raw materials, labor, and overheads, and support cost-saving and efficiency initiatives.
- Monitor and analyze inventory levels and movements, ensure accurate valuation, conduct regular physical inventory audits, and reconcile differences.
- Coach junior accountants, ensuring compliance with policies and provide training to improve their skills and performance.
- Ensure compliance with internal controls, policies, and procedures related to costing and inventory management.
Technical Competencies
- Cost Accounting: Proficiency in cost accounting principles, variance analysis, and overhead allocation.
- Financial Reporting: Experience in preparing cost reports aligned with standards.
- ERP Systems: Skilled in ERP tools for data extraction and costing.
- Inventory Management: Knowledge of inventory valuation and reconciliation processes.
- Data Analysis: Advanced Excel skills and data interpretation for actionable insights.
- Budgeting and Forecasting: Expertise in preparing accurate cost budgets and projections.
- Manufacturing Processes: Familiarity with production workflows, raw material usage, and cost tracking.
- Compliance: Understanding of internal controls, audits, and cost-related regulations.
- Optimization: Problem-solving skills for cost reduction.
- Software Knowledge: Experience with reporting tools.
Education
Bachelor's degree in Accounting, Finance, or a related field. A Master's degree in Accounting or Finance is preferred.
Experience
5+ years of experience in cost accounting, with at least 1 year in senior role. Experience in the agri-food industry food or FMCG sectors is a plus.
Languages
- Proficient in English
- Proficient in Arabic
Other Requirements
- Work based in a corporate office.
- Travel might be required.
