Hiring for Senior Executive-Costing

Job Description:

JOB DESCRIPTION

Senior Executive – Costing

1. Job Purpose

The Senior Executive – Costing is responsible for accurate and timely product costing, cost accounting, inventory valuation, manufacturing cost analysis, variance analysis, budgeting support, profitability analysis, MIS reporting and ERP costing controls. The position provides reliable cost intelligence to Finance and cross-functional manufacturing teams and supports management in cost control, profitability improvement, operational efficiency and informed commercial decision-making.

2. Key Responsibilities
3. Product Costing & Cost Sheet Management

• Prepare and maintain product-wise cost sheets for commercial products.
• Develop and maintain standard costing structures.
• Calculate material, labour, packing, conversion and manufacturing overhead costs.
• Validate BOM and routing information used for costing.
• Revise product costing based on changes in RM prices, utilities, processes and packaging.
• Provide accurate costing inputs for pricing and commercial decisions.

1. Inventory Valuation & Cost Accounting

• Ensure accurate valuation of RM, PM, WIP, SFG and FG inventories.
• Monitor inventory movements and identify valuation discrepancies.
• Coordinate with Stores and Finance for monthly stock reconciliation.
• Support physical stock verification and inventory audits.
• Ensure appropriate costing methodology is applied for inventory valuation.

1. Manufacturing Cost Analysis

• Analyse manufacturing costs across production operations.
• Monitor material consumption and yield.
• Analyse the impact of machine utilisation, manpower utilisation and process efficiency on product costs.
• Review batch-wise manufacturing costs.
• Identify cost inefficiencies and recommend cost-reduction opportunities.

1. Cost Variance Analysis

• Conduct material cost variance analysis.
• Analyse yield variance and labour cost variance.
• Review production overhead variances.
• Investigate significant/unfavourable variances.
• Coordinate with concerned departments for root-cause analysis.
• Recommend corrective and preventive cost-control measures.
• Present variance analysis to management.

1. Budgeting & Forecasting

• Support annual budgeting activities.
• Provide manufacturing cost inputs for budgets.
• Assist in preparation of cost forecasts.
• Monitor actual cost against budget.
• Analyse budget deviations and recommend corrective actions.

1. New Product Costing & Commercial Evaluation

• Prepare preliminary costing for new products.
• Assess profitability of new formulations and packaging configurations.
• Support Business Development/Marketing teams with costing inputs.
• Conduct make-or-buy analysis.
• Evaluate cost implications of process modifications and technology upgrades.

1. MIS & Management Reporting

• Prepare periodic costing MIS.
• Generate profitability reports by product, customer, market and business segment.
• Track cost trends and key cost indicators.
• Develop and maintain costing dashboards.
• Present relevant cost information to management.

1. Audit & Compliance

• Support internal and statutory audits.
• Provide costing schedules and supporting documents.
• Maintain appropriate cost-accounting records.
• Ensure compliance with applicable accounting requirements and company policies.
• Support regulatory/audit requirements relating to costing and inventory valuation.

1. ERP & Costing System Management

• Maintain costing master data in the ERP system.
• Ensure accuracy of BOM, routing, overhead rates and cost centres.
• Validate system-generated costing reports.
• Coordinate with IT, Finance and Operations for ERP improvements.
• Ensure integrity and accuracy of costing data within the system.

3. Key Internal Interfaces

• Production
• QA / QC
• Procurement / Purchase
• Stores
• Supply Chain / SCM
• Engineering
• R&D
• Finance & Accounts
• Business Development / Commercial
• IT / ERP Support
• Management

4. Authority & Accountability

Authority

• Review and validate product cost sheets.
• Verify cost allocation methodologies.
• Recommend standard-cost revisions.
• Seek explanations for significant cost variances.
• Recommend cost-control/process improvements.
• Escalate major cost deviations to management.

Accountability

• Product costing accuracy.
• Timely costing and MIS reporting.
• Inventory valuation reliability.
• ERP costing-data integrity.
• Accuracy of variance analysis.
• Compliance with accounting and audit requirements.

5. Key Result Areas / KPIs

6. Qualification

• Essential: B.Com / M.Com; CMA (Inter) / ICWA (Inter).
• Preferred: CMA / ICWA Final; MBA – Finance.

7. Experience

• 6–8 years of relevant experience in Costing / Cost Accounting.
• Pharmaceutical manufacturing experience is preferred.
• Experience with SAP, Oracle, Microsoft Dynamics or equivalent ERP systems is preferred.

8. Technical Competencies

• Cost Accounting: Standard Costing, Product Costing, Activity-Based Costing, Inventory Valuation, Cost Allocation.
• Financial Analysis: Cost Analysis, Variance Analysis, Budgeting & Forecasting, Profitability Analysis.
• Systems: ERP Costing Modules, Advanced Excel, Power BI / MIS Reporting Tools.
• Compliance: Cost Accounting Standards, Inventory Accounting, Audit Requirements, Financial Controls.

9. Behavioural Competencies

• Analytical Thinking
• Attention to Detail
• Problem Solving
• Communication
• Business Acumen
• Planning & Organizing

10. Expected Outcomes

• Maintain accurate product costing across product lines.
• Improve management visibility of manufacturing costs.
• Ensure reliable inventory valuation.
• Identify and support cost-reduction initiatives.
• Improve profitability through effective cost monitoring.
• Deliver accurate and timely costing MIS.
• Support successful internal and external audits.
• Maintain strong ERP costing controls.
• Support budgeting and forecasting activities.
• Act as a finance business partner to manufacturing and commercial functions.

11. Overall Success Profile

Success in this role will be demonstrated through accurate costing, improved manufacturing cost visibility, reduced cost variances and inventory discrepancies, strong audit compliance, timely management reporting, and measurable contribution to cost optimization and profitability improvement.