Cost Accountant

ofi; Bengaluru; On-site; INR 900,000 - 1,300,000; Full time

Job summary

ofi is seeking a Cost Accountant to drive product costing, standard costing, and inventory valuation in a structured, multi‑entity setting. You will maintain SAP standard cost data, run costing cycles, and support monthly MIS reporting for US and India finance teams.

The ideal candidate has CMA ICAI, 4–6 years in costing within manufacturing/FMCG, and strong Excel skills. You will collaborate with US stakeholders and ensure robust audit-ready records.

Qualifications

• Bachelor’s degree in Commerce, Accounting, or Finance (B.Com or M.Com) required.
• CMA qualification from ICAI strongly preferred.
• 4–6 years of hands‑on experience in product costing, standard costing, or management accounting.
• SAP CO experience with CK11N, CK40N, Material Ledger, and COPA preferred.
• Strong Excel skills; IFRS knowledge; GST/TDS familiarity.

Responsibilities

• Maintain standard cost data and perform costing runs in SAP.
• Conduct monthly variance analysis across material, labour and overhead.
• Reconcile inventory and support month/ year end close in SAP ML and COPA.
• Prepare costing MIS reports and assist audit/compliance processes.
• Coordinate with US stakeholders and ensure audit-ready costing records.

Skills

CMA ICAI

SAP CO

Excel

English comms

Education

B.Com / M.Com

Tools

CK11N (SAP CO)

CK40N (SAP CO)

Material Ledger (SAP)

COPA (SAP)

Job description

As a leading provider of high-quality food and beverage ingredients, we work with farming communities across the globe to grow, source and produce ingredients that are good for consumers, farmers, and the world around us. We supply household food brands and manufacturers worldwide with cocoa, coffee, dairy, nuts and spices ingredients which are often grown on our own farms and estates and sourced from hundreds of thousands of farmers across ~50 countries. Along with our diverse manufacturing and innovation capabilities, this means we can provide ingredients for a range of products, from a plant-based latte mix to an almond based snack bar or a dairy-free ice cream. Making a positive impact on people and planet is a core component of our Purpose, to be the change for good food and a healthy future. With a deep-rooted presence in the countries where our ingredients are grown, we are closer to farmers, enabling better quality, and more reliable, traceable, and transparent supply. And whoever we’re with, whatever we’re doing, we always make it real.

Overview of the role

Reporting to the Accounting Manager (India), the Cost Accountant will be a hands-on individual contributor responsible for executing core product costing, inventory accounting, and variance analysis activities in support of the Olde Thompson manufacturing business. This role sits within the offshore finance team and works in close coordination with the India-based Accounting Manager and US finance leadership. The Cost Accountant will be responsible for maintaining standard cost data in SAP, performing monthly costing runs, supporting inventory reconciliations, and producing costing MIS reports. The ideal candidate brings 2–5 years of experience in a manufacturing or FMCG environment, holds a CMA qualification is comfortable working in a structured, deadline-driven, multi-entity setting with US-based stakeholders.

Key Responsibilities

Product Costing & Standard Costing

• Maintain standard cost data in SAP (CK11N / CK40N), including cost estimates, cost roll-ups, and annual standard cost updates
• Execute standard costing runs for new and existing products in coordination with the Accounting Manager
• Review and validate Bills of Materials (BOM) in SAP, cross-verifying components,
• BOM changes and assess their impact on product costs
• Prepare product cost sheets and support techno-commercial costing for new product launches

Variance Analysis

• Perform monthly variance analysis comparing actual production costs against standard costs, covering material, labour, and overhead variances
• Investigate root causes of significant variances and prepare clear variance reports for review by the Accounting Manager
• Calculate raw material cost (RMC) percentages for mass production lines and identify lines where actual RMC exceeds standard benchmarks
• Prepare mix, price, and yield variance reports for raw materials against standard master batch specifications
• Support overhead variance analysis on a monthly basis
• Perform monthly inventory validation including review of shop floor stock, stock in transit, pending GRNs, pending STOs, and WIP orders; post correcting entries as needed
• Reconcile system inventory against actual physical counts at month-end; record and investigate any gaps
• Support monthly and annual physical inventory counts and cycle counting processes
• Identify and report on slow-moving, obsolete, or scrap inventory; prepare scrap value tracking reports and compare against standard scrap cost sheets
• Maintain raw material margin summaries, categorizing domestic and export products by sales value

Material Ledger & Month-End Close

• Execute Material Ledger (ML) runs in SAP to support actual costing and price difference settlement
• Perform COPA entries for product profitability and margin analysis
• Support the monthly, quarterly, and annual close process by completing assigned costing tasks within group deadlines
• Prepare and maintain profitability analysis reports for key product lines as directed by the Accounting Manager

MIS Reporting

• Prepare monthly costing MIS reports covering inventory validation, product costing, NRV workings, profit elimination.
• Compile monthly raw material margin and profitability summaries for management review
• Support preparation of cost reports to assist the Accounting Manager and US Finance Manager in decision-making

Audit & Compliance Support

• Assist with internal and statutory audit queries by providing costing data, reconciliations, and documentation in a timely manner
• Support GST compliance activities as required, including input tax credit reconciliations and filing support
• Ensure all costing records and documentation are audit-ready and maintained to a high standard

Ad-hoc Support

• Support annual budgeting and standard cost planning for manufacturing and operational expenses
• Assist with process improvement initiatives, including automation and standardization of costing workflows
• Provide ad hoc support to the Accounting Manager and US finance team as required

Qualifications & Requirements

• Bachelor’s degree in Commerce, Accounting, or Finance (B.Com or M.Com) required
• CMA (Cost & Management Accountant) qualification from ICAI strongly preferred.
• 4-6 years of hands‑on experience in product costing, standard costing, or management accounting, preferably in a manufacturing, FMCG, or food & beverage environment
• Practical experience with SAP CO module, including CK11N, CK40N, Material Ledger, and COPA; SAP experience is strongly preferred
• Solid working knowledge of BOM structures, standard vs. actual costing, and inventory valuation principles
• Proficiency in Microsoft Excel, including VLOOKUP, pivot tables, and data analysis
• Familiarity with IFRS accounting standards; knowledge of US GAAP is an advantage
• Working knowledge of Indian indirect tax (GST) and TDS compliance
• Strong analytical mindset with attention to detail and the ability to identify and investigate variances
• Good written and spoken English communication skills; comfortable participating in calls with US‑based stakeholders
• Ability to meet tight deadlines and manage multiple tasks in a fast‑paced, month‑end driven environment

Work Environment & Additional Details

• Location: India (city TBD / remote-eligible)
• Reporting Line: Accounting Manager, India
• Working Hours: Some overlap with US Central Time required for periodic calls and reporting deadlines