Costing Executive

VR Industries, Inc; Gurugram District; On-site; INR 600,000 - 900,000; Full time

Job summary

VR Industries, Inc in Gurugram is seeking a Cost Accountant to manage product costing, manufacturing cost analysis, and inventory valuation while collaborating with Finance, Production, Purchase, Stores, and Operations teams to ensure accurate costing and cost control.

The role includes BOM management, standard costing, cost variance reporting, and driving cost-reduction initiatives through detailed data analysis and cross-functional coordination.

Qualifications

• Experience in cost accounting and management accounting.
• Strong analytical and numerical abilities with attention to detail.
• Proven ability to analyse costing variances and drive corrective actions.

Responsibilities

• Prepare product-wise and SKU-wise costing and maintain BOM and standard costing.
• Calculate raw material, packaging, labour, overhead, and total production costs.
• Review and update product costs with changes in inputs and processes.
• Analyze actual vs. standard costs and prepare cost variance reports.
• Monitor inventory valuation and stock consumption against BOM standards.
• Track production cost per batch/SKU and suggest cost reductions.
• Coordinate with Finance, Production, Stores, and Operations for costing actions.

Skills

Cost accounting

Management accounting

Variance analysis

Data analysis

Communication

Problem solving

Analytical thinking

Tools

MS Excel

Pivot Tables

VLOOKUP/XLOOKUP

Job description

About the Role

We are looking for a detail-oriented and analytical Cost Accountant to manage product costing, manufacturing cost analysis, inventory valuation, cost variance analysis, and cost-control activities. The candidate will work closely with the Finance, Production, Purchase, Stores, and Operations teams to ensure accurate costing and improve overall cost efficiency.

Key Responsibilities

1. Product & Manufacturing Costing

• Prepare and maintain product-wise and SKU-wise costing.
• Calculate raw material, packaging material, labour, overhead, and total production costs.
• Prepare and maintain BOM (Bill of Materials) and standard costing.
• Review and update product costs based on changes in raw material, packaging, labour, and overhead costs.
• Calculate cost per unit / cost per kg for finished products.
• Support pricing decisions by providing accurate product cost and margin analysis.

2. Cost Analysis & Variance

• Analyse actual cost vs. standard/budgeted cost.
• Identify material, labour, production, and overhead variances.
• Investigate reasons for cost variations and coordinate with relevant departments for corrective action.
• Prepare periodic cost variance reports for management.

3. Inventory & Stock Costing

• Monitor and analyse raw material, packaging material, WIP, and finished goods inventory.
• Assist in inventory valuation and reconciliation.
• Analyse stock consumption against production and BOM standards.
• Identify abnormal consumption, wastage, and production losses.
• Coordinate with Stores and Production teams for stock and consumption reconciliation.

4. Production Cost Control

• Monitor manufacturing costs and identify opportunities for cost reduction.
• Analyse production yield, wastage, rejection, and process losses.
• Track production efficiency and cost per batch/SKU.
• Support management in identifying areas for improving manufacturing margins.

5. MIS & Reporting

• Prepare monthly cost sheets and management reports.
• Prepare product-wise profitability and contribution analysis.
• Provide regular reports on:
  
• Production cost
• Material consumption
• Wastage
• Cost variance
• Inventory valuation
• Product margins
• Provide cost-related data and analysis to management for decision-making.

6. Finance & Accounts Coordination

• Coordinate with the Accounts team for accurate recording of manufacturing costs.
• Support month-end and year-end closing activities related to inventory and cost accounting.
• Assist in reconciliation of inventory, production, consumption, and accounting records.
• Support internal and statutory audits with relevant costing and inventory information.

7. Cost Reduction & Process Improvement

• Identify opportunities for cost optimization and reduction.
• Analyse raw material and packaging price movements and their impact on product cost.
• Support management in evaluating new products, formulations, packaging changes, and production processes from a costing perspective.
• Develop and improve costing processes and reports.

Required Skills

• Strong knowledge of Cost Accounting and Management Accounting.
• Good understanding of manufacturing cost structures.
• Knowledge of BOM, standard costing, actual costing, variance analysis, inventory valuation, and production costing.
• Strong MS Excel skills, including Pivot Tables, VLOOKUP/XLOOKUP, SUMIFS, and data analysis.
• Good analytical and problem-solving skills.
• Ability to work with large volumes of financial and operational data.
• Good communication and coordination skills.