Accountant; Cost Control

Position: Accountant (Cost Control)

About the job Accountant (Cost Control)

2. JOB PURPOSE

This role covers the collection, analysis and presentation of financial and accounting data, both internally and for external auditors, especially regarding Inventory Accounting and Costing and Management Accounting. This person should strive to be an expert in Oracle ERP Inventory module for the integrated production steel production process from raw materials to finished goods including determination of COGS. Requires an experienced accountant who can provide professional advice and guidance relating to a broad spectrum of accounting, management accounting and financial reporting, demonstrating a sound understanding of the underlying principles and standards.

3.

JOB DIMENSIONS

Number of Staff Supervised

• Direct Reports:
  Nil
• Total Reports:
  Nil

4. KEY

ACCOUNTABILITIES Monthly / Annual Closing

• Periodic closing and opening subsequent month Cost Management and Inventory modules.
• Overhead allocations and absorptions allocations on monthly basis.
• Allocation of joint cost through mass allocation. Prepare books closing JV though overhead allocation. Prepare working for absorption variance and pass necessary JV before month close.
• Monitoring of pending transaction for inventory organizations and closing all inventory organization. Clearing of various WIP accounts.
• Monitoring expenses booking and scrutiny of trial balance. Running COGS recognition program and monitoring WIP jobs valuation.
• Passing necessary accounting JVs for WIP and absorption variances.

Cost Control / Continuous Improvement

• Preparation of monthly product cost sheet, process wise for DRI, steel making and rolling mill.
• Preparing auxiliary product cost sheets for Lime, Dolo Lime, RBQ, etc.
• Assist in collecting accurate and up-to-date product cost information for product prices.
• Advise / suggestion on cost centre creation.

Reporting

• To run fixed cost breakup for G&A and COGS, utility and overhead report, plant-wise depreciation report and fixed cost report by department and by GL account.
• Preparation of data pack for IQ reporting for quarterly reporting. Data for Ministry of Economics and Statistics, yearly.
• Data for producer price index and other external agencies.
• By product inventory details and its sales history for management reporting.
• Non-moving inventory item report and stock analysis report for leadership meetings.
• Create discoverer report as per business requirement.

Inventory/Material Accounting functions

• Daily running of create accounting for all inventory organizations and completing multi-period accounting. Check for stuck transactions and get cleared with IT help.
• Monthly Inventory/GL reconciliation (MAD Summary).
• Running transfer general entries to GL cost management program, transfer Journal Entries to GL- receiving. Create Accounting Receiving.
• Create absorption element as per need/required changes.
• Raw Material landed cost management in system.
• Overhead absorption rate update in the system.
• Debit note / credit note implication workings particularly for oxide pellet and scrap purchases and its loading on the inventory carrying cost in the system.
• Inventory reconciliation, monthly reconciliation of inventory subledger balances with GL.
• Participate in physical stock verification process.
• Assist with data for dealing with the statutory auditors for Half yearly and Year end audits relating to inventory and product costing.

Policies, Systems & Processes

• Co-ordinate with the IT department for getting developed various reports for faster and correct reporting.
• Involve at the time of system upgrade.
• Work with IT for various automation processes.

HSEQ

Follow the HSE rules, regulations and procedures of the company, and report any HSE concerns and incidents to the responsible person.

Other

Carry out any additional tasks as required by the Management.

5. COMMUNICATIONS & WORKING RELATIONSHIPS Internal

• Day to day interaction with manufacturing plant units, Production Planning, Procurement & warehouse, Supply Chain & Logistics Maintenance department, IT etc for various matters.
• Internal Auditor

External

• Statutory Auditor
• SAB Auditor

6. CONTEXT, WORK ENVIRONMENT & DECISION-MAKING AUTHORITY

Key decisions having significant…