Plant Cost Management Accountant
MANNAI GROUP OF COMPANIES
Total years of experience :23 years, 7 months
MANNAI GROUP OF COMPANIES, KSA
Computer System Protection Chambers and Integrated Communications Co Ltd., Dammam, Kingdom of Saudi Arabia ---- It's one of the group company
Plant Cost Management Accountant (Jan 2009 - till date) / Industry: Oil and Gas
Main activity of the company: Apart from being the only local Saudi Arabian Company and a standalone profit center, and having the required skills of being a system integrator, CPIC also serves as a powerful wing of the Mannai Technical Services Group of Companies to support its Analyzer Shelter and panel-related engineering projects on a turnkey basis. CPIC's Quality System is supported by an accreditation of RWTUV ISO 9001:2000. CPIC's quality jobs are further endorsed by ARAMCO's registration.
• Costing and Budgetary control
• Spearheaded project profitability & bottom-line of ARAMCO, SABIC and EPC projects.
• Manage budget control- Prepare project budgets and Budget monitoring -key elements like BOM with Actual BOM (Bill Of Material) and handle variance analysis (Cost/price/Quantity variance)
• Submit detailed report/root cause analysis on variance analysis
• Facilitate and record the creation of Cost Centres, Analyze cost right from production stage to Invoice stage
• Support Sales Team for contract bids preparation and review procurement/logistic cost
• Review and monitor Project finance cost- working capital management
• Carry out fixed and variable overhead review: Manpower/Overhead expenses review
• Involved in COG's entry and material balancing
• Manage inventory control; handle complete stock accounts/ stock reconciliation and material balancing
• Coordinate with key functional departments like Production, Sales & Accounts
• Liaison with ARAMCO/SABIC/EPC Contractors on commercial matters
• Ensure timely submission of project profitability reports on or before 5th of every month
• Accounts and Finance
• Ensure compliance with BSI (Balance Sheet Integrity) standards and timely closing of accounts- Monthly, Quarterly, Half yearly and Annual accounts. Familiar with IFRS and IAS procedures.
• Project finance calculation including Cash flow, Bank Guarantees, Advance payment/Performance Bond, Letter of Credit, Overdraft requirement and follow up with customer for assignment letter if bank requires
• Preparation of Annual budget and submit to the Corporate office for approval
• Preparation of SBP (Strategic Business Plan for 3 years) and support corporate team during the preparation of finance budget frame work, capture key input from all departments as necessary for the budget.
• Preparation of annual audit schedules and ensure in time completion of statutory audit
• Review Accounts receivable and Accounts payable position-ageing analysis on every fortnight
• Review expenses budget monthly and initiate corrective action in case of variances
• Ensure accurate and timely processing and recording of payroll activities
• Ensure timely payment of statutory dues to the respective departments- Gosi/Zakat and handle Internal and External Auditor's matters
• Manage CAPEX approvals, review, and report on quarterly capex (post capex results)
• Handle Fixed Asset register and periodical reports to the management
• Maintain a check list of all report due and status of each one
• Reconcile operational controls with accounting books
• MIS
• Handle Intercompany reconciliation
• Gather, Collate, Analyze and validate data as necessary in order to prepare and maintain various reports and performance summaries (like accrual journal, final development actual report, forecast comparison report etc) as and when needed
• Providing analysis of results and indentifying and tracking key matrics
• Understand end-to-end processes and SOP's
• Special assignment from management from time to time
• Periodical reporting procedure and submit report to top management.
• Monitor KPI and report to management on various key functional areas
❖ Timely completion of accounts and increased the frequency of MIS reports from quarterly to monthly reports
❖ Introduced costing procedure for project costing and integrated costing reports for the group companies both manufacturing, trading and site activities
❖ Significantly managed expenses control, resulting in slash of variable cost by 2.375% (last 18 months)
❖ Successfully implemented Inventory package at stores and streamlined inventory levels, stock reports
❖ Consumables cost reduced by 2.35% due to strict control over material issuances and effective inventory control systems
❖ Strategic approach to reduce Project receivable realization period from 90 to 60 days
❖ Introduced effective internal control for site activities, site man days utilization and site invoices as per contract mile stones
❖ Recruited and trained 2 staff to join the team
Team size: 2 senior accountants and 2 staff
Reporting to: General Manager-Operations on plant profitability and Project Costing
Managing Director - on MIS reports
• Experience on FI module-SAP.
• Managed plant financials and profitability operations.
• Presented Monthly Performance Reports (MPR) to Corporate Team along with Plant Head.
• Ensured timely closing of monthly, quarterly, half yearly and yearly accounts.
• Handled CAPEX approvals/review post CAPEX results
• Liaison with Tax department-Sales Tax, Excise, Income Tax and Services taxes etc
• Ensured timely remittance of statutory payments with no defaults during remittances.
• Ensured expenses are within budget limits/ Expenses approvals/review
• Involved in preparation of Plant Annual Budgets, SBP (Strategic Business Plan) and continuously reviewed budget implementation, reporting to corporate team
• Authorized to release Product costing of various products through CO module-SAP.
• Independently handled CO module at plant level though it was new to the SAP implementation at plant level
• Handled Plant product costing, review of various product lines, Line Production profitability.
• Managed Variance Analysis of Cost, price, Quantity variances & root cause analysis and budgeted BOM & actual material consumption-material balancing etc.
• Recorded COG's and pass monthly closing entries.
• Ensured consumable cost, manpower cost, other over head are in line with budget limits, deviations were reviewed and necessary action plan was initiated to control expenditure.
• Coordinated with internal & external auditors and statutory auditors.
• Lead the operations during company name change - obtained Govt. registrations and approvals from Excise & sales tax department.
• Established cordial relation between various government departments and company personnel.
• Streamlined inventory issues and tallied major breakthrough of physical stock with book stock, which is very critical/complexity operation.
• Coordinated with Core team for Plant SAP issues and worked on SAP-FICO
• Improved EPS-Employee per sales due to optimum production outputs and minimum shortages
M/s. Sarvotham Care Limited, Hyderabad
Manager - Costing & Internal Audit (Jun 2005 - Nov 2006) Industry: Pharma
• Independently responsible for cost sheet workings of the Sarvotham group companies• Support commercial team for quotation, bidding and tender preparation and provide all key input to fine tune as most competitive quotation., (Quotation/Bid/Tender will be submitted to Government hospitals, Approved Healthcare centres and customers including domestic and abroad)• Preparation of PPV (Product Price Variance) workings as one of the key monthly report and submit to the Amway for necessary review and Product cost sheet approval
• Review and submit report on R&D division operations to the Managing Director
• Detail review of BOM (Bill of Material) of different products at regular intervals and capture any change in BOM-Qty and analyse its cost impact on product price• Review variance analysis of complete range of products which includes Cost variance, Price variance and Quantity variance at the end of every month and submit a detailed report on variance analysis and its root cause analysis
• Internal Audit
• Reconcile complete Excise records and review RG23A, MODVAT, PLA and Service Tax matters
• Review inventory reports (complete records are computerised-batch wise finished production and monitoring and reconciliation of stock records-input/output ratios) and take up surprise check to confirm correctness of the inventory quantities
• Verify and authorise on line, the expense payment vouchers and sales representative bills
• Ensure in time payment of Sales Tax, Excise duty, Service Tax, TDS and income tax dues
• Review of CAPEX proposals and submit report on post CAPEX results
• Ensure intercompany reconciliation on monthly and there are 5 companies workings under the same management
M/s. Foods Fats and Fertilisers Ltd, Tadepalligudem, Andhra Pradesh
Deputy Manager - Finance and Accounts (Apr 2000 - Jun 2005) / Industry: Edible Oil/Trading
Major activity of the company
Foods Fats & Fertilizers Ltd was conceived in 1959, born in 1960 and was on its feet by 1962. Today Foods Fats & Fertilizers Ltd was matured into a conglomerate of 20 industrial units spread over 40 acres constantly bussing with activity and providing employment to over 1000 persons. Our product range today includes oils of rice bran, soybean, sunflower, groundnut, sesame, palm, sal seed, mango kemel, acid oils, wax, gums, deoiled meals (extractions), crude distilled and hydrogenated fatty acids, oil tractions, stearic acids, glycerin, hydrogenated fats for industrial use, vanaspati / shortening, margarine,
• Independently responsible for Depot (21 depots), Consignment (23 C&F agents) sales accounts and depot/C&F agent's profitability
• Control depot expenses, Sales representative expense, C&F agent expenses and promotional sales scheme expenses
• Ensure in time collection of depot receivables and C&F agent commission settlement
• Arrangement of depot imprest, Sales tax dues, Salaries and sales rep's expense reimbursement
• Responsible for overall depot accounts receivables, depot stock limits, depot assets and current liabilities
• Major achievements: ❖ Monthly closing of depot, C&F agents accounts., on or before 3rd of every month
❖ Effective internal control system over accounts receivables, expenses and depot overall operations, it was significantly noted a steady growth of 3.2935% profitability on depot operations
❖ No bad debts were noted from any depot during the period of my position at FFF
❖ All depot account transactions were computerized and controlled from Head Office successfully
Team Size: 5 staff and 2 accounts officer
Reporting to General Manager-Finance
M/s. Avanthi Feeds Limited, Kovvur
Cost Accountant (Sep 1997 - April 2000) / Industry: 100%EOU Export
Major activity of the company
Avanti Feeds is the leading manufacturer of Prawn and Fish Feeds and Shrimp Processor and Exporter from India. Avanti Feeds Limited has established joint venture with Thai Union Frozen Products PCL., the world's largest seafood processors and leading manufacturer of prawn and fish feeds in Thailand with integrated facilities from Hatchery to Shrimp & Fish processing and Exports
• Responsible for product cost and calculation of batch wise profitability, Unit accounts preparation
• Verify and settle material purchase bills, expense bills and brokerage bills
• Verify and preparation of invoice on sub-contract activity, material accounting and inventory reports
• Export documentation and submit complete set of export documents to "Adani house" for export incentive/benefits
• Co-ordinate with clearing agent for export of consignment at shipyard and bills negotiation with SBI
• Major achievements: ❖ Opportunity work since inception of the company, involved all government departments and obtain registration certificates
❖ Introduced cost report system, process costing and purchase bills negotiation with suppliers
❖ Responsible for Unit accounts completion and profitability, CAPEX control
Team Size: 3 staff
Reporting to Plant Head for plant operations and finance issues to Accounts manager
M/s. Commerce Special
Faculty (Jul 1994 - Aug 1997)
One of the leading professional coaching institute provides professional course guidance to CA, ICAI and CS students.
• Worked as faculty and guided for Accounts, Costing, Management accounts, Taxation and auditing subjects
Team Size: 4 staff;
Reporting to Director
M/s. Voleti Subba Rao &Co, Rajahmundry
Article Clerk (Jun 1989 - Jun 1994)
One of the highly reputed audit company having different client audit files and tax matters
• Completed article ship under supervision of senior auditor and had experience on various audits like trading business, Individual business, HUF, Partnership firms and Companies
• Draft audit programs and completion of audits as per schedule
• Preparation of Financial statements, Balance sheet and Profit and Loss account schedules and Tax audit reports, schedules and annexure for various assesses.
• Monitor and guide 6 staff / paid assistant on various audit files and look after audit work papers and audit note book
Team Size: 6 staff
Reporting to Audit Manager/Team Leader
• CMA- Shortly to receive CMA Certification from Institute of Management Accountants- USA
• ACMA - Qualified Cost Management Accountant - Membership number: M/33542 ICAI- Institute of Cost Accountants of India, India -Year of Pass: 1999
Institute of Chartered Accountant of India, India - Completed article ship only
Bachelor of Commerce