cost accounting manager
perfect for financial consulting
Total years of experience :18 years, 3 Months
Examine the efficiency and effectiveness of the company's cost system, develop the documentary cycle and cost system implementation procedures.
Provide consultancy on standard product cost management in coordination with the company's planning and production department
Guiding the preparation and updating of the item components file, advising on the pricing of products to achieve the highest return on investment.
Provide consultations on the profitability or loss of products and study the elimination of products that make a loss and do not contribute to covering fixed costs.
Providing consultancy on recent expansions, determining their cost and preparing income statements in light of them.
Providing strategic planning consultancy in relation to cost planning and budgeting.
Analyze companies financially for the past five years, analyses their strengths and weaknesses and make recommendations
Setting up cost systems and applying them to ERP software, setting up financial systems, preparing accounts manuals and cost centers
Supervision and follow-up of cost department heads in different companies within the group.
Develop the annual plan, policies and objectives for the cost departments within the group.
Propose policies for planning budgeting and discuss them with the Group CFO for approval, Project Manager for the implementation of ERP software for the Group and coordination between the software manufacturer and the Group's executives and department heads.
Discuss reports submitted by cost heads, advise, counsel and facilitate obstacles faced by department heads.
Provide reports of changes that affect the cost of each product and its impact on the company's profitability and submit them to the Group CFO and executive management for action.
Review the selling prices of products and determine the allowable discounts and their impact on the target profit and submit them to the Group CFO.
Examine and take action on the contribution return reports for each product, calculate the profit and loss for the products and prepare the consolidated income statements for the group.
Prepare projected income statements for expansions at the level of each company, plan and control cost elements by establishing specific guidelines for department heads.
Supervise the internal audit team and monitor and evaluate their performance.
Developed the annual internal audit plan and approved by the Chairman of the Group Audit Committee.
Develop financial and administrative procedures and regulations that help protect the company's assets.
Review and audit sub-budgets submitted by departments.
Monitor and evaluate the performance of the divisions in achieving the objectives set for the division.
Ensure that financial transactions are properly audited and properly posted to the accounting system.
Review and Auditing cost reports prepared by the Cost Manager and discuss deviations with him.
Monitor the extent to which departments achieve the targets set in the planning budgets, analyse the reasons for deviations and provide advice.
Monitor each department's compliance with financial regulations and administrative procedures.
Audit and scrutinize financial reports before submitting them to the Chairman of the Group Audit Committee.
Examine and develop the cost system and ensure that it is properly linked to the rest of the departments' ERP system and ensure the integrity and posting of cost entries in the accounting system.
Examine the financial statements, examine and evaluate the operational and production performance of the company, analyses the causes and report to the Group Internal Control Manager.
Provide advice and feedback in the form of reports to the company's executive management to address weaknesses and enhance strengths.
Submit the annual control report to the Group Audit and Control Director with a comprehensive overview of the threats faced by the company, weaknesses and their impact on the company's assets and profitability, and make appropriate recommendations to resolve them.
Lead a cost management, inventory control and budgeting team consisting of 5 accountants.
Supervising, directing and following up the team, distributing daily, weekly and monthly tasks.
Review and update the standard cost of products.
Forecasting the expected cost based on expected raw material change prices and input costs.
Analyse cost data and find solutions to reduce costs
Analyse and revise the sales and production plan to achieve the highest return.
Prepare a break-even analysis for each individual product and find the optimal sales mix.
Study the acceptance and rejection of orders from customers, study the deletion and addition of new products.
Pricing products in different ways that achieve the highest return.
Supervise the preparation of the operational budget with the different departments.
Calculating actual costs and closing work orders
Monthly closure of cost accounts and posting of journal entries to ledger accounts and trial balance.
Allocate indirect and fixed costs to full production and work orders.
Calculate standard and planned costs for each product.
Monitor production in process and measure deviations.
Evaluate late production inventory and allocate indirect manufacturing costs.
Prepare cost lists for each product and work order.
Report on the cost of each product and continuously update the cost when any element of the cost inputs changes. Prepare operational and planning budgets.
Report budget and production plan deviations.
• Classification costs and preparing cost guidelines.
• Product costing, inventory valuation, income determination.
• Assessing departmental efficiency, controlling operations.
• Using the variable and absorption costing methods for determine cost of goods sold and determine the contribution margin and operating income.
• Using methods of allocating joint costs, by-products and sell or process decisions.
• Using the process costing system (FIFO, weighted- average methods) for determining equivalent unit’s production (EUP).
• Using Job-Order costing system to calculating the operations cost.
• Knowledge of other cost accumulation systems (Operating costing, Life cycle costing, Value-adding-non value adding activities)
• Factory overhead allocating by using (application rate and service department cost allocation.
• Using Activity-Based Costing (ABC) system.
• Calculating “materials requirements planning” cost (MRP) and Outsourcing.
• Knowledge of implementation just-in- time system (JIT).
• Theory of constraints and throughput costing analysis and capacity planning.
• Capacity Planning, and classification capacity and chooses the best capacity for operating.
• Design and developing the operating documents cycle and following the procedures.
• Preparing and recording the all journal entries that private the cost and inventory and the ability on link the cost accounts and inventory by the general ledger accounts.
• Preparing the balance sheet and income statement and cost statements.
I studied at the Faculty of Commerce, Accounting Division, Sadat City University, in May 2005