Cost Accounting Lead
MAGRABI Retail
Total years of experience :7 years, 6 Months
Managing all tasks related to cost and reporting accounting for the Lab
- Prepare and review of monthly financial statements (P&L, B/S, and Cash Flow)
- Assist in preparation of quarterly forecasts and annual budget
- Conduct Monthly meetings with the production team to review Product costs
- Refresh and update the Monthly cost report
- Perform month-end closing tasks review results of jobs executed.
- Develop OH rates in a monthly basis
- Ensure that spending is recorded accurately in the books
- Ensure that balance sheet accurately reflects current assets and liabilities of the relevant area of the business
- Update Bill of Material when needed
- Perform month end close activities related to Cost Accounting
- Prepare actual vs. plan (budget) analysis. Prepare various financial analysis related to manufacturing costs, inventory, and expense information for various customers as needed for decision making support
- Analyzes changes in product design, raw materials, manufacturing methods, or services provided, to determine effects on costs. Analyzes actual production costs and prepares periodic reports comparing standard costs to actual production costs
- Prepares estimates of new and proposed product or service costs.
- Provides management with reports specifying and comparing factors affecting prices and profitability of products or services.
- Develop and maintain standard costs of finished goods and production components .
- Maintain and improve processes and controls associated with manufacturing costs and inventory valuation.
- Conduct physical stock count to ensure the accuracy of stock entries closing on monthly and yearly basis.
- Conduct costing and issue the cost reports for the stock of raw materials, spare parts, utilities, transported goods, and manufactured goods on a monthly basis.
- Accurately calculate product costs
- Monitor, analyze and discuss production variances including PPV, MUV, and Volume mix ( absorption)
- Ensure the proper closing of the production entries on monthly basis.
- Audit the pricing of purchased raw materials and imported finished goods
- Analyze cost variances, when and if they occur, and report findings
- Analyze profitability of each item and each production line and develop the margin analysis report
- Prepare weekly and monthly production waste reports and Rework
- Analyze and report on possible and potential causes of waste in production, and weekly align with management
- Proactive analysis of production variances and communicate issues and opportunities to supply chain director.
- Development and maintenance of standard costs, price structures and intercompany pricing.
- Adhoc reports requested
Calculate Direct Material costs.
▪ Bill of Material ( BOM ) consumption actual VS. flexible budget analysis.
▪ Monthly budget report for every cost center includes its actual vs. budgeted cost.
▪ Ensure accuracy stock controlling on daily basis-controlling inventory transactions comparing balances in different
system quarterly.
▪ Conduct and reconcile physical inventories.
▪ Assistance in preparing the trial 111balance of the stores.
▪ Responsible of planning and forecasting process for all areas of the business, inclusive of monthly reporting and forecasting as well as annual budgeting, long-range planning for these areas.
▪ Quarterly forecasting & bench-marking for flexible Budget.
▪ Collaborating with the other finance and operation department's managers, to support overall department goals and objectives and act as an advisor to department managers in formulating their budget submissions.
▪ Update the budget model as requested to account for significant changes in the business environment
▪ Preparing stand-alone financial reports, for 8 separate legal entities and consolidated financial statements B/S, P&L, C/F. And compare actual results with budgets, showing variance analysis, and present a proper interpretation
▪ Perform monthly and ad-hoc analyses and prepare management reports on performance metrics, financial ratios, and financial trends reflecting cost center performance.
▪ Developing and runs price testing models to optimize pricing scheme.
▪ Conduct new project feasibility financial analysis and Analyze project costing and pricing.
▪ Provides analysis and modeling on investments and project planning.
The settlement of customer accounts by a monthly reconciliation between invoices and cash payments and
checks after the deductions owed to them account (a quantity discount - Commercial discount - cash
discount) according to the contract.
▪ Review and settling Delegates accounts and warehouses
▪ Posts customer payments by recording cash, checks.
▪ maintain accounts receivable customer files and records
▪ Perform physical inventories and keep perpetual inventory records of the quantities of stock on hand
Responsible for Follow-up cash receipts and cash payments
Expenses analysis
Distribution expense on its cost centers
Follow-up account receivables, accounts payables
Journal entries (Treasury - Sales - Adjustment)
The introduction of sales invoices to the accounting system.
Customer accounts settlement at the end of each month.
Maintain Inventory Control.
Assistance in the preparation of the trail balance
Assistance in the preparation of Income statement
Studies focused on various types of accounting (Financial accounting, Banking, Corporate accounting, and Cost accounting) plus additive sciences like Business Administration, Economy, Financial Math, Statistic … etc.