Job Overview
- To oversee and manage all factory-related financial activities, including cost accounting, inventory valuation, and production cost control.
- The Factory Accountant will ensure accurate reporting of manufacturing costs, support budgeting processes, and provide financial insights to enhance operational efficiency and profitability.
Key Responsibilities
Cost Accounting and Analysis:
- Maintain accurate costing systems for products and processes.
- Monitor standard costs vs actual production costs; analyse variances and report findings.
- Support product pricing decisions through cost analysis.
Inventory and Production Cost Management:
- Track and value raw materials, work-in-progress WIP, and finished goods.
- Reconcile inventory records with physical counts; investigate and resolve discrepancies.
- Support monthly and annual stock-taking exercises.
Budgeting and Forecasting:
- Assist in preparing factory operational budgets and forecasts.
- Monitor budget performance, identify cost overruns or savings opportunities.
- Support management with variance analysis and cost projections.
Financial Reporting and Compliance:
- Prepare factory-related financial reports and performance dashboards.
- Ensure compliance with internal controls, accounting policies, and statutory regulations.
- Liaise with auditors during internal and external audits.
Payroll and Labour Cost Monitoring:
- Collaborate with HR and production to ensure accurate recording of labour costs.
- Analyse labour efficiency and its impact on production cost.
Fixed Assets and Capital Expenditure:
- Monitor capital investments in the factory, including machinery and infrastructure.
- Maintain accurate fixed asset registers and depreciation schedules.
Cross-functional Collaboration:
- Work closely with production, procurement, stores, and logistics teams to ensure cost efficiency.
- Participate in operational meetings to provide financial insights and data-driven recommendations.
Key Performance Indicators KPIs
- Accuracy of cost and inventory data
- Timeliness of monthly reporting
- Budget variance reduction
- Cost-saving initiatives identified and implemented
- Audit compliance and control effectiveness
Qualifications and Skills
Education:
- Bachelor's Degree in Accounting, Finance, or related field.
- Professional accounting certification e.g, ICAN, ACCA is a strong advantage.
Experience:
- 3-5 years of experience in a manufacturing or production accounting role.
- Experience with cost accounting, ERP systems, and inventory control.
Skills:
- Strong analytical and problem-solving skills.
- Proficiency in Microsoft Excel and accounting software SAP, Sage, QuickBooks, etc..
- Good communication and interpersonal skills.
- Detail-oriented with a hands-on approach.
