Job Purpose:- To estimate production costs and track regular expenses, which may be related to a new process or a new product and recommend changes to pricing and business models through tracking data such as changing labor, supply costs, conducting market research.
Duties and Responsibilities:
- Develops and maintains accurate costing systems in relation to labor, production methods and material supply.
- Analyzes changes in product design, raw materials, manufacturing methods, or services to determine effects on costs.
- Estimates new and proposed product costs as well as product changes.
- Analyzes the data collected and logs a detailed record of the results.
- Repairs (monthly, quarterly, and annual) cost forecasts.
- Analyzes monthly Cost of goods sold (CoGS), Purchase Price Variance (PPV) and Manufacturing variance journal entries.
- Analyzes data on material and labor costs to evaluate efficiency and effectiveness.
- Reviews standard and actual costs for inaccuracies.
- Analyzes changes in product design, raw materials, manufacturing methods, or services provided to determine effects on costs.
- Analyzes actual costs and prepares periodic report comparing standard costs to actual costs and recommend cost efficiencies.
- Provides finance support on business cases; project cost calculations/quotations for strategic projects with appropriate labor and overhead rates and overall production costs (make/buy, outsourcing/in sourcing).
- Prepares product cost reports which meet the needs of managers and other employees using the information.
- Reconciles general ledger account balances for inventory, material expense and production costing items.
- Assists cost related issues in Ad-Hoc projects to improve overall financial process and controls.
- Evaluates and updates standard costs on a quarterly basis, which includes the review and analysis of material, direct & indirect labor, and other overhead costs incurred.
- Provides input and recommendations for streamline processes and updates of the cost accounting policies and procedures.
- Reviews and drives cost reductions, working capital opportunities and manufacturing productivity improvements.
- Prepares the monthly cost of sales figures by analyzes expenses such as material, labor, research, and development expenses.
- Performs other duties assigned by the immediate supervisor.