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1. To support the Manager Finance in costing and budgeting activities at the Business Unit level and thus ensure appropriate financial and regulatory health of the business unit.
2. Support the BU team as well as provide support to the Corporate Team in product cost management.
Roles & Responsibilities
1. Support the Manager Finance in finalization of the overall product pricing strategy in close coordination with the Marketing departmentOperational
2. Support the Manager Finance in budgeting exercise for the business unit including collation, consolidation and communication
3. Manage production/ manufacturing costing sheet, Business P&L, Balance Sheet, Capital Spending (CAPEX), Inventory and reserves
4. Prepare the first level budgeting schedule for the business unit and assist each department in budget preparation by providing formats, guidelines, assumptions and principles for the same
5. Receive changes in budgets from each department and collate final budget by incorporating changes suggested by Manager Finance and provide support to the Manager Finance in presenting the revised budget to MD/ CEO for approval
6. Upload final budget on ERP system and regularly monitor the budget for deviations
7. Collect and analyze various heads/ cost of doing business including manufacturing and sales data to determine costs of business activity such as raw material and spares purchases, S&D, inventory, energy usage, transportation and manpower deployment
8. Conduct periodic analysis of costs in product design, raw materials, manufacturing methods to determine the impact on cost base and hence overall profitability of the business unit
9. Analyse actual manufacturing costs and prepare periodic reports comparing standard costs to actual production costs
10. Support the Manager Finance in conducting variance analysis of planned Vs. actuals costs across the business unit
11. Perform stock valuation, stock count, SKU level sales analysis and check for any variances in terms of quantity, price and usage to be highlighted to the Manager Finance
12. Conduct competitive analysis of quarterly/ annual business/ financial results with respect to product pricing, growth rates, profitability, ROI, sales tracking etc. and provide details to the Manager Finance
13. Support the Manager Finance in monthly/ quarterly/ annual costing for required components and assist the business unit in new product costing by providing data and costing templates
14. Work in close coordination with the Manager Finance to accurately allocate the direct and indirect expenses to the components and cost centers, calculate the man-minute costs of each component & overall component cost and submit the same for review on a monthly/ quarterly/ annual basis
15. Ensure timely preparation of costing related MIS and submit the same to all concerned stakeholders as per the agreed timelines
16. Upload any product recipe changes and product procurement cost on the ERP system and forecasts monthly margins basis the changing prices
17. Support the Manager Finance in the integration of new ledgers and accounts in the ERP system and ensure accounting of items in appropriate ledgers
18. Identify process improvements and make recommendations to Manager Finance to strengthen and improve internal controls and thus streamline the budgeting and costing processesPeople Management
19. Allocate work to subordinates, nominate for training as per guidelines, conduct performance reviews and manage leave and overtime to ensure efficiency.
20. Participate in the identification of training and development initiatives for all subordinates
21. Drive the engagement and satisfaction of the team through holding periodic meetings to discuss the achievements and address any employee issues and/or concerns. Build an effective, efficient and motivated team
1. % adherence to timelines for development of budgets
2. Timeliness and accuracy of MIS
3. % adherence to timelines for product costing
4. % accuracy in product costing
5. Time taken to achieve closure on audit observations
Work experience requirement
• Minimum 4+ years of related experience in budgeting and costing, preferably in a manufacturing or FMCG industry
• ACCA / CIMA / ICMA
Planning & Prioritizing
Displaying Technical Expertise
Using Computer and Technology
Working with Diverse Populations
Planning & Decision Making
IFFCO Group* is Top 100 Most In-demand Employer in MENA
*IFFCO Group refers to all the group companies, affiliates and associates across the globe, as listed under IFFCO Network.