About this role
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 skills in financial accounting and reporting, including ledger management and preparation of financial statements.
- Proficiency in budgeting, forecasting, and financial analysis to support decision-making and cost control.
- Experience in accounts payable and receivable management, bank reconciliation, and cash flow monitoring.
- Knowledge of tax regulations, statutory reporting requirements, and compliance with local accounting standards.
- Competence in using accounting software and MS Excel; familiarity with ERP systems is an advantage.
- Bachelor’s degree in Accounting, Finance, or a related field; professional certification (e.g., ACA, ACCA) is a plus.
- Attention to detail, strong numerical skills, and the ability to maintain accurate records under tight deadlines.
- Effective communication, collaboration skills, and a commitment to ethical financial practices.
- Prior experience in manufacturing or FMCG environments is beneficial.