Senior Cost Accountant

Basic Responsibility

The Costing Senior Accountant is responsible for analyzing financial costs, monitoring cost controls, conducting variance analysis, and preparing accurate reports to support decision-making. This role collaborates with production and supply chain teams to optimize costs and achieve organizational goals.

Main Tasks

Duties include, but are not limited to the following:

• Prepare and analyze production cost data, including raw materials, labor, overhead, and machine usage.
• Monitor and analyze cost trends, variances, and discrepancies to identify opportunities for cost reduction and efficiency improvements.
• Develop and implement cost allocation methods and procedures to ensure accurate cost distribution across departments and projects.
• Identify and implement cost-saving initiatives and process improvements to enhance financial performance.
• Coordinate with other departments, including supply chain and production, to ensure accurate cost data and alignment with organizational goals.
• Analyze and recommend changes in production methods, supplier contracts, and resource allocation to achieve long-term cost benefits.
• Address cost variances from unexpected production delays by using real-time tracking to adjust processes and minimize impacts.
• Conduct periodic audits and reviews of costing processes to identify and address any internal control weaknesses.
• Generate monthly, quarterly, and annual cost reports and financial statements for review.
• Develop financial models to simulate the impact of various operational scenarios (e.g., shifts in raw material costs, labor rates, or production volumes).
• Prepare the annual budget and rolling forecasts, provide cost projections for raw materials, labor, and overheads, and support cost-saving and efficiency initiatives.
• Monitor and analyze inventory levels and movements, ensure accurate valuation, conduct regular physical inventory audits, and reconcile differences.
• Coach junior accountants, ensuring compliance with policies and provide training to improve their skills and performance.
• Ensure compliance with internal controls, policies, and procedures related to costing and inventory management.

Technical Competencies

• Cost Accounting: Proficiency in cost accounting principles, variance analysis, and overhead allocation.
• Financial Reporting: Experience in preparing cost reports aligned with standards.
• ERP Systems: Skilled in ERP tools for data extraction and costing.
• Inventory Management: Knowledge of inventory valuation and reconciliation processes.
• Data Analysis: Advanced Excel skills and data interpretation for actionable insights.
• Budgeting and Forecasting: Expertise in preparing accurate cost budgets and projections.
• Manufacturing Processes: Familiarity with production workflows, raw material usage, and cost tracking.
• Compliance: Understanding of internal controls, audits, and cost-related regulations.
• Optimization: Problem-solving skills for cost reduction.
• Software Knowledge: Experience with reporting tools.

Education

Bachelor’s degree in Accounting, Finance, or a related field. A Master’s degree in Accounting or Finance is preferred.

Experience

5+ years of experience in cost accounting, with at least 1 year in senior role. Experience in the agri-food industry food or FMCG sectors is a plus.

Languages

• Proficient in English
• Proficient in Arabic

Other Requirements

• Work based in a corporate office.
• Travel might be required.