Cost & Inventory Specialist (Reliever)

Job Description

Job Objective
The Cost and Inventory Specialist is responsible for analyzing, tracking, and controlling the costs associated with the organization’s operations. The position also ensures efficient accounting, cost effective and recording of inventory and inventory costing related transactions. The position will play a critical role in providing accurate cost information to support decision-making, budgeting, pricing strategies and cost optimization initiatives.

Key Duties and Responsibilities

Inventory Costing and Analysis:

Cost Analysis: Conduct in-depth cost analysis for various aspects of the organization, including production, projects, processes, and product lines. Use cost accounting methodologies to allocate costs accurately and identify cost drivers. Utilize financial data and other relevant information to identify trends, patterns, and areas for improvement.
Inventory Valuation: Monitor and analyze inventory levels and ensure accurate valuation in accordance with the applicable accounting standards (e.g., GAAP, IFRS). Attest in the periodic inventory counts conducted by Warehouse Department. Perform periodic inventory reconciliations and adjustments. Calculate and monitor the provision for inventory shrinkage.
Cost of Goods Sold (COGS) Calculation: Calculate and analyze the COGS for different products and product lines. Collaborate with the production and procurement teams to track cost variances and identify cost-saving opportunities.
Cost Estimation: Analyze data to estimate the cost of potential projects, new product development, or expansion initiatives, assisting in making well-informed investment decisions.
Cost Control: Collaborate with cross-functional teams to implement cost control measures and monitor their effectiveness. Identify areas for cost optimization without compromising product quality and operational efficiency.
Cost Reporting: Prepare and present regular cost reports to management, highlighting key cost drivers, trends, cost-saving opportunities, cost control measures, and actionable recommendations.
Overhead Analysis: Analyze and allocate overhead costs to various departments or projects, as applicable, to determine their impact on overall costs and profitability.
Data Integrity: Ensure the accuracy and integrity of cost data by conducting regular audits and implementing data validation processes.

Budgeting and Forecasting Support:

Budgeting and Forecasting: Assist in the development of cost budgets and forecasts. Monitor actual costs against budgeted figures and provide variance analysis reports to relevant stakeholders.

Management Reporting:

Management Reporting: Ensure the timely, accurate and thorough preparation and submission of the detailed product costing and inventory valuation to management and related Balance Sheet schedules to support the preparation of financial statements.
Compliance and Regulations: Ensure compliance with cost accounting standards and financial reporting regulations while performing cost analysis. Stay updated on financial regulations and industry best practices related to cost analysis and ensure adherence to relevant standards.

Process Improvement:

Process Improvement: Continuously improve cost accounting processes, methodologies, and tools to enhance accuracy and efficiency. Collaborate with cross-functional teams to streamline processes, reduce inefficiencies, and enhance cost-effectiveness throughout the organization.
Financial Modeling: Develop financial models to assess the impact of different cost scenarios and support strategic decision-making processes.

SAP access:

Ensure the accurate and real-time execution of tasks related to the process/es they are responsible for, including the recording of information and report generation in the designated forms and platforms (e.g. SAP)
Integrate with other parties/ functions whose processes are interfaced with their processes (to enable alignment, efficient flow of the process, and effective implementation of controls)
For detailed SAP-related tasks, please refer to the attached RACI

Other Tasks:

Performs other tasks as may be assigned by the immediate head from time to time
Actively participate in all company programs and activities under quality improvement, safety & security, sustainability, corporate social responsibility, risk management etc

Qualifications

Minimum Qualifications and Requirements
Education:
A university degree holder with discipline in accounting, business, finance

Experience:
Minimum of 2 years relevant work experience in product costing and inventory valuation

Licenses:
Not Applicable

Requirements:
Knowledge of accounting principles and procedures in relation to inventory and costing
Ability to communicate well, both written and oral
Ability to establish effective interpersonal relationships with stakeholders
Ability to work independently and as part of a team in a fast-paced environment
Advance proficiency in Microsoft Excel and other financial analysis software
Detail-oriented with strong analytical skills