Cost Accountant

Position Overview

We are seeking a detail-oriented and analytical Cost Accountant to join our dynamic finance team. In this pivotal role, you will be responsible for maintaining accurate cost accounting records, analyzing production costs, and ensuring financial compliance with industry standards. The ideal candidate will have a strong foundation in cost accounting principles, hands-on experience with ERP systems, and a commitment to driving operational efficiency through data-driven insights.

Key Responsibilities

The Cost Accountant will play a direct and integral role in financial operations by executing the following responsibilities:

• Maintain Standard Costing: Develop and update standard costs for materials, labor, and overheads to reflect current production conditions and market trends.
• Cost Monitoring & Variance Analysis: Track production costs, perform detailed variance analysis, and identify discrepancies to recommend corrective actions.
• BOM & Routing Management: Review, update, and maintain Bills of Materials (BOMs) and production routes to ensure alignment with manufacturing processes.
• Raw Material & Production Efficiency: Analyze raw material consumption, scrap, wastage, and overall production efficiency to optimize resource utilization.
• Financial Closure & Work Orders: Ensure timely financial closure of production work orders and RAF transactions, maintaining compliance with internal and external reporting deadlines.
• Inventory Valuation & Management: Conduct monthly inventory valuation using FIFO costing, perform inventory closing in the ERP system, and coordinate physical inventory counts to enhance accuracy.
• Reconciliation & Reporting: Prepare inventory reconciliations, inventory-related journal entries, and assist with month-end closing, WIP reconciliations, and general ledger reconciliations.
• Cost Analysis & Pricing Support: Generate product costing reports, profitability analyses, and manufacturing cost insights to support strategic pricing decisions.
• Compliance & Audits: Ensure adherence to costing policies, internal controls, and IFRS requirements while providing necessary documentation and support for internal and external audits.
• Collaboration & Continuous Improvement: Work closely with cross-functional teams to streamline cost accounting processes and drive operational excellence.

Qualifications & Skills

To excel in this role, the candidate must meet the following educational and professional criteria:

• Education: Bachelor’s degree in Cost Accounting or a related field.
• Experience: Minimum of 1+ years of relevant experience in cost accounting or inventory control, preferably within a manufacturing environment.
• Technical Proficiency:
  • Expertise in standard costing and variance analysis.
  • Proficiency in BOM and routing management.
  • Strong knowledge of inventory valuation methods, particularly FIFO.
  • Hands-on experience with ERP systems, such as Dynamics AX or D365.
  • Advanced skills in Microsoft Excel for financial modeling and reporting.
  • Understanding of financial reporting, general ledger reconciliation, and IFRS principles.
• Soft Skills: Exceptional problem-solving abilities, innovative thinking, and a collaborative approach to teamwork.
• Languages: Fluency in English and Arabic is required.

Core Competencies

The successful candidate will demonstrate the following competencies:

• Cost Accounting & Analysis: Ability to interpret financial data and provide actionable insights.
• Inventory & Manufacturing Cost Control: Expertise in managing inventory costs and optimizing production efficiency.
• Analytical & Problem-Solving Skills: Strong aptitude for identifying trends, discrepancies, and opportunities for improvement.
• Financial Reporting & Reconciliation: Precision in preparing financial statements and ensuring accuracy in reconciliations.
• Attention to Detail: Commitment to maintaining high standards of accuracy and compliance in all financial activities.