The Product Costing Specialist is responsible for allocating direct and indirect costs with the most convenient cost allocation method, to the cost of the product in order to analysis margins and variations, establish sales policies and strategies and help the management to take informed decisions. This role involves collaborating with various departments to ensure efficient cost management practices are implemented across the organization. This role will be also involved in the cost analysis for new and existing products and perform financial planning and analysis. He/she will be involved in the cost monitoring and cost controlling.

Responsibilities: Product Costing Function

• Produce reliable product cost estimations across different SKUs in different companies and industry sectors. Working closely with accountants and business unit managers and providing regular reports to the management.
• Act as an expert on product costing for existing and new SKUs and represent Business unit on various product governance reviews and ensure product costs are accurately reflected in the pricing mechanism.
• Conduct regular cost analysis, margin assessment and variance investigations at individual SKU level.
• Control and analyse all records related to standard and actual costs, to ensure that necessary actions are taken and to make updates at regular intervals. Making monthly, quarterly, and annual cost analysis on SKU basis, evaluating product cost and profitability analysis.
• Create and maintain templates to help estimate product cost and aid in product pricing by incorporating margins as per relevant industry standards.
• Prepare accurate and timely product cost reports and aiding business unit managers during management review.
• Aid management in suggesting and incorporating Cost Control measures at individual SKU level.
• Estimating costs and comparing budgets with actual expenses.
• Monitoring product costs after significant changes in SKU's or processes and analyse impact of different sales and delivery strategies on the overall product cost and margins.
• Conduct market research to support Pricing margins for new and existing SKUs across different industry sectors.
• Analyze costs across different departments and projects within the group of companies.
• Monitor cost trends and identify areas of improvement or potential cost-saving opportunities.
• Regularly review financial reports and cost data to ensure accuracy and reliability.
• Assist in the development of annual budgets for each company within the group.
• Collaborate with department heads to establish cost targets and track performance against budget.
• Provide financial forecasts based on cost analysis and market trends.
• Implement cost control measures to ensure expenses are kept within budgetary constraints.
• Identify inefficiencies in processes or operations and propose solutions to optimize costs.
• Work closely with department managers to implement cost reduction initiatives without compromising quality or productivity.
• Conduct variance analysis to compare actual costs against budgeted amounts.
• Investigate significant variances and communicate findings to management.
• Develop strategies to address unfavorable variances and improve cost performance.
• Prepare regular financial reports related to costs, expenses, and budgetary performance.
• Present cost-related data and analysis to senior management for decision-making purposes.
• Ensure compliance with accounting standards and regulatory requirements in all cost-related reporting.
• Continuously evaluate and improve cost accounting processes and procedures.
• Implement automation and technology solutions to streamline cost tracking and reporting.
• Train staff members on cost control best practices and ensure adherence to established policies.