Chief Manufacturing Economist

Position Summary:

product cost accounting and analysis process

Key Responsibilities:

1. Costing Process Ownership

• Develop and maintain a

  standard cost structure

  for all products and components, including BOM-based material costing, machine hour/labor cost allocation, and overhead apportionment.
• Establish

  Excel-based costing models

  integrated with Tally ERP outputs to ensure traceable and auditable calculations.
• Maintain a

  costing register

  for all SKUs(Stock Keeping Unit), periodically updated with actual vs. standard cost performance.

2. Raw Material & Consumption Control

• Perform

  Raw Material Consumption (RMC) reconciliation

  : analyze issued vs. consumed quantities and investigate abnormal deviations.
• Monitor consumption patterns using

  Excel dashboards built from Tally ERP exports

  , ensuring correct PRN-to-department linkages.

3. Work-in-Progress (WIP) and Finished Goods Valuation

• Conduct periodic

  valuation of WIP and finished goods

  using consistent costing methods (FIFO/Weighted Avg) and document the methodology.
• Implement Excel-based

  WIP tracking sheets

  that align with production stages and Tally inventory movements.

4. Cost Variance Analysis

• Analyze

  standard vs. actual cost deviations

  by component, activity, and cost center (e.g., production, QC, admin overheads).
• Highlight key variance drivers and provide actionable insights to reduce inefficiencies and material wastage.

5. Overhead Allocation & Absorption

• Build and maintain

  Excel-based overhead allocation models

  (based on machine hours, labor hours, or units) for assigning factory overheads to cost centers.
• Ensure consistent overhead absorption rates and correct entries in Tally ERP via journal vouchers or class tracking.

6. Monthly Costing Cycle & Closing Support

• Own the

  monthly cost close calendar

  : coordinate with stores, production, and finance teams to complete costing in line with the monthly closing process.
• Ensure proper cost provisions (e.g., unbilled GRNs, under-absorption of overheads) are passed through Tally ERP.

7. Costing Documentation & Audit Readiness

• Maintain complete

  cost sheets, cost ledgers, and pricing trails

  in Excel for audit and internal review purposes.
• Prepare documentation for

  cost audits and statutory cost compliance reports

  , ensuring data is backed by Tally ERP exports and reconciliation logs.

8. New Product Costing

• Develop

  initial costing models

  for new product introductions or customer-specific configurations using available BOMs and production inputs.
• Collaborate with engineering and operations teams to capture accurate cost drivers from the outset.

9. Also

• Checking and informing about the non-streamlined consumption record for channelized project flow
• Drafting & monitoring the SOPs for on-time task completion in accordance with industry regulations & business standards
• Understanding the variance (expected & current) by conducting variance analysis and providing accurate data to assist in the decision-making process by management
• Conducting pricing analysis & evaluating the transfer pricing
• Providing in-depth factors of financial relevance after analyzing the product profitability and presenting a true and fair view of financial position of the company by accurate reports preparation
• Capex Analysis & forecasting, and Project Controlling & Revenue forecasting for projects
• Assisting in audits by coordinating with and providing necessary financial information to the statutory auditors
• Conducted cost audit & maintained cost records
• Filed cost audit reports & cost compliance reports
• Prepared control chart, cost sheet & performance appraisal reports for product costing
• Other duties as assigned.

Qualifications:

• CMA (Cost and Management Accountant)

  required.
• Minimum

  10 years of experience

  in cost accounting within a

  manufacturing environment

  , preferably in

  machine-building or heavy industry

  .
• Strong proficiency in

  Tally ERP

  (cost centers, inventory, vouchers) and

  advanced Excel

  (pivot tables, formulas, data modeling).
• Proven record in

  manual costing system development

  , particularly where no ERP costing module is available.

Key Skills:

• Deep understanding of

  costing methodologies

  (absorption costing, marginal costing, etc.).
• Ability to work with

  limited automation

  and create reliable systems using basic tools.
• Strong analytical and documentation skills.
• Capability to train and guide teams on cost awareness and control.