Job Overview
A leading organization is seeking an experienced Senior Costing Accountant to manage product costing, manufacturing cost accounting, inventory valuation, and cost analysis in Saudi Arabia. The successful candidate will support accurate financial reporting, strengthen cost control, monitor manufacturing performance, and provide financial insights to improve operational efficiency and profitability.
This role is ideal for an accounting professional with experience in manufacturing finance, standard costing, inventory accounting, production cost analysis, and financial reporting. The Senior Costing Accountant will work closely with production, procurement, warehouse, planning, engineering, and quality teams to ensure accurate costing information and effective financial controls.
The position also involves investigating cost variances, supporting budgeting and forecasting activities, preparing management reports, and identifying opportunities to reduce manufacturing costs while maintaining compliance with company policies and applicable accounting standards.
Key Responsibilities
1. Product Costing and Manufacturing Cost Control
- Manage product costing activities for assigned manufacturing operations, ensuring accurate standard costs and cost allocations.
- Review and maintain Bills of Materials (BOMs), production routings, labor rates, and manufacturing overhead rates.
- Perform standard cost roll-ups and periodic costing reviews to reflect changes in production processes and manufacturing conditions.
- Analyze actual manufacturing costs against standard costs and investigate significant cost variances.
- Review material consumption, labor efficiency, production overheads, cost absorption, scrap, and rework costs.
- Identify opportunities to reduce production expenses and improve manufacturing cost efficiency.
- Provide costing support for new products, process improvements, and operational changes.
2. Inventory Accounting and Financial Reporting
- Manage inventory valuation, work-in-progress (WIP), production order settlements, and manufacturing-related accounting entries.
- Review inventory movements, material consumption, stock adjustments, and production transactions.
- Investigate unusual inventory transactions and discrepancies to maintain accurate financial records.
- Perform inventory reconciliations and ensure the accuracy of manufacturing inventory balances.
- Support month-end and year-end closing activities related to inventory, production costs, cost centers, and manufacturing variances.
- Prepare manufacturing cost reports, inventory statements, reconciliations, and financial analyses for management.
- Ensure accurate and timely financial reporting in accordance with company policies and applicable accounting standards.
3. Cost Analysis, Budgeting, and Forecasting
- Conduct detailed variance analysis covering material costs, labor expenses, overheads, purchase price variances, scrap, rework, and production efficiency.
- Assist in preparing annual budgets, financial forecasts, and manufacturing cost plans.
- Compare actual manufacturing expenditure against budgets and forecasts.
- Identify financial risks, unfavorable cost trends, and opportunities for operational improvement.
- Prepare profitability analyses and cost-saving recommendations for management.
- Support production planning, capacity utilization analysis, and manufacturing performance monitoring.
- Provide meaningful financial insights to improve cost control and business decision-making.
4. Manufacturing Finance and Business Partnering
- Collaborate with production, procurement, warehouse, planning, engineering, and quality teams to improve cost visibility and operational performance.
- Provide financial analysis and product costing support for new manufacturing processes and business initiatives.
- Explain manufacturing cost movements, production variances, and their financial impact to management.
- Work with operational teams to improve inventory accuracy and production reporting.
- Support initiatives aimed at improving manufacturing efficiency, resource utilization, and profitability.
- Recommend practical solutions to address recurring costing and inventory management issues.
5. Internal Controls, Compliance, and Process Improvement
- Ensure compliance with company policies, accounting standards, and internal controls governing product costing and inventory accounting.
- Maintain accurate documentation for costing calculations, inventory reconciliations, cost adjustments, and financial analyses.
- Assist with internal and external audits, physical inventory counts, and cost audit requirements.
- Review existing costing procedures and reporting processes to improve accuracy and efficiency.
- Identify opportunities to automate financial reports and strengthen data quality.
- Support continuous improvement initiatives across manufacturing finance and cost accounting operations.
- Escalate complex financial discrepancies and operational issues to the appropriate management team.
6. Reporting and Performance Management
- Prepare periodic manufacturing cost reports and financial performance summaries.
- Monitor progress against assigned operational and financial targets.
- Analyze deviations from planned costs and recommend corrective actions.
- Maintain reliable financial data to support timely management decisions.
- Ensure assigned activities are completed within established deadlines and quality requirements.
Job Requirements and Qualifications
- Bachelor’s degree in Accounting, Finance, or a related discipline.
- 4–6 years of relevant professional experience in cost accounting, manufacturing finance, inventory accounting, or product costing.
- Strong knowledge of standard costing, actual costing, cost variance analysis, and manufacturing overhead allocation.
- Practical experience with inventory valuation, work-in-progress accounting, production orders, and inventory reconciliations.
- Understanding of Bills of Materials (BOMs), production routings, material consumption, and manufacturing cost structures.
- Experience supporting budgeting, forecasting, month-end closing, and financial reporting.
- Strong analytical, numerical, and problem-solving skills.
- Ability to collaborate effectively with manufacturing and cross-functional teams.
- Good knowledge of internal controls, accounting procedures, and audit documentation.
- Excellent attention to detail, organizational skills, and commitment to financial accuracy.
Technical and Functional Skills
- Product Costing and Standard Costing
- Manufacturing Cost Accounting
- Inventory Valuation and Reconciliation
- Work-in-Progress (WIP) Accounting
- Cost Variance Analysis
- Financial Accounting (FI)
- Financial Reporting and Month-End Closing
- Budgeting and Forecasting
- Bills of Materials (BOMs) and Production Costing
- Manufacturing Overhead Allocation
- Cost Control and Profitability Analysis
- Internal Controls and Audit Support
- Financial Data Analysis and Reporting Automation
Academic Qualification
Bachelor’s Degree in Accounting, Finance, or a related field.
Work Experience
4–6 years of relevant experience in cost accounting, manufacturing finance, product costing, or inventory accounting.
Job Location
Saudi Arabia (KSA)