Team Member - Costing

Division

Finance

Department

Operations Finance

Sub Department

Costing

Job Purpose

Develop accountability by ensuring accurate costing, comparing, and analysing process affecting prices, to enable better decision making, better pricing decision and costing for business development team. Partner with operations team and work with Business Units to drive cost improvement opportunities.

Key Accountabilities (1/6)

1) Facilitate Business Development & Business Finance team regarding product costing to enable better pricing decision & participate in Cost Reduction Projects to reduce cost of identified high revenue generating products to have better profitability.

• Partner with Respective business team to support with analysed COGS for effective business decisions.
• Partner with cross functional teams for cost optimisation projects for high revenue contributor products and monitoring of last year's product included in cost reduction project to make sure new formulation is delivering as per the expectation.

Key Accountabilities (2/6)

2) Enable first time right costing to ensure accuracy in costing activities and assist in routine Formulations activities.

• Check for use of any alternative code or substitutes and changes in BOM if any, as and when noticed or when request is received from BU. Confirm batch size based on actuals and compare with standard to check for major variances if any, on a timely basis.
• Own API SPK checks for any changes based on actual consumption should be undertaken on a timely basis to ensure the realistic cost.
• Recipe validations should be undertaken on a regular basis for top SKU’s having major impact at every location.

Key Accountabilities (3/6)

3) Develop system & process control to achieve 100% accuracy in costing for correct pricing decision. 

• Analysis of Monthly Standard vs Actual cost variance  to minimise difference between Standard & Actual Cost.
• Review master data frequently to ensure correct costing & cross check MAP with latest procurement price.
• Review frequently the actual yield and revised standard cost accordingly.
• Interact with plants to develop awareness about costing process and ensure that processes are being understood and followed diligently.

Key Accountabilities (4/6)

4)Handle Cost Audit, Internal Audit & Statutory Audit to adhere to statutory compliances and undertake self-review of Internal Financial Controls.

• Preparation of Cost records, annexures to cost audit report and discussions with the auditor on queries.
• Interact, co-ordinate and resolve queries of Internal Auditors and Statutory Auditors from time to time.
• Undertake self-review of IFC to ensure adequacy and effectiveness of controls from time to time based on requirements. 

Key Accountabilities (5/6)

5) Release standard cost in system and release to business along with budgeting activities. And monthly inventory valuation and provisioning.

• Release monthly standard cost for allocated cluster plants for business to use and stock valuation.
• Calculation of Activity rates for respective plants on half yearly basis to arrive at accurate overhead costs and analysis of the variances of the same.
• Undertake monthly inventory valuation & provisioning and its analysis with previous period.
• Undertake budgeting activity on a yearly basis to implement effective costing into the system and comparison of actuals with budget and variances, if any should be incorporated.
• Undertake monthly inventory valuation, provisioning of one of the Inventory category like Procured Stock, In-process WIP, Inhouse API/Intermediates, Bulk Finished Goods & Finished Goods Stock and its analysis with previous period & provide journal entries.

Key Accountabilities (6/6)

6) Facilitate monthly Material Cost Validation for allocated Entities.

• Handling Monthly Material cost validation for allocated entities in co-ordination with controller and corporate finance.
• Discuss and reconcile differences, if any, between the trial balance numbers and sales & inventory numbers given by BU controller.

Major Challenges

1. Large data management in excel which takes more time and prone to errors.
2. Managing and tracking manual provisions every month.
3. Handling multi-tasks during crucial times to meet various stakeholder’s requirements.

Overcome by - mutual discussions, automations wherever possible, SAP customized reports and alignment with the stakeholders.  

Key Interactions (1/2)

Internal

• Manufacturing Plant, Procurement & Planning team to ensure data accuracy.
• Business Units (including BD Team) like One India, EMEU, NA & One Africa for various cost analysis to understand the different scenario of business and to analyse the cost variations from budget and last released cost.

Key Interactions (2/2)

External

• Statutory & Cost Auditors for cost audit on quarterly and yearly basis.
• Internal Auditors & Management Consultants to address any queries.

(Interaction happens as and when required, there is no fixed scheduled interactions.)

Dimensions

Handling product costing for one cluster out of 4 such as :  

• Goa & Medispray
• Indore, PTG (PH), KKB (PH) & Meditab
• Baddi, Sikkim, Golden Cross & LL Plants 
• All API Own & LL Plants

Business partnering with one of BUs groups like :

• One India
• North America
• EM & EU
• API & One Africa

Education Qualification

Qualified ICWA / CA

Relevant Work Experience

3+ years of experience with knowledge of SAP environment especially in Pharmaceutical industry and excellent grip over excel and power point, good communication, interpersonal skills and leadership skills are an essential requirement.