Product Costing Specialist

Job Purpose

The Costing Analyst in VMC COE is responsible for:

Analyze costing result, trend analysis, Material ledger and RM price analysis, manages price variations and corrections, performs high-level financial reviews, ensures accurate inventory revaluation and analyses ICD Price Difference. Publish cost split reports, prepare MIS reports, update tariff rates and maintain markups to maintain financial accuracy and optimize cost management etc. Use advanced data platforms like CFIN, PowerBI, and SAP BI and leverage to its full advantage.

Active interaction with ISC and Commercial functions, R2R experts, Accounting Controllers and FP&A about product costing & related subjects, support ad-hoc activities, ensure compliance of various policies related to product costing & adherence to company’s accounting policies & treatments.

As a reliable business partner, the analyst identifies and flags process and system issues related to costing, ensuring adherence to AkzoNobel’s accounting standards. They contribute to key projects and continuously improve processes through CI initiatives.

Candidates should be open to learning new skills and flexible in exploring new ways of working. Analysts are expected to prioritize skill development to keep pace with market and competitor advancements, such as AI and automation.

Key Accountabilities

1.    Costing Run Analysis and Release: 
Analysis: Critically analyze results of different costing runs (for RMP, SEFI, FINI, ICD, SET, and Config. materials), 
Error resolution: Guide costing officer in quickly resolving the costing errors so as to ease the subsequent steps in the process
Anticipation: Anticipate the end-to-end impact of each costing run to P&L (e.g. impact of RMP changes into SEFI/FINI, etc.).
Concurrence of ISC Nav.s: Replying ISC Nav.s queries and obtain their concurrence for cost release. 

2.    Material Ledger Run MAP Analysis:
ML run analysis: Conduct thorough analysis of material ledger run results
MAP analysis: For ML active plants, MAP analysis to be emphasized to ensure accurate valuation 
3.    Ensure accurate RMP Cost: 
Analysis: Initiate and conduct Raw Material Price (RMP) analysis, identify the abnormalities, and highlight the impact on SEFI/FINI products
Price variation resolution: Contact P2I/I2P for RMP price variations and provide feedback for quick corrections 
Price correction: Implement price corrections and update Moving Average Price (MAP), if system correction is not possible 

4.    Inventory Reval Analysis: 
Sync with RMP movements: Review SEFI/FINI/SET impacts in line with R&P price movements 
Impact of tariff changes: To validate the impact of tariff changes are accurately reflecting in the end products
Review of other changes: To review and understand the reason for any other deviation in cost except for RMP or tariff (e.g. BOM change, costing lot size change, etc.) 
Decision making: For any abnormal items, in case of no satisfactory response / action by other team (P2I, I2P, MM, etc.) analyst will decide to hold the cost release of those SKUs and keep the previous period cost “as is”
Review of Inv Reval G/L: Reclass month end Inv Reval automated entries. Review, analyze and share any other Inv Reval entries posted during the month

Experience

o    Proven work experience of “5 to 7 years” in costing and FP&A role 
o    Having worked in a large-scale manufacturing organization, having industry knowledge to improve financial analysis and cost management
o    Professional Degree in Accounting or Costing (ACA, ICWA, CMA).
o    Costing team is collectively handling product costing activities pertaining to 152 Production Sites, BU wise ranging from 15 to 30 sites
o    Strong stakeholder management skill, able to prioritize and work with multiple supervisors / stakeholders such as ISC Nav.s, Commercial Controllers, Accounting Controllers, FP&A, other finance towers like R2R, I2P, P2I, MDM, etc.
o    Hands on to prepare & present dashboard / report with different dimension (incl consolidation) for management reviews.
o    Strong knowledge of Financial & Cost accounting, Product costing, Transfer pricing, IFRS, Financial Statements, and process as well as system end to end flow of manufacturing, with an innovative problem-solving approach.
o    Practical experience of advanced accounting concepts such as treatment of different Price differences, Inventory revaluations, transfer pricing, inter company mark-ups, profit eliminations, etc.
o    Strong analytical skills to quickly analyze complex costing processes such as costing runs, material ledger run, raw material price analysis, process order settlement, etc. and assess the end-to-end impact of each costing run on the Profit & Loss statement. 
o    In-depth knowledge of process order settlement and material ledger runs, familiarity with ICD transactions, proficiency in managing material master attributes, strong analytical skills for financial reviews, and effective communication skills for managing price variations and collaborating with cross-functional teams.
o    Ability to gauge impact of critical components on the product costing such as tariff rates, recovery workings, etc. 
o    In depth understanding of crucial factors of the product cost such as movements in MAP, resultant changes in cost of dependent outputs (SEFI/FINI/ICD), etc. 
o    Hands on experience of handling internal audits related to process as well as finance
o    Ability to conduct high-level financial reviews and provide insights on intercompany price differences.
o    Excellent verbal and written communication skills are crucial, the ability to understand and manage your own emotions, as well as those of others.