ofi, which stands for Olam Food Ingredients, is a leading global supplier of high-quality food and beverage ingredients and solutions across a wide range of categories.
Originally part of Olam Group (OGL), Olam Food Ingredients became a distinct entity in January 2020, reborn as ofi. Olam Agri and Olam Group continue to operate separately.
Sourcing from 2.8 million farmers, we form partnerships at every step of the supply chain driving sustainable practices. Our global network ensures we can provide reliable supply at scale. And with more than 120 manufacturing facilities and 19 innovation centers around the globe, our ingredients and food and beverage solutions deliver for leading brands.
VACANCY DETAILS :-
POST NAME - Cost Accountant
QUALIFICATION - B.Com/M.Com
PREFERRED QUALIFICATION - CMA
EXPERIENCE - 4 To 6 Years
LOCATION - Bangalore
JOB DESCRIPTION :-
Reporting to the Accounting Manager (India), the Cost Accountant will be a hands-on individual contributor responsible for executing core product costing, inventory accounting, and variance analysis activities in support of the Olde Thompson manufacturing business. This role sits within the offshore finance team and works in close coordination with the India-based Accounting Manager and US finance leadership.
The Cost Accountant will be responsible for maintaining standard cost data in SAP, performing monthly costing runs, supporting inventory reconciliations, and producing costing MIS reports.
Key Responsibilities
Product Costing & Standard Costing
- Maintain standard cost data in SAP (CK11N / CK40N), including cost estimates, cost roll-ups, and annual standard cost updates
- Execute standard costing runs for new and existing products in coordination with the Accounting Manager
- Review and validate Bills of Materials (BOM) in SAP, cross-verifying components,
- BOM changes and assess their impact on product costs
- Prepare product cost sheets and support techno-commercial costing for new product launches
Variance Analysis
- Perform monthly variance analysis comparing actual production costs against standard costs, covering material, labour, and overhead variances
- Investigate root causes of significant variances and prepare clear variance reports for review by the Accounting Manager
- Calculate raw material cost (RMC) percentages for mass production lines and identify lines where actual RMC exceeds standard benchmarks
- Prepare mix, price, and yield variance reports for raw materials against standard master batch specifications
- Support overhead variance analysis on a monthly basis
Inventory Accounting & Reconciliation
- Perform monthly inventory validation including review of shop floor stock, stock in transit, pending GRNs, pending STOs, and WIP orders; post correcting entries as needed
- Reconcile system inventory against actual physical counts at month-end; record and investigate any gaps
- Support monthly and annual physical inventory counts and cycle counting processes
- Identify and report on slow-moving, obsolete, or scrap inventory; prepare scrap value tracking reports and compare against standard scrap cost sheets
- Maintain raw material margin summaries, categorizing domestic and export products by sales value
Material Ledger & Month-End Close
- Execute Material Ledger (ML) runs in SAP to support actual costing and price difference settlement
- Perform COPA entries for product profitability and margin analysis
- Support the monthly, quarterly, and annual close process by completing assigned costing tasks within group deadlines
- Prepare and maintain profitability analysis reports for key product lines as directed by the Accounting Manager
MIS Reporting
- Prepare monthly costing MIS reports covering inventory validation, product costing, NRV workings, profit elimination.
- Compile monthly raw material margin and profitability summaries for management review
- Support preparation of cost reports to assist the Accounting Manager and US Finance Manager in decision-making
Audit & Compliance Support
- Assist with internal and statutory audit queries by providing costing data, reconciliations, and documentation in a timely manner
- Support GST compliance activities as required, including input tax credit reconciliations and filing support
- Ensure all costing records and documentation are audit-ready and maintained to a high standard
Ad-hoc Support
- Support annual budgeting and standard cost planning for manufacturing and operational expenses
- Assist with process improvement initiatives, including automation and standardization of costing workflows
- Provide ad hoc support to the Accounting Manager and US finance team as required
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