Senior Manufacturing Cost Analyst

Senior Manufacturing Cost Analyst

Work type: Remote

We are seeking a detail-oriented and strategic Senior Manufacturing Cost Analyst to oversee and manage financial operations relating to manufacturing costing, inventory management, cost of goods sold (COGS), warranty expenses, freight analysis, and overall cost control within the manufacturing processes. This role will work closely with production, finance, and supply chain teams to provide accurate cost analysis, optimize cost-efficiency, and support decision-making processes related to manufacturing operations.

Key Responsibilities:

• Inventory Management & Costing:

• Oversee the valuation and reporting of inventory, ensuring accuracy and compliance with accounting standards (slow moving inventory, obsolesce provision, standard costing, average cost monitoring)

• Develop and implement cost accounting methods for inventory, including standard costing, work-in-process, and finished goods.

• Monitor inventory turnover, manage excess and obsolete inventory, and recommend strategies for inventory reduction and optimization.

• Participate in inventory counts on site with operations Quarterly.

• Cost of Goods Sold (COGS) Management:

• Analyze COGS, monitor variances, and recommend corrective actions to maintain optimal profit margins.

• Work with production teams to understand cost drivers, identify inefficiencies, and ensure accurate tracking of direct materials, labor, and overhead in the production process.

• Ensure that costing methodologies align with financial reporting and business strategy.

• Manufacturing Cost Analysis:

• Perform detailed analysis of manufacturing cost components (direct labor, materials, overhead) and recommend cost-saving measures.

• Develop reports to track and monitor manufacturing cost performance, identifying trends and areas of improvement.

• Prepare cost estimates for new products, production changes, and capital investments in manufacturing.

• Warranty & Returns Cost Management:

• Oversee the analysis and accounting of warranty expenses, ensuring accurate tracking and financial oversight of warranty projects.

• Collaborate with quality assurance and service teams to assess warranty cost trends and propose strategies for reducing warranty claims.

• Freight & Logistics Cost Control:

• Manage freight costs, ensuring efficient and cost-effective transportation solutions for inbound materials and outbound products.

• Work with logistics teams to analyze freight performance, identify cost-saving opportunities, and optimize distribution networks.

• Analyze and track freight costs as part of overall product cost management.

• Cost Reporting & Financial Analysis:

• Prepare and present regular reports to senior management and plant managers on manufacturing costs, inventory performance, COGS, warranty claims, and freight expenditures.

• Assist with budgeting and forecasting processes related to manufacturing costs.

• Provide financial insights and support for strategic decision-making on production plans and cost control initiatives.

• Process Improvement & Cross-functional Collaboration:

• Lead continuous improvement initiatives within manufacturing costing, ensuring the efficiency of cost control mechanisms.

• Partner with cross-functional teams (Operations, Supply Chain, Procurement, etc.) to align manufacturing costs with organizational objectives.

• Identify opportunities to enhance cost-efficiency through process reengineering and automation.

Qualifications:

• Education:

• Certificate/Diploma in Accounting, Finance, Business Administration, or related field. A CPA, CMA, or similar professional certification is an asset

• Engineering Degree is acceptable with relevant experience

• Experience:

• Minimum of 5-7 years of experience in cost accounting or financial analysis in a manufacturing environment, with a focus on inventory, COGS, and cost control.

• Demonstrated experience in managing complex cost structures, including direct and indirect manufacturing costs.

• Proven expertise in warranty cost management, freight cost analysis, and inventory management.

• Skills:

• Strong knowledge of cost accounting principles, financial reporting standards, and inventory management systems.

• Proficiency in ERP systems (IFS preferred), Microsoft Excel, and financial modeling.

• Strong analytical and problem-solving skills with the ability to drive insights from financial data.

• Excellent communication skills, with the ability to present complex financial information clearly to non-financial stakeholders.

• Strong organizational skills, with a proven ability to manage multiple tasks and meet deadlines.

• Personal Attributes:

• Detail-oriented with a focus on accuracy and process optimization.

• Ability to work collaboratively in a fast-paced, cross-functional environment.

• Strong business acumen and the ability to think strategically about cost management and operational efficiency.