Plant Accountant at Olam Agri

Job Description

• The Plant Accountant will be the primary finance partner for the Plant Management team, responsible for all aspects of financial accounting, cost control, inventory management, and adherence to corporate financial policies at the facility.
• This involves the timely and accurate generation of cost reports, variance analysis, fixed asset management, and ensuring strict control over all resources utilized in the production process.
• The role is pivotal in converting operational data into actionable financial insights.

Key Deliverables
Cost Accounting & Analysis:

• Manage and maintain the Standard Costing system, including the calculation, update, and analysis of standard costs for raw materials, Work-In-Progress (WIP), and finished goods.
• Perform monthly Variance Analysis (e.g., material usage, labor efficiency, overhead spending) and provide timely reports and explanations to the Plant Manager and Corporate Finance.
• Monitor and control production costs to identify opportunities for efficiency improvements and cost reduction.

Inventory Management & Control:

• Ensure the integrity and accuracy of physical inventory through participation in cycle counts and periodic physical stock takes of raw materials, packaging, and finished goods.
• Manage and reconcile the inventory sub-ledger to the General Ledger (GL) and oversee valuation adjustments (e.g., obsolescence or net realizable value).
• Control the flow and accounting of scrap and by-products.

Financial Reporting & Compliance:

• Prepare and submit timely and accurate monthly plant financials (P&L and Balance Sheet schedules related to the plant).
• Manage Fixed Assets for the plant, including capitalization, depreciation calculation, physical verification, and impairment review.
• Ensure strict compliance with all internal controls, corporate policies, and local statutory requirements related to plant operations.

Budgeting & Forecasting:

• Support the preparation of the annual operating budget for the plant, focusing on production volumes, operating expenses, capital expenditure (CAPEX), and cost of goods sold (COGS).
• Prepare periodic financial forecasts and provide detailed analysis against actual performance.

Strategic Effectiveness:

• Operational Decision Support: Provide the Plant Manager with real-time financial data and analysis on production trends, downtime costs, and cost drivers to aid daily operational decisions and optimize resource allocation.
• Capex Evaluation: Play a key role in the financial justification and post-completion review of Capital Expenditure projects, ensuring investment returns meet corporate targets.
• Process Improvement: Actively identify weaknesses in plant control procedures and accounting processes, proposing and implementing systematic improvements to enhance efficiency, reduce risk, and strengthen the control environment.
• Cross-Functional Partnership: Serve as the critical link between the plant's operations team and the corporate finance team, ensuring alignment on operational goals and financial reporting accuracy.

Requirements

• Professional Certification: A recognized professional accounting certification (e.g., CPA, ACCA, CMA, CA) is highly preferred or in progress.
• Education: bachelor’s degree in accounting, Finance, or a related field.
• Experience: 5 to 8 years of progressive experience in an accounting role, with a minimum of 3 years dedicated to Plant Accounting or Cost Accounting in a large-scale manufacturing environment.
• Sector Knowledge: Experience in Agribusiness, Food Processing, or continuous process manufacturing is a distinct advantage.
• Must be a chartered accountant.