Senior Cost Accountant at Wemy Industries Limited

Job Summary:

• The Senior Cost Accountant will be responsible for planning, analyzing, and controlling manufacturing costs to support profitability and operational efficiency. The role involves cost tracking, inventory valuation, budgeting, variance analysis, and providing cost insights to management for strategic decision-making.

Key Responsibilities

• Develop and maintain standard costing systems for raw materials, WIP, and finished goods.
• Monitor production costs and identify areas of wastage, inefficiencies, and cost reduction opportunities.
• Conduct periodic review of product costing and recommend pricing adjustments where necessary.
• Ensure accurate allocation of overheads across production lines and cost centers.
• Ensure proper valuation of raw materials, WIP, and finished goods in line with IFRS/company policy.
• Reconcile inventory balances between ERP/system records and physical stock.
• Support periodic stock counts (monthly/quarterly/yearly) and investigate variances.
• Track consumption of materials and monitor inventory turnover.
• Prepare manufacturing cost budgets and support annual financial planning.
• Work with production and procurement teams to forecast material and production costs.
• Monitor budget performance and report variances with explanations and corrective actions.
• Perform variance analysis on material, labor, and overhead costs (standard vs actual).
• Prepare monthly cost reports, production efficiency reports, and margin analysis.
• Provide management with insights on cost trends and profitability by product line.
• Support month-end and year-end closing processes relating to inventory and production cost.
• Ensure compliance with internal controls and accounting policies.
• Maintain accurate documentation for audit purposes.
• Support external and internal audits related to costing and inventory.
• Support implementation and improvement of ERP/accounting systems for cost tracking.
• Recommend process improvements in cost reporting, stock management, and production efficiency.
• Collaborate with production, procurement, warehouse, and finance teams to strengthen cost accountability.

Qualifications & Experience

• BSc/HND in Accounting, Finance, Business Administration, or related discipline.
• ACA/ACCA/CIMA is strongly preferred.
• Minimum of 4 – 8 years accounting experience, with at least 3 years in manufacturing cost accounting.
• Strong understanding of inventory valuation, standard costing, and variance analysis.
• Experience with ERP systems (SAP, Oracle, Microsoft Dynamics, Sage, Odoo, etc.) is an advantage.