Senior Costing Accountant

About Alfanar

Alfanar is seeking a Senior Costing Accountant to join their team in Riyadh. This full-time role requires 5-10 years of experience and focuses on ensuring accurate financial reporting and informed operational decision-making through meticulous cost management.

Role Purpose

The Senior Costing Accountant is responsible for performing product costing, manufacturing cost accounting, inventory valuation, and cost analysis. This role supports accurate financial reporting, cost control, and informed operational decision-making in accordance with company policies and accounting standards.

Key Responsibilities

• Manage product costing activities for assigned manufacturing operations, ensuring accuracy of standard costs, Bills of Materials (BOMs), routings, labor rates, and overhead allocations.
• Perform standard cost roll-ups and periodic cost reviews to reflect current manufacturing conditions.
• Analyze actual manufacturing costs against standard costs and investigate variances.
• Review cost absorption, material usage, labor efficiency, scrap, rework, and production overheads for accurate product costing.
• Manage inventory valuation, work-in-progress (WIP), production order settlements, and manufacturing-related inventory accounting.
• Review material consumption, inventory movements, stock adjustments, and investigate abnormal inventory transactions.
• Support month-end and year-end closing activities related to manufacturing costs, inventory, cost centers, and production variances.
• Prepare manufacturing cost reports, inventory reconciliations, and financial analyses for management reporting.
• Perform detailed variance analysis for material, labor, overhead, purchase price, scrap, rework, and production efficiency.
• Assist in the preparation of annual budgets, forecasts, and manufacturing cost plans.
• Monitor actual manufacturing costs against budgets and forecasts, highlighting financial risks and recommending corrective actions.
• Partner with production, warehouse, procurement, planning, engineering, and quality teams to improve cost visibility and operational performance.
• Provide financial analysis and costing support for new products, process improvements, and operational initiatives.
• Ensure compliance with company policies, accounting standards, and internal controls related to manufacturing costing and inventory.
• Maintain accurate documentation for costing calculations, reconciliations, inventory adjustments, and financial analyses.
• Support internal and external audits, inventory counts, and cost audit requirements.

Accountabilities and Performance

• Obtain updated soft and technical skills relevant to the job.
• Perform planned activities to meet operational and development targets as per delivery schedules.
• Utilize resources effectively to achieve objectives within efficient cost and time.
• Provide periodic reports detailing deviations and execution of planned tasks.
• Solve related problems and escalate complex operational issues.
• Ensure quality requirements to develop effective quality control and processes.
• Coordinate well-defined written systems, policies, procedures, and seek automation opportunities.
• Comply with related policies, procedures, and work instructions.
• Ensure compliance with relevant safety, quality, and environmental management procedures and controls.

Qualifications and Experience

• 5-10 years of relevant experience in costing and accounting.

Work Environment

This is a full-time position based in Riyadh, Saudi Arabia, offering an opportunity to contribute to Alfanar's financial operations.