Senior Costing Accountant📣 Job Ad

About Alfanar and the Role

Alfanar is a Saudi company with an international presence, primarily engaged in the manufacturing and trading of a wide variety of low, medium, and high voltage electrical products. The company's portfolio also includes conventional and renewable energy solutions, oil and gas, water treatment, infrastructure, technical services, and digital solutions. The hub of Alfanar’s manufacturing operations is Medinet alfanar Alsinaiya, a 700,000 square-meter complex located in Riyadh, Saudi Arabia. This complex houses ultra-modern manufacturing facilities and laboratories. Alfanar is committed to providing high quality standards and continuous development of its human capital, fostering a proactive work environment where employees are valued and empowered.

Role Purpose

The Senior Costing Accountant will perform product costing, manufacturing cost accounting, inventory valuation, and comprehensive cost analysis. This full-time role, based in Riyadh, supports accurate financial reporting, cost control, and informed operational decision-making, ensuring adherence to company policies and accounting standards.

Key Responsibilities

• Product Costing & Manufacturing Cost Control: Own product costing activities for assigned manufacturing operations, ensuring the accuracy of standard costs, Bills of Materials (BOMs), routings, labor rates, and overhead allocations. Perform standard cost roll-ups and periodic cost reviews. Analyze actual manufacturing costs against standard costs and investigate cost variances. Review cost absorption, material usage, labor efficiency, scrap, rework, and production overheads. Support cost reduction initiatives by identifying opportunities to improve manufacturing efficiency.
• Inventory Accounting & Financial Reporting: 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.
• Cost Analysis, Budgeting & Performance Monitoring: 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. Support profitability analysis, cost-saving initiatives, and operational performance improvement projects.
• Manufacturing Finance Support & Business Partnering: 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. Support management by explaining manufacturing cost movements, operational variances, and financial impacts. Collaborate with cross-functional teams to improve inventory accuracy, production reporting, and cost management practices.
• Internal Controls, Compliance & Continuous Improvement: 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. Review and improve costing procedures, reconciliations, and financial reporting processes. Identify opportunities to automate reporting, improve data accuracy, and enhance manufacturing finance processes.

General Accountabilities

• HR Proficiency: Obtain updated soft and technical skills relevant to the job.
• Delivery: Perform planned activities to meet operational and development targets as per delivery schedules, utilizing resources effectively. Provide periodic reports detailing deviations and task execution.
• Problem-Solving: Solve arising problems and escalate any complex operational issues.
• Quality: Ensure quality requirements are met and contribute to developing effective quality control processes and specifications.
• Business Process Improvements: Coordinate well-defined written systems, policies, and procedures, seeking automation opportunities.
• Compliance: Comply with related company policies, procedures, and work instructions.
• Health, Safety, and Environment: Ensure compliance with relevant safety, quality, and environmental management procedures and controls within the defined area of work activity.

Qualifications and Experience

Candidates for the Senior Costing Accountant position are required to have 5 to 10 years of experience in a relevant costing or manufacturing accounting role. A strong understanding of accounting standards and internal controls is essential for this position.

Work Location

This is a full-time position based in Riyadh, Riyadh, Saudi Arabia.