Costing Engineer

Key Responsibilities

1. Should-Cost & Design-to-Cost Analysis

• Prepare should-cost estimates for new products/components based on engineering drawings, Bill of Materials (BOM), and process routing.
• Implement Design-to-Cost methodology during the New Product Development (NPD) stage, collaborating with Design and Tool Room teams to identify cost-saving design alternatives before tooling is finalized.
• Conduct Value Engineering / Value Analysis (VE/VA) studies on existing products to identify cost reduction opportunities without compromising quality or function.

2. Inventory & Manufacturing Accounting

• Ensure accurate inventory valuation (raw material, Work-In-Progress (WIP), finished goods) in line with costing policy and applicable accounting standards.
• Conduct periodic physical verification of inventory and reconcile with book records; investigate and resolve discrepancies.
• Monitor and ensure Bill of Materials (BOM) accuracy in coordination with Production Planning and Stores.
• Track machine/plant utilization and absorption of overheads across cost centers.

3. Budgeting, MIS & Reporting

• Assist in the preparation of the annual manufacturing budget and periodic forecasts (material cost, conversion cost, overheads).
• Prepare monthly Management Information System (MIS) cost reports, product-wise profitability statements, and cost trend analysis for management review.
• Support month-end and year-end closing activities related to Cost of Goods Sold (COGS) and inventory accounting.

4. Compliance & Audit

• Ensure costing records and cost accounting policies comply with applicable statutory and Cost Audit requirements.
• Coordinate with internal and statutory auditors for cost audits, providing schedules, reconciliations, and supporting data.
• Maintain proper documentation and audit trail for all costing workings and adjustments.

5. Cross-Functional Coordination

• Liaise with Production, Purchase, Stores, and Quality departments to ensure accurate and timely cost data flow.
• Support pricing decisions by providing product-wise cost breakdowns to Sales and Management as required.

Qualifications & Experience

• Bachelor's degree in Mechanical or Production Engineering.
• 3–5 years of relevant cost accounting experience, with mandatory exposure to a manufacturing environment (automotive, electrical, precision components, or similar preferred).
• Hands-on experience with standard costing, inventory valuation, and variance analysis within an Enterprise Resource Planning (ERP) system.

Skills & Competencies

• Strong working knowledge of cost accounting principles and manufacturing cost structures.
• Proficiency in ERP systems (e.g., Tally, SAP, or similar) and advanced MS Excel skills.
• Strong analytical ability with keen attention to detail and accuracy.
• Good coordination and communication skills for effective collaboration across Production, Purchase, and Finance functions.
• Ability to work independently, meet reporting deadlines, and manage multiple costing cycles simultaneously.