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Cost & Budgeting

5.00 to 7.00 Years   Kuwait   20 Dec, 2024
Confidential Company
1 to 9 Jobs Openings
Job LocationKuwait
EducationNot Mentioned
SalaryNot Mentioned
IndustryAccounting
Functional AreaNot Mentioned

Job Description

Budgeting: Budget analysts oversee an organization or business? spending to ensure that funds are allocated appropriately and used according to plan. They help to maintain records and create reports and proposals while working to analyze data and recommend funding for various programs. They also evaluate program effectiveness to determine if redistribution of funds is needed.Prepare and analyze budgets, monitor expenditures, provide financial reports, assist in forecasting, ensure compliance, and identify cost-saving opportunitiesCosting: may vary depending on the organization?s size, industry, and specific needs. Accountants in the Costing department are crucial in analyzing and tracking costs to ensure they align with budgets, assists in cost control measures, and provides cost-related information for financial reporting and decision-making.Budgeting:Budget Preparation & Forecasting:

  • Accountants in the budgeting department are usually responsible for preparing budgets of all departments/ divisions of SH Holding based on guidelines and targets provided by senior management.
  • Collaborate with various departments to gather financial data & assumptions which help them to prepare and estimate budget for next financial period and annual budget.
  • They may have the authority to make recommendations on budget allocations within their assigned departments.
Budget Monitoring:
  • Monitor the departments performance in terms of expenses & expenditures to ensure compliance with budgetary guidelines according to the budget that was set.
  • They may be authorized to request explanations for significant budget variances and recommend corrective actions.
Financial Reporting: Accountants are typically responsible for preparing and distributing financial reports, including monthly, quarterly, and annual financial statements. They may have the authority to sign off on these reports after review by relevant stakeholders. Costing:Cost Analysis:
  • Conduct detailed cost analysis for production, raw materials, labor, and overheads to ensure accurate cost calculations for products or services.
  • Analyze cost variances and recommend corrective actions.
Cost Control/ Cost Allocation:
  • Implementing and monitoring cost control measures to ensure that costs are kept within budgeted limits.
  • Allocating costs to different projects, departments, or products based on predefined methodologies.
Cost Accounting & Costing Systems:
  • Implement and maintain cost accounting systems accurately capture and allocate costs.
  • Develop and update cost standards for materials and labor.
  • Recording and tracking costs to ensure they are within budget and identifying areas for cost reduction or efficiency improvement.
Update companies cost on weekly basis and continuously obtaining the best offers in the market.Cost Estimation / Product Costing:
  • Estimating costs for new products or services based on historical data and market trends.
  • Calculate and analyze the cost of goods sold (COGS).
  • Determine the cost of new products or services.
Variance Analysis:
  • Investigate and explain variances between actual and standard costs.
  • Collaborate with relevant departments to address discrepancies.
Calculate and match company?s costs, what is planned & indicating the deviation on a weekly basis. Profitability Analysis:
  • Analyzing the profitability of different products, services, or projects to support decision-making.
  • Identifying and implementing cost reduction initiatives to improve profitability.
Inventory Valuation: Oversee the valuation of inventory.Perform regular inventory reconciliations

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