Cost Accountant

The Cost Accountant is responsible for establishing, maintaining, and continuously improving the organization's cost accounting system to ensure accurate measurement of the cost of products, services, and operations. The role provides management with reliable cost information that supports pricing decisions, budgeting, profitability analysis, and overall financial control.

By recording and analyzing direct materials, direct labor, and overhead costs, the Cost Accountant determines the true cost per unit and identifies variances between standard and actual costs. The position plays a key role in cost reduction initiatives, inventory valuation, and the efficient use of resources, ensuring that operations remain financially sound and aligned with the company's strategic and profitability objectives, while complying with applicable accounting standards (IFRS) and internal policies.

Key Result Areas

• Cost Accuracy & Recording – Accurate capture and allocation of materials, labor, and overhead costs to the correct cost centers and products, with minimal errors or adjustments.
• Standard Costing & Variance Control – Timely development of standard costs and analysis of variances against actuals, with clear explanations and corrective recommendations.
• Inventory Valuation – Correct valuation of raw materials, work-in-progress, and finished goods, supported by accurate periodic stock counts and reconciliations.
• Cost Reporting – Delivery of accurate, on-time periodic cost reports (monthly/quarterly) that meet management's decision-making needs.
• Budgeting & Cost Control – Effective contribution to budget preparation and monitoring of actual spend against budget, flagging deviations early.
• Profitability Analysis – Reliable analysis of product, department, and cost-center profitability to support pricing and margin decisions.
• Cost Optimization – Identification and realization of cost-saving opportunities and efficiency improvements across operations.
• Compliance & Controls – Full adherence to IFRS, internal policies, and cost-control procedures, with no material audit findings.
• Cross-Functional Coordination – Effective collaboration with production, procurement, and warehouse teams to secure accurate and timely cost data.

Performance Indicators

• Cost Reporting Timeliness – % of cost reports submitted by the agreed deadline (target: 100% on time).
• Costing Accuracy – Error/adjustment rate in cost entries and allocations (target: ≤ 1–2%).
• Variance Analysis – Cost variances kept within approved tolerance (e.g., actual vs. standard within ±5%), with all material variances explained.
• Month-End Close – Number of days to complete cost closing (target: within X days of period-end).
• Inventory Accuracy – Stock count accuracy / cycle-count variance (target: ≥ 98% accuracy).
• Budget Adherence – Actual costs vs. budget within approved limits; deviations flagged before period close.
• Cost Savings Realized – Value of cost-reduction opportunities identified and implemented (SAR / % of cost base).
• Reconciliation Accuracy – % of cost-to-GL reconciliations completed with no unexplained differences.
• Audit & Compliance – Number of audit findings related to costing (target: zero material findings); full IFRS and policy compliance.
• Data Turnaround – Average response time to provide cost data/analysis requested by management or other departments.

Framework

The Cost Accountant maintains regular working relationships internally with the Finance Team and Authorized Signatories, the Financial Planning & Analysis Team, the Procurement Department, the Production/Operations Team, the Warehouse and Inventory Team, the Internal Audit function, and Brands/Department General Managers, and externally with vendors and suppliers and external auditors all for the purpose of obtaining, verifying, and reporting accurate cost data and ensuring sound cost accounting and control.

Specifications for New Hires Only (Qualifications, Experience, and Skills)

Education

Bachelor's degree in Accounting, Finance, or a related field. Professional certifications such as CMA, CPA, or SOCPA are preferred

Experience

A minimum of 2–5 years of relevant experience in cost accounting, preferably within a manufacturing, retail, or multi-unit operating environment. Hands-on experience with ERP systems (e.g., SAP or Oracle) and standard costing is required.

Language Proficiency

• Arabic (Mandatory)
• English (Mandatory)

Knowledge

• Solid knowledge of cost accounting principles, methods, and techniques (standard costing, job/process costing, activity-based costing, and variance analysis).
• Working knowledge of International Financial Reporting Standards (IFRS), particularly inventory valuation and cost recognition.
• Understanding of budgeting, forecasting, and financial control processes.
• Familiarity with ERP and cost management modules (e.g., SAP, Oracle).
• Knowledge of inventory management and valuation methods (FIFO, weighted average).
• Awareness of relevant local regulatory and tax requirements (e.g., ZATCA/VAT) as they relate to costing.

Skills

• Strong analytical and numerical skills with high accuracy and attention to detail.
• Advanced proficiency in Excel (formulas, pivot tables, data analysis) and reporting tools.
• Proficiency in ERP systems (e.g., SAP, Oracle) for cost and inventory modules.
• Ability to interpret financial data and translate it into actionable insights.
• Strong organizational and time-management skills with the ability to meet deadlines.
• Problem-solving skills and sound judgment in resolving cost discrepancies.
• Effective communication and reporting skills in both Arabic and English.
• Ability to work under pressure and collaborate across departments.

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