Factory Accountant

Location: Ogba, Lagos
Employment Type: Full-time

Job Overview

• To oversee and manage all factory-related financial activities, including cost accounting, inventory valuation, and production cost control.
• The Factory Accountant will ensure accurate reporting of manufacturing costs, support budgeting processes, and provide financial insights to enhance operational efficiency and profitability.

Key Responsibilities
Cost Accounting and Analysis:

• Monitor standard costs vs actual production costs; analyse variances and report findings.
• Support product pricing decisions through cost analysis.
• Maintain accurate costing systems for products and processes.

Inventory and Production Cost Management:

• Support monthly and annual stock-taking exercises.
• Reconcile inventory records with physical counts; investigate and resolve discrepancies.
• Track and value raw materials, work-in-progress (WIP), and finished goods.

Budgeting and Forecasting:

• Assist in preparing factory operational budgets and forecasts.
• Monitor budget performance, identify cost overruns or savings opportunities.
• Support management with variance analysis and cost projections.

Financial Reporting and Compliance:

• Prepare factory-related financial reports and performance dashboards.
• Ensure compliance with internal controls, accounting policies, and statutory regulations.
• Liaise with auditors during internal and external audits.

Payroll and Labour Cost Monitoring:

• Collaborate with HR and production to ensure accurate recording of labour costs.
• Analyse labour efficiency and its impact on production cost.

Fixed Assets and Capital Expenditure:

• Monitor capital investments in the factory, including machinery and infrastructure.
• Maintain accurate fixed asset registers and depreciation schedules.

Cross-functional Collaboration:

• Participate in operational meetings to provide financial insights and data-driven recommendations.
• Work closely with production, procurement, stores, and logistics teams to ensure cost efficiency.

Key Performance Indicators (KPIs)

• Accuracy of cost and inventory data
• Cost-saving initiatives identified and implemented
• Budget variance reduction
• Audit compliance and control effectiveness
• Timeliness of monthly reporting

Qualifications and Skills
Education:

• Professional accounting certification (e.g, ICAN, ACCA) is a strong advantage.
• Bachelor's Degree in Accounting, Finance, or related field.

Experience:

• 3-5 years of experience in a manufacturing or production accounting role.
• Experience with cost accounting, ERP systems, and inventory control.

Skills:

• Strong analytical and problem-solving skills.
• Good communication and interpersonal skills.
• Detail-oriented with a hands-on approach.
• Proficiency in Microsoft Excel and accounting software (SAP, Sage, QuickBooks, etc.).