Cost Analyst

And you will collaborate closely with Operations and other departments to ensure that BOMs are complete, up-to-date, and reflective of product specifications. This position reports to the Research and Development Manager and offers an exciting opportunity to contribute to the success of our organization.

Key Responsibilities:

• Perform in-depth assessments of the organization's cost elements, such as production, operating, and overhead costs, to better understand the business's financial impact and identify trends, patterns, and cost drivers.
• Calculate the price of a single good or service by considering the costs for labor, raw materials, overhead, and other direct and indirect expenses.
• Analyze cost structures to support pricing decisions and profit margin analysis.
• Recommend implementing cost control measures to increase operational effectiveness and reduce wasteful spending.
• Prepare detailed financial reports, cost analyses, and ad-hoc reports for management; present findings and recommendations in a clear and concise manner.
• Monitor inventory levels and assess inventory expenses in close collaboration with the inventory staff.
• Ensure that inventory valuations are accurate and participate in routine physical inventory counts.
• Organize the annual production inventory.
• Distribute shared costs accurately and fairly among projects or departments by applying the appropriate procedures.
• Gather, organize, and maintain financial data and cost-related information systematically and in an easily accessible manner. Utilize financial systems and tools proficiently.
• Assist in financial audits and ensure compliance with accounting principles, company policies, and relevant regulations related to cost accounting.
• Participate in process improvement initiatives concerning cost accounting, financial analysis, and reporting. Suggest and implement enhancements to streamline cost-related processes.
• Generate Bills of Materials (BOMs) based on engineering drawings, specifications, and other documentation.
• Maintain and update BOMs as product designs evolve, ensuring accuracy and completeness.
• Manage BOM data within the company's database or Product Life cycle Management (PLM) system, ensuring consistency and integrity.
• Organize and maintain BOM documentation, including revisions, changes, and version control.
• Conduct regular reviews of BOMs to identify discrepancies, errors, or obsolete components.
• Implement corrective actions and updates to maintain BOM accuracy and compliance with quality standards.
• Prepare reports and documentation related to BOMs, including material cost breakdowns, lead times, and component availability.
• Generate BOM-related reports for management review and decision-making purposes.
• Examine the costs associated with materials and processes used in operations, including an in-depth analysis of the Bill of Materials, which outlines the components, quantities, and costs of materials required for production.
• Ensure accuracy and efficiency in the cost structure.