Costing FP&A Analyst

About AkzoNobel

Since 1792, we’ve been supplying the innovative paints and coatings that help to color people’s lives and protect what matters most. Our world class portfolio of brands – including Dulux, International, Sikkens and Interpon – is trusted by customers around the globe. We’re active in more than 150 countries and use our expertise to sustain and enhance the fabric of everyday life. Because we believe every surface is an opportunity. It’s what you’d expect from a pioneering and long-established paints company that’s dedicated to providing sustainable solutions and preserving the best of what we have today – while creating an even better tomorrow. Let’s paint the future together.

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© 2024 Akzo Nobel N.V. All rights reserved.

Job Purpose

Role –

The Costing FP&A Analyst in VMC COE is responsible for:

Analyze costing result, trend analysis, Material ledger and RM price analysis, manages price variations and corrections, performs high-level financial reviews, ensures accurate inventory revaluation and analyses ICD Price Difference. Publish cost split reports, prepare MIS reports, update tariff rates and maintain markups to maintain financial accuracy and optimize cost management etc. Use advanced data platforms like CFIN, PowerBI, and SAP BI and leverage to its full advantage.

Active interaction with ISC and Commercial functions, R2R experts, Accounting Controllers and FP&A about product costing & related subjects, support ad-hoc activities, ensure compliance of various policies related to product costing & adherence to company’s accounting policies & treatments.

As a reliable business partner, the analyst identifies and flags process and system issues related to costing, ensuring adherence to AkzoNobel’s accounting standards. They contribute to key projects and continuously improve processes through CI initiatives.

Candidates should be open to learning new skills and flexible in exploring new ways of working. Analysts are expected to prioritize skill development to keep pace with market and competitor advancements, such as AI and automation.

Key Activities

1. Costing Run Analysis and Release: 

Analysis: Critically analyze results of different costing runs (for RMP, SEFI, FINI, ICD, SET, and Config. materials),

Error resolution: Guide costing officer in quickly resolving the costing errors so as to ease the subsequent steps in the process

Anticipation: Anticipate the end-to-end impact of each costing run to P&L (e.g. impact of RMP changes into SEFI/FINI, etc.).

Concurrence of ISC Nav’s: Replying ISC Nav’s queries and obtain their concurrence for cost release.

1. Ensure accurate RMP Cost: 

Analysis: Initiate and conduct Raw Material Price (RMP) analysis, identify the abnormalities, and highlight the impact on SEFI/FINI products

Price variation resolution: Contact P2I/I2P for RMP price variations and provide feedback for quick corrections

Price correction: Implement price corrections and update Moving Average Price (MAP), if system correction is not possible

1. Inventory Reval Analysis: 

Sync with RMP movements: Review SEFI/FINI/SET impacts in line with R&P price movements

Impact of tariff changes: To validate the impact of tariff changes are accurately reflected in the end products

Review of other changes: To review and understand the reason for any other deviation in cost except for RMP or tariff (e.g. BOM change, costing lot size change, etc.)

Decision making: For any abnormal items, in case of no satisfactory response / action by other team (P2I, I2P, MM, etc.) analyst will decide to hold the cost release of those SKUs and keep the previous period cost “as is”

Review of Inv Reval G/L: Reclass month end Inv Reval automated entries. Review, analyze and share any other Inv Reval entries posted during the month

1. ICD Price Difference Analysis: 

Analyze and report the price movements: In case of ICD materials, analyze and understand the reason for price differences through SPOC for source plant

Coordination for correction: In case of any errors, follow up with SPOC of source plant for correction.

1. MIS Reporting: 

Periodic updates: Weekly updates with a key focus on significant movements in RMP

Historic trends: Generate and analyze cost split reports using BI tools to observe the historic cost trends.

Reporting and Recommendations: Prepare comprehensive reports on costing lot size changes and provide actionable recommendations to optimize costing and improve financial accuracy

Dashboard: Prepare dashboard for key areas such as anticipated Inv Reval highlighting observations such as key RMP contributors, tariff calendar, costing lot size changes, ICD Price diff., material master report, high value SKUs, etc.

Experience

• Proven work experience of “5 to 7 years” in costing and FP&A role
• Having worked in a large-scale manufacturing organization, having industry knowledge to improve financial analysis and cost management
• Professional Degree in Accounting or Costing (ACA, ICWA, CMA).
• Costing team is collectively handling product costing activities pertaining to 152 Production Sites, BU wise ranging from 15 to 30 sites
• Strong stakeholder management skill, able to prioritize and work with multiple supervisors / stakeholders such as ISC Nav.s, Commercial Controllers, Accounting Controllers, FP&A, other finance towers like R2R, I2P, P2I, MDM, etc.
• Hands on to prepare & present dashboard / report with different dimensions (incl consolidation) for management reviews.
• Strong knowledge of Financial & Cost accounting, Product costing, Transfer pricing, IFRS, Financial Statements, and process as well as system end to end flow of manufacturing, with an innovative problem-solving approach.
• Practical experience of advanced accounting concepts such as treatment of different Price differences, Inventory revaluations, transfer pricing, intercompany mark-ups, profit eliminations, etc.
• Strong analytical skills to quickly analyze complex costing processes such as costing runs, material ledger run, raw material price analysis, process order settlement, etc. and assess the end-to-end impact of each costing run on the Profit & Loss statement.
• In-depth knowledge of process order settlement and material ledger runs, familiarity with ICD transactions, proficiency in managing material master attributes, strong analytical skills for financial reviews, and effective communication skills for managing price variations and collaborating with cross-functional teams.
• Ability to gauge impact of critical components on the product costing such as tariff rates, recovery workings, etc.
• In depth understanding of crucial factors of the product cost such as movements in MAP, resultant changes in cost of dependent outputs (SEFI/FINI/ICD), etc.

At AkzoNobel we are highly committed to ensuring an inclusive and respectful workplace where all employees can be their best self. We strive to embrace diversity in a context of tolerance. Our talent acquisition process plays an integral part in this journey, as setting the foundations for a diverse environment. For this reason we train and educate on the implications of our Unconscious Bias in order for our TA and hiring managers to be mindful of them and take corrective actions when applicable. In our organization, all qualified applicants receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age or disability.

Requisition ID: 54616