Executive / Sr. Executive - Raw Material Accounting

JD of Executive / Sr. Executive - Raw Material Accounting

An Executive / Senior Executive - Raw Material Accounting manages the end-to-end financial tracking, valuation, and ledger reconciliation of incoming manufacturing inputs and inventory. Operating within the plant accounting or costing function, this role ensures all material receipts match procurement contracts, physical stocks align with books, and production consumption is accurately valued.

Job Summary

The Raw Material Accounting specialist oversees the accurate financial recording of direct materials, freight-in costs, and custom duties. The position coordinates closely with plant logistics, warehouse teams, procurement, and external auditors to prevent inventory leakage, manage variances, and optimize working capital.

Key Responsibilities

Material Receipt & Voucher Verification

• Verify raw material invoices against Purchase Orders (POs) and Good Receipt Notes (GRNs).
• Account for landed costs, including ocean/air freight, custom duties, handling fees, and insurance.
• Resolve pricing disputes and quantity discrepancies by coordinating directly with procurement and vendors.
• Process debit notes for material rejections, short supplies, or quality deviations.

Inventory Valuation & Ledger Management

• Maintain inventory sub-ledgers in ERP systems, ensuring adherence to valuation methods like FIFO or Weighted Average.
• Book consumption entries based on Bill of Materials (BOM) and production batch records.
• Monitor Goods Receipt/Invoice Receipt (GR/IR) clearing accounts to ensure unbilled items are resolved monthly.
• Track Yield-Loss variances and report significant gaps between standard costing and actual consumption.

Stock Audits & Reconciliation

• Lead physical stock-taking exercises (weekly, monthly, or annual cycle counts) at plant warehouses.
• Reconcile physical inventory reports against ERP book balances and investigate variances.
• Identify slow-moving, non-moving, or obsolete raw materials and propose financial provisions.
• Reconcile vendor ledgers periodically to confirm balances and clear outstanding open items.

Compliance & Audit Support

• Ensure accurate input tax credit claims for Goods and Services Tax (GST) or custom duties on raw materials.
• Provide accurate documentation for statutory audits, cost audits, and internal inventory controls.
• Prepare MIS reports on raw material price trends, inventory turnover ratios, and age analysis.

Required Skills and Qualifications

• Education: Bachelors or Masters degree in Commerce, Finance, or Accounting (Inter-CA / Inter-CMA is a strong plus).
• Experience: 2–4 years (Executive) or 4–6 years (Senior Executive) specifically in manufacturing plant accounting or inventory control.
• Technical Savvy: Advanced proficiency in ERP systems (SAP Material Management / Controlling modules are highly preferred) and advanced MS Excel.
• Domain Knowledge: Deep understanding of manufacturing processes, standard costing concepts, and landed cost computation.
• Soft Skills: Strong analytical mindset with the ability to collaborate effectively with floor managers, warehouse personnel, and external vendors.