Factory Accountant at Goodwin India, Chennai

About the Role

The Factory Accountant will be responsible for managing the day-to-day accounting and financial activities of the manufacturing unit, ensuring accurate recording of transactions, proper control over factory expenses, inventory accounting, statutory compliance, audit and timely financial reporting. The role will work closely with Production, Stores, Purchase & Sales to ensure effective financial control over factory operations.

Key Responsibilities

• Maintain accurate books of accounts relating to factory operations.
• Record purchase, sales, expenses, receipts, payments and journal transactions.
• Perform monthly account closing activities.
• Prepare factory-level income and expenditure statements.
• Ensure proper accounting of capital and revenue expenditure.
• Review accounting entries and identify errors or unusual transactions.
• Monitor accounting of raw materials, consumables, packing materials, work-in-progress and finished goods.
• Reconcile physical inventory with book records.
• Review material receipts, issues, transfers and adjustments.
• Coordinate with Stores and Production for periodic physical stock verification.
• Investigate and report stock shortages, excesses and discrepancies.
• Monitor slow-moving, obsolete and non-moving inventory.
• Ensure proper accounting of inventory adjustments and write-offs.
• Monitor production-related costs and expenditure.
• Analyze material consumption, labor cost and factory overheads.
• Compare actual production costs with standard/budgeted costs.
• Analyze production variances and identify significant deviations.
• Work with Production and Costing teams to improve cost control.
• Assist in calculation and analysis of manufacturing overheads.
• Ensure Cost audit is completed on time.
• Verify supplier invoices against purchase orders, GRNs and supporting documents.
• Ensure correct accounting of purchases, expenses and input taxes.
• Monitor vendor balances and outstanding payments.
• Reconcile vendor accounts periodically.
• Identify duplicate or incorrect invoices.
• Coordinate with Purchase and Stores regarding invoice discrepancies.
• Ensure Recording sales transactions accurately.
• Monitor customer outstanding balances.
• Ensure Reconcile customer accounts.
• Coordinate with the sales team regarding overdue payments.
• Ensure correct accounting of sales returns, discounts, credit notes and debit notes.
• Monitor cash transactions and petty cash.
• Verify supporting documents for cash payments.
• Maintain cash book and perform periodic cash verification.
• Ensure bank reconciliation statements.
• Monitor factory bank transactions and identify unreconciled items.
• Assist in preparation and filing of GST returns.
• Ensure proper accounting and reconciliation of:
  • Input Tax Credit
  • Output GST
  • Purchase invoices
  • Sales invoices
  • E-invoices
  • E-way bills
• Assist in TDS compliance and reconciliation.
• Maintain records required for statutory audits and tax assessments.
• Coordinate with corporate finance, tax consultants and auditors.
• Maintain the fixed asset register.
• Record additions, disposals and transfers of fixed assets.
• Ensure proper capitalization of eligible expenditure.
• Calculate depreciation as per applicable accounting policies.
• Coordinate with the factory team for periodic physical verification of assets.
• Coordinate with HR/payroll for accounting of factory employee costs.
• Verify salary-related accounting entries.
• Monitor accounting of statutory deductions such as PF, ESI, PT and TDS.
• Assist in reconciliation of employee-related liabilities.
• Assist in preparation of the factory annual budget.
• Prepare monthly Flash & MIS reports relating to:
  • Production cost
  • Material consumption
  • Factory overheads
  • Inventory
  • Payables
  • Receivables
  • Capital expenditure
  • Budget vs. actual expenditure
• Provide financial analysis and explanations for significant variances.
• Ensure compliance with company accounting policies and internal controls.
• Review authorization and supporting documentation for transactions.
• Identify control weaknesses and recommend corrective measures.
• Prevent and identify accounting errors, duplicate payments and unauthorized expenditure.
• Support internal and external audit requirements.
• Coordinate with statutory, internal, cost and tax auditors during audits.
• Provide schedules, reconciliations and supporting documents.
• Respond to audit queries and ensure timely closure of audit observations.
• Maintain proper documentation and audit trails.

Key Performance Indicators (KPIs)

The Factory Accountant will be evaluated on:

1. Accuracy and timeliness of factory accounts.
2. Timely monthly closing of accounts.
3. Inventory reconciliation accuracy.
4. Reduction in inventory discrepancies.
5. Accuracy of production cost reporting.
6. Timely GST/TDS and other statutory compliance.