Accountant

an accountant for a manufacturing firm plays a dual role: they are both a financial gatekeeper for factory operations and a compliance officer for India's complex tax and labor laws.

Below is a detailed breakdown of the responsibilities, .

1. Operational & Factory AccountingThese duties focus on the shop floor—turning raw materials into finished products.

• Costing & Inventory Valuation:
• Maintain the Bill of Materials (BOM) and track the cost of raw materials, packaging, and consumables.
• Manage Work-in-Process (WIP) and finished goods valuation using FIFO or Weighted Average methods as per Indian Accounting Standards (Ind AS).
• Conduct monthly physical stock verification and reconcile with software records (e.g., Tally Prime, SAP, or MS Dynamics).
• Variance Analysis:
• Compare Standard Cost vs. Actual Cost for materials and labor.
• Analyze "Scrap and Spoilage" rates to identify production inefficiencies.
• Fixed Asset Management:
• Maintain the Fixed Asset Register (FAR) for heavy machinery and plant equipment.
• Calculate depreciation as per the Companies Act, 2013 and the Income Tax Act, 1961.

2. compliance leads .

• GST (Goods & Services Tax):
• Ensure accurate HSN coding for all manufactured products.
• Generate and reconcile E-Way Bills and E-Invoices for goods dispatched from the factory.
• File monthly returns (GSTR-1 and GSTR-3B) and claim Input Tax Credit (ITC) by reconciling with GSTR-2B.
• Direct Taxation (TDS/TCS):
• Deduct and deposit TDS (Tax Deducted at Source) on payments to contractors, professionals, and transporters.
• Collect TCS (Tax Collected at Source) on scrap sales or high-value sales as per Section 206C.
• Labor & Payroll Compliance:
• Oversee monthly PF (Provident Fund) and ESI (Employee State Insurance) deductions and challan generation for factory workers.
• Ensure compliance with the Factories Act, 1948 regarding overtime payments and worker benefits.
• Handle Professional Tax (PT) filings, which vary by state (e.g., Maharashtra, Karnataka, Tamil Nadu).
• 3. Financial Reporting & Audits Internal & Statutory Audits: Prepare schedules for the annual Statutory Audit and facilitate Tax Audits (Form 3CD).
• Banking & Cash Flow: Manage working capital (CC limits) and coordinate with banks for Letter of Credit (LC) or Bank Guarantees (BG) required for material procurement.
• MIS Reporting: Provide management with a monthly "Plant Profitability Report" showing the margin for each product line.

Skills & Tools Typically Required

SoftwareTally Prime (most common).

SpreadsheetsAdvanced Excel (lookups, pivot tables for massive inventory data).

PortalsHands-on experience with the GSTN portal, TRACES, and EPFO portal.

Qualifications B.Com with 2+ years experience,