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Job Description
JOB PURPOSE
Cost Accountants collaborate with other accountants and financial staff in the company to provide financial and accounting support to executives and department heads who establish goals and budgets for the organization.
Cost Accountant duties and responsibilities:
Their duties include:
- Collecting and analyzing data about a company’s operational costs
- Setting standard costs of manufactured goods
- Developing and analyzing cost standards
- Carrying out cost-volume-profit (CVP) analysis, including for small businesses
- Establishing costs of business processes such as administration, labor, shipping, etc.
- Performing account reconciliations
- Preparing audit reports and presenting their findings to management
- Recommending changes to the company’s processes and policies to reduce cost and maximize profit
- Advising executives and upper management on appropriate costing based on financial data
- Managing the company’s balance sheet and accounting books
- Supporting other company accountants with invoicing and capital expenditure.
Job Requirements
Cost Accountant skills and qualifications
An excellent Cost Accountant should understand the principles of financial accounting and how it can be used to create a budget for a business. To do this, they use a variety of technical and soft skills, including:
- Advanced knowledge of mathematics and statistics
- Understanding of organizational accounting concepts
- Strong financial analysis skills
- Ability to prepare financial reports and give recommendations based on available data
- Superior knowledge of financial reporting software tools and ERP software
- Ability to perform risk and security assessments
- In-depth knowledge of financial guidelines and regulations
- Excellent attention to detail
- Effective communication, including writing, speaking and active listening
- Collaboration and teamwork
