- Collect cost information and maintain an expense database.
- Construct data accumulation systems
- Determine fixed costs ( salaries, rent and insurance)
- Record variable costs (purchases of raw material and operations costs).
- Review standard and actual costs for inaccuracies.
- Assist in preparing budgeting reports (for the company and for each department).
- Analyze and report profit margins.
- Assist in preparing (monthly, quarterly and annual) cost forecasts.
- Assisting in month-end and year-end closing.
- Identify and recommend cost-effective solutions.
- Prepare the cost monthly entries, to close the monthly financial period.
- Review and determine any changes to reflect the actual cost.
- Trace the consumables compare the consumables usage to the standard and provide justification if required.
- Follow up Monthly Production and compare with Actual production to allocate the actual overhead.