Cost Accountant

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Job description

Job Title: Cost Accountant
Department: Finance/Accounting
Reports to: Accounting Manager/Controller/Finance Director

Job Summary:

The Cost Accountant is responsible for the collection, analysis, and management of cost data in manufacturing, production, or service industries. The role focuses on cost control, budgeting, and ensuring accurate financial reporting related to production activities. The Cost Accountant also supports decision-making by providing relevant financial insights into operations and cost management.

Key Responsibilities:

• Cost Analysis & Reporting:

  • Analyze actual production costs and prepare periodic reports comparing standard costs to actual production costs.
  • Monitor and analyze inventory and manufacturing variances, such as purchase price variance, labor variance, and overhead variance.
  • Prepare detailed cost analysis, including material, labor, and overhead costs.

• Budgeting & Forecasting:

  • Assist in the preparation of budgets and financial forecasts.
  • Analyze budget vs. actual results, explaining key variances in costs and revenues.

• Cost Control:

  • Develop and maintain standard cost systems and ensure data accuracy.
  • Monitor cost reduction initiatives and identify areas for potential cost savings.
  • Work closely with production and operations teams to ensure cost-effective production processes.

• Inventory Management:

  • Review and maintain accurate inventory costing systems.
  • Conduct periodic physical inventory counts and reconcile with accounting records.
  • Analyze slow-moving and obsolete inventory, proposing adjustments as necessary.

• Financial Reporting:

  • Prepare and present cost-related financial statements and reports to management.
  • Support month-end and year-end closing processes, including journal entries for cost-related accounts.
  • Ensure compliance with company policies, accounting standards, and regulatory requirements related to cost accounting.

• Process Improvement:

  • Review and improve existing cost accounting processes, procedures, and controls.
  • Participate in system implementations or upgrades related to cost accounting or ERP systems.

Key Skills & Qualifications:

• Education: Bachelor's degree in Accounting, Finance, or a related field. CPA or CMA certification preferred.
• Experience: 2-5 years of cost accounting experience, preferably in a manufacturing or production environment.
• Technical Skills:
  • Proficiency in accounting software and ERP systems (e.g., SAP, Oracle).
  • Strong knowledge of GAAP (Generally Accepted Accounting Principles) and cost accounting standards.
  • Advanced Microsoft Excel skills (pivot tables, VLOOKUPs, etc.).
• Analytical Skills: Strong analytical abilities to interpret data and provide actionable insights.
• Attention to Detail: High level of accuracy and attention to detail in financial reporting.
• Communication: Excellent written and verbal communication skills, with the ability to explain financial data to non-financial stakeholders.

Work Environment:

• Location: Office-based, with occasional visits to production facilities (for manufacturing environments).
• Hours: Full-time, typically Monday to Friday, with occasional overtime during reporting periods or special projects.

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