Cost Accountant

The Cost Accountant will be responsible for analyzing and controlling manufacturing and service costs, supporting pricing strategies, and optimizing profitability. The role includes providing management with insights to aid cost efficiency and strategic decision-making.

How is a Cost Engineer Different from a Cost Accountant?

• Cost Engineers focus on the technical and engineering aspects of cost estimation and control, working closely with project managers, engineers, and procurement teams.
• Cost Accountants focus on financial reporting, cost allocation, and internal cost control within a company’s accounting framework.

Position in the Organization:

The Cost Accountant should be positioned within the Finance & Accounting Department, reporting directly to the Financial Manager while working closely with:

• Production & Operations Teams: To monitor production efficiency and cost tracking.
• Procurement Team: To reconcile supplier invoices and ensure accurate material costing.
• Warehouse Team: To oversee inventory valuation and control.
• Sales Team: To ensure accurate pricing strategies and profitability analysis.

Key Responsibilities:

1. Cost Analysis & Control:

Analyze production and service costs to identify cost-saving opportunities.

Develop and maintain cost structures for different products and services.

Monitor standard vs. actual costs and investigate variances.

1. Budgeting & Forecasting:

Support the budgeting process by providing cost projections and variance analysis.

Assist in preparing operational budgets, working with production and procurement teams.

1. Inventory & Production Costing:

Ensure accurate inventory valuation through standard costing and periodic reconciliations.

Conduct physical inventory audits and analyze variances.

Collaborate with the operations team to ensure cost-effective production processes.

1. Reporting & Analysis:

Prepare detailed cost reports and analysis to support financial planning and decision-making.

Provide cost data for product pricing and profitability analysis.

Assist in month-end closing activities related to inventory and COGS reporting.

1. Process Optimization:

Recommend process improvements to enhance operational cost efficiency.

Assist in ERP implementation and enhancements related to cost tracking and reporting.

1. Compliance & Internal Controls:

Ensure compliance with internal cost control policies and accounting standards.

• Maintain documentation of costing methodologies and procedures.

Qualifications & Requirements:

• Education: Bachelor's degree in Accounting, Finance, or a related field. CMA certification is a plus.
• Experience: 3-5 years of experience in cost accounting within a manufacturing or service industry.