Cost Accountant Summary
Responsible for conducting moderately complex cost audits and preparing and analyzing cost reports. Analyzes cost records to ascertain the distribution of costs of various divisions of management and production. Classifies labor, material and overhead costs to compute the unit cost of product or service. Records cost data for use by management in controlling expenditures. Determines and installs cost accounting methods and procedures. Analyzes actual costs versus standard costs and explains variances. Prepares estimates of new or proposed product costs.
Cost Accountant Responsibilities
• Business partner with plant management to provide day-to-day accounting and finance support in inventory control and SOX compliance.
• Prepare monthly Net Income Models to analyze variances between actual and standard cost. Summarize the operating insights into what is driving the financial variances. Explain variances from the forecast. Monitor performance to key financial and operating goals.
• Planning, studying and collecting data to determine costs of business activity such as raw material purchases, inventory and labor cost.
• Analyzing changes in product design, raw materials, manufacturing methods or services provided, to determine effects on cost.
• Reconcile shipments at standard cost to cost of goods sold/manufactured.
• Monitors and audits physical inventories and cycle count program providing support to enhance the process.
• Reconciles finished, WIP and raw goods inventories on a monthly basis. Report changes to the components and quantities that makeup inventory on a monthly basis.
• In charge of the Month-end close of the General Ledger specifically to cost, manufacturing and inventory but also other areas that might be assigned to enhance departmental controls.
• Support special projects or financial analysis when needed
Cost Accountant Job Requirements:
- Bachelor’s Degree in Accounting / Finance or equivalent.
- 2+ years of experience in cost accounting or Master’s Degree with 3+ years of experience.
- Possesses and applies a broad knowledge of cost accounting principles and practices
- Familiarity with business processes and products.
- Good attention to detail with good analytical skills.
- Excellent verbal and written communication skills.