What does a Cost Accountant do?
Cost Accountants assist companies to manage their cost expenditures and purchases, review services and goods, build documentation, and provide recommendations for cost-efficient operations.
To be successful in this role, Cost Accountants must be very detailed, have excellent presentation and reporting skills, and have outstanding analytical skills. They must be able to prepare optimized budget plans for the company.
Cost Accountant Responsibilities
- Developing cost standards for materials and labor.
- Designing and implementing cost accounting systems.
- Analyzing production costs and recommending changes.
- Work with the Controller to optimize the use of ERP systems to implement and maintain processes.
- Work with leadership to assist in designing, implementing, and maintaining records.
- Responsible for accounting for physical inventory in conjunction with operations staff.
- Responsible for the application of overhead, labor, and raw materials to inventory.
- Assist the Controller in developing specific finance data flows or reporting to ensure timely and accurate preparation of financial statements in accordance with GAAP.
- Assist with the preparation of budgets and budget to actual reporting.
Cost Accountant Qualifications
- Bachelor’s degree in accounting with at least 2 years of cost accounting experience in a manufacturing environment.
- Experience with standard inventory costing with bill of materials for inventory products.
- Experience in product costing/profitability analysis.
- Experience in the application of GAAP and an understanding of internal controls.
- Proficient in Microsoft Excel.
- Experience working with ERPs.
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