Cost Accountant job description
A Cost Accountant is a professional who is responsible for ensuring that money spent by their company is well-planned and worth it. They oversee expense reports, analyze data on what has been purchased or the incurred costs regarding goods and services received from vendors, and make recommendations about cost-efficiency.
Cost Accountant responsibilities include:
- Collecting cost information and maintaining an expenses database
- Constructing data accumulation systems
- Determining fixed costs (e.g. salaries, rent and insurance)
Job brief
We are looking for a Cost Accountant to join our accounting department. You’ll be responsible for performing cost analyses and preparing budget reports.
You should possess excellent analytical skills along with the ability to combine different data and calculate profit margins. Our ideal candidate should also be able to create detailed reports that present cost-effective solutions for our company.
Ultimately, you should build updated databases and manage cost information to maximize profitability for our company.
Responsibilities
- Collect cost information and maintain an expenses database
- Construct data accumulation systems
- Determine fixed costs (e.g. salaries, rent and insurance)
- Plan and record variable costs (e.g. purchases of raw material and operations costs)
- Review standard and actual costs for inaccuracies
- Prepare budgeting reports (for the company and for each department)
- Analyze and report profit margins
- Prepare (monthly, quarterly and annual) cost forecasts
- Assisting in month-end and year-end closing
- Identify and recommend cost-effective solutions
Requirements and skills
- Proven work experience as a Cost Accountant, Cost Analyst, Accountant or similar role
- Thorough knowledge of accounting procedures
- In-depth understanding of Generally Accepted Accounting Principles (GAAP)
- Experience with accounting software, like FreshBooks and Zoho
- Computer literacy, MS Excel in particular (familiarity with VLOOKUPs and pivot tables)
- Excellent analytical skills with an attention to detail
- Strong time management skills
- Integrity, with an ability to handle confidential information
- BSc degree in Accounting, Finance or relevant study
Frequently asked questions
- What does a Cost Accountant do?
- A Cost Accountant makes sure that the finances of an organization run smoothly. They focus on developing and maintaining adequate budgets, which include costs associated with operations such as employee benefits or marketing campaigns.
- What are the duties and responsibilities of a Software Developer?
- Cost Accountants have many different day-to-day responsibilities, such as developing and maintaining the cost accounting system, documenting records from an organization's perspective, and analyzing data to find ways for savings or potential revenue that can be generated through changes within their company.
- What makes a good Cost Accountant?
- A good Cost Accountant must be confident and professional with an interest in the cost-efficient operations of their organization. They will need outstanding presentation skills as well as strong report writing abilities.
- Who does a Cost Accountant work with?
- Typically, Cost Accountants will work with Cost Analysts to create expense reports and budgets for an organization’s departments to make the most cost-efficient financial decisions.