What does a Cost Accountant do?

Cost Accountants assist companies in managing 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 detail-oriented, have excellent presentation and reporting skills, and have outstanding analytical skills. They must also be able to prepare optimized budget plans for the company.

Cost Accountant Responsibilities

  • Develop cost standards for materials and labor.
  • Design and implement cost accounting systems.
  • Analyze production costs and recommend 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.
  • Account 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 relevant industry.
  • 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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