Cost Accountant Job Description

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Cost Accountant Job Description

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Banking and Financial Services

Job summary 1

The Cost Accountant is a critical role responsible for the ongoing analysis of product cost, development of new product cost, and margin analysis. This role will also work closely with the sales teams and senior financial management team to establish customer pricing.

Duties & Responsibilities 1

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Generate and track all product costing estimates for both new and existing product formulations
Update standard costs in the formulations (bill of materials)
Analyze costing information and collaborate with sales and finance teams to establish customer pricing
Analyze and review standard and actual costs for inaccuracies or improvements
Validate the cost of goods sold as part of the month-end close
Report on margins by product and product category
- Report on periodic variances and their causes, focusing in particular on spending variances
- Report and analyze monthly financial performance and month-end close processes focusing on costing/inventory
- Other duties and special projects as assigned

Requirements & Skills 1

BA/BS in Finance, Accounting, or another related field
MBA preferred
Minimum of 5 years of experience performing a similar role
Experience in manufacturing environment required
Ability to work independently (remote-based role)
- Results oriented with a strong work initiative
- Excellent communication and analytical skills
- Strong Microsoft Excel and PivotTable skills

Job summary 2

The Cost Accountant provides professional cost accounting expertise relative to generally accepted accounting principles (GAAP) and professional accounting expertise relative to the Corporation's credit reform and revolving fund programs.

Duties & Responsibilities 2

Requirements & Skills 2

Degree: accounting; or a degree in a related field such as business administration, finance, or public administration that included or was supplemented by 24 semester hours in accounting. The 24 hours may include up to 6 hours of credit in business law
Experience utilizing cost management methodologies, activities, and cost pools based on direct and indirect cost rates
- Experience reclassifying costs in accounting and project cost records; preparing supporting work papers; and submitting adjustments identified during the process
- Experience monitoring accounting systems covering operations and expenses for such items as payroll, travel, transportation, supplies, rents, services, inventory, or commercial accounts
- Must be a U.S. Citizen or National

Job summary 3

The Cost Accountant drives sustainability by diligently analyzing & preparing business performance data which supports management in making informed decisions that enable our company to be a premier place to work & do business.

Duties & Responsibilities 3

Business Data: Keenly accountable for the integrity of all business performance data and preparing that data in a format that is supportive to the management team in making informed financial/performance decisions. Diligently cost new items for the Sales team to ensure customer satisfaction and actively update/ maintain annual standard cost roll. Thoroughly analyze monthly freight expenditures, periodic inventory cycle counts, month-end inventories, and invoice/spending data to ensure the integrity of information; also analyze for oddities, monthly inflation, or cost-reductive areas. Work cohesively with the manufacturing team to create/review, analyze, and verify accurate reporting of production credit/hours earned production costs, and shutdown project accruals to gain a better understanding of production performance. Assist with the annual audit. Complete census data reports, along with monthly and quarterly reports in compliance with laws, policies, and procedures.
Process Improvement/Projects: Proactively investigate and implement cost-reductive process advancements that increase production’s financial performance by diligently analyzing current data, and forecasting future costs, and customer demand. Be a key role in the facilities’ annual inventory by building cohesive relationships among all invested parties. Play an integral role in the shutdown project accruals process.
Coaching/Supporting: Cultivate and foster trusting relationships among the organization that supports the management team in making knowledgeable and informed financial decisions. Actively instill a thorough understanding of business performance data by leading annual shutdown project accrual budget meetings, monthly manufacturing performance meetings, and training others on costing effects.

Requirements & Skills 3

Excellent verbal and written communication skills
Microsoft Office suites with strong influence in Excel
Knowledge and experience with ERP systems
Knowledge of Dynamics AX a plus
- B.A. in Accounting/Cost Accounting Required
- 2-5 years experience in Accounting Required
- 2-5 years experience in Accounting within a Manufacturing Environment preferred

Job summary 4

The Cost Accountant assists operations to better manage the production process. This individual will provide personal financial guidance to the members of the Production Management.

Duties & Responsibilities 4

Requirements & Skills 4

BA or BS degree
4-7 years experience with cost accounting in a manufacturing environment (preferred)
Excellent written and oral communication skills
Detail oriented with excellent accounting reconciliation and analytical skills
Experience working with SAP a plus
Excellent MS Office software technical skills, with emphasis on Excel
- Strong organizational abilities, and effective time management skills.
- Ability to handle multiple requests in a fast-paced environment
- Team player

Job summary 5

The Cost Accountant is responsible for ensuring accurate product costing and inventory accounting for manufacturing plants. Support department managers, supervisors, and Controllers with requests for financial information and provide timely information on plant metrics.

Duties & Responsibilities 5

Requirements & Skills 5

Inventory Cost Experience in a multi-site, manufacturing environment.
Understanding of manufacturing job costing.
Bachelor s Degree in Finance or Accounting required.
Advanced Microsoft Excel required.
- An understanding of GAAP about inventory.
- Excellent communication, detail analytical and interpersonal skills are required.
- Ability to work independently.

Job summary 6

The Cost Accountant is responsible for ensuring daily production requirements are met through analysis and reporting of production status. This position is responsible for the preparation and analysis of cost reports and audits, reviewing pricing formulas and cost allocation factors.

Duties & Responsibilities 6

Review month-end production reports, including labor and overhead summaries comparing actual to standard costs for the management team.
Design and implement cost accounting models, providing analysis of production costs with recommendations for change.
Analyze all current costing models for accuracy and identify opportunities to streamline and standardize designs where possible.
Implement standardized costing methodology for all domestic plants.
Provide timely and accurate product cost information to the Marketing Services department to assist them in competitively pricing new and existing products.
Maintain production run rates.
- Assist all Plant managers with the budget, Standards, and Month-end reports as needed.
- Provide support to the Vice President and Director of B/B and Seasoning, Plant managers.
- Perform other duties as assigned.

Requirements & Skills 6

Requires a Bachelor’s degree in Accounting, Finance, or a related field
- Minimum of three years experience, Strong Background In Accounting And Finance
- Ability To Multitask, Ability To Work Independently, in Fast-Paced Work Environments., Thrive Under Pressure, Time Management, Goal-Oriented, Highly Motivated, Team Player, Leadership Skills, Organizational Skills, Stress Management, Data Analysis, Budget Management, Excellent organization and analytical skills, Variance analysis, Month-end financial close and reporting.
- Advanced skills and general knowledge of Microsoft 0ffice, Lotus Notes, and Adobe applications

Job summary 7

The Cost Analyst, reporting to the Manufacturing accounting manager/lead, will interface with operatives and leaders across multiple departments, including but not limited to Operations, Supply Chain, Facilities management, R&D, and Manufacturing.

Duties & Responsibilities 7

Responsible for setting up the standard cost for labor overhead and bill of material.
Validate and analyze the cost of goods sold as part of the month-end close
Perform variance analysis such as Purchase Price to Cost variance, cost revaluation, Invoice to PO price variances, and work order variances.
- Ensure process integrity within Manufacturing, Intercompany, and Inventory while working with cross-functional peers to resolve process issues.
- Maintain phenomenal relationships with Business Partners and Accounting peers to address information reporting needs. Prepare Accounting schedules routinely and as requested for internal and external reporting requirements.
- Assist with and ensure successful quarterly and year-end audits.

Requirements & Skills 7

Job summary 8

The Cost Accountant is responsible for preparing and analyzing costing audits and cost reports while ensuring that cost data is correctly allocated. Reviews and examines unusual cost records.

Duties & Responsibilities 8

Requirements & Skills 8

EDUCATION: Bachelor's Degree
YEARS OF EXPERIENCE: 2-4 Years

Job summary 9

The Cost Accountant leads plant costing functions and is the backup position for the Accounting Manager. Analyze financial information and prepare financial reports to determine or maintain financial records within the facility.

Duties & Responsibilities 9

Requirements & Skills 9

Job summary 10

The Cost Accountant position provides support for cost accounting activities.

Duties & Responsibilities 10

Assist the Controller with daily, weekly, and monthly accounting, analysis, and reporting responsibilities
Responsible for the cost accounting module of the SAP ERP System
Responsible for the development of the manufacturing cost budgets and the development of the direct labor and overhead rates for the cost accounting module
Preparation of the weekly and monthly manufacturing material, labor, and overhead cost variance analysis reports
Assist in the preparation of forecasted P&L reports
- Preparation of periodic, actual, and forecast, sales reports
- Assist the manufacturing and engineering groups with costing and track company cost savings ideas
- Preparation of period-end journal entries

Requirements & Skills 10

Bachelor's Degree with a major in Accounting or Finance
Strong knowledge of accounting, budgeting, and costing principles
Must have strong SAP costing experience
- Excellent analytical skills with an attention to detail
- Ability to effectively communicate and the ability to interact with individuals across multiple levels of the Company
- Demonstrated strong computer literacy, MS Excel in particular

Frequently asked questions

What is the role of a cost accountant?

A cost accountant is responsible for analyzing and recording the costs associated with producing goods or providing services to provide management with valuable financial information. The main role of a cost accountant is to develop and implement cost accounting systems that help companies track and manage their expenses.

Some of the specific duties of a cost accountant may include:

Collecting and analyzing data on production costs, including raw materials, labor, and overhead expenses.

Developing cost accounting systems that accurately capture all relevant expenses and provide management with the information they need to make informed decisions.

Conducting cost-benefit analyses on new projects or initiatives to help management determine whether they are financially viable.

Identifying areas where the company can cut costs or improve efficiency, and making recommendations to management on how to do so.

Preparing reports and presentations on cost accounting data for management and other stakeholders.

Overall, the role of a cost accountant is to help companies manage their expenses and make informed financial decisions by providing accurate and reliable cost accounting data.

Who does a cost accountant work with?

A cost accountant works with various stakeholders within a company, including:

Management: Cost accountants work closely with senior management to provide financial information to help them make informed decisions about the company's operations and financial health.

Production teams: Cost accountants work with production teams to gather data on the costs associated with producing goods or providing services.

Purchasing teams: Cost accountants work with purchasing teams to analyze the costs associated with raw materials and other supplies needed for production.

Finance teams: Cost accountants work with finance teams to ensure that financial records and statements are accurate and that financial reporting requirements are met.

Auditors: Cost accountants work with auditors to provide documentation and explanations of financial records and accounting practices.

External stakeholders: Cost accountants may also work with external stakeholders such as suppliers, customers, and regulatory agencies to provide financial information and ensure compliance with applicable laws and regulations.

Overall, cost accountants work with a wide range of stakeholders to ensure that financial records are accurate, that costs are properly managed, and that the company is operating in a financially responsible and sustainable manner.

Olivia Powell
Recruiting expert

Last updated Sep 30

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Cost Accountant Job Description

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Frequently asked questions

What is the role of a cost accountant?

Who does a cost accountant work with?

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