Cost accountants work in a leadership role where their primary purpose is to record the costs incurred by the company to handle budgets properly.
Cost accounting is only concerned with the costs that are incurred by the company and none other and is primarily done to determine profitability.
Cost accounting is a complex concept and requires professionals to handle it sensitively which is why an entire cost accounting team is hired to manage this side of businesses.
There are many duties that cost accountants handle including analyzing margins, tracing costs and constructing data accumulation systems. They also create and implement the control systems that are needed to manage data accumulation and reporting activities.
Employers tend to prefer people who have had at least three years of accounting or finance experience working as cost accountants. While cost accountants may work in any environment, their roles are more profound in the production arena where costing activities are rife with difficulties. Due to the nature of this job, prospective companies hire those candidates who have a sound knowledge of accounting principles.
Cost Accountant Job Description for Resume
• Plan, study and collect data to determine business costs such as raw materials and inventory
• Assist in analyzing changes in product designs and manufacturing methods and services
• Collect cost data and analyze and record results
• Prepare periodic reports to compare standard costs to actual costs
• Handle expenditure control activities by recording and reviewing cost information
• Prepare and present estimates of new and proposed costs
• Ensure that the cost accounting system is maintained properly
• Analyze labor, material and overhead costs to ensure that they stay within budgets
• Research variances and report this information on a periodic basis
• Develop and manage new labor and overhead rates and perform cost forecasts
• Prepare and improve cost analysis processes
• Create standards and ensure that they are adhered to by meeting detailed standard operational procedures
• Identify areas where cost accounting efforts can increase business performance
• Provide insight into improving efficiency and effectiveness of manufacturing processes by coordinating floor planning, inventory levels and overhead costs
• Provide support to operations by performing audits and managing controls effectively
• Work with plant personnel to prepare annual budgets and periodic forecasts
• Prepare financial reports for tax authorities and creditors
• Provide assistance to other accounting professionals in closing general ledgers at the end of the month
• Conduct physical inventories and reconcile finished goods inventories
• Conduct research and provide company management with information on factors affecting prices and profitability