COST ACCOUNTANT JOB DESCRIPTION
The Cost Accountant role involves collaborating across finance and non-finance teams, reporting to either the Group CFO or Finance Director. Responsibilities include managing accounting tasks, conducting cost-benefit analyses, ensuring compliance with contracts and regulations, overseeing revenue and budget accuracy, and handling ERP system data for production and financial purposes. The position plays a crucial role in financial integrity, cost optimization, strategic decision-making, daily accounting operations, financial reporting, annual planning, and coordination with external auditors for financial statements, emphasizing attention to detail and effective communication across departments.
An Overview of Cost Accountant Job Description Responsibilities and Qualifications
1. Reporting to the Finance Director, the Cost Accountant plays a pivotal role in ensuring the accuracy and timeliness of costs, revenues, forecasts, budgets, and general accounting tasks as delegated. Additionally, they are responsible for meeting bill of lading (BOL) requirements for shipments, which includes packaging, receiving incoming materials both physically and electronically, fulfilling parts orders based on material lists, and issuing parts electronically. The role also involves managing back orders, completing and closing production orders in the ERP system, and executing daily, weekly, and monthly processes within the ERP system to maintain accuracy and timeliness of Bills of Materials (BOMs), costs, and revenues for projects, including posting necessary cost/revenue accruals.
Cost Accountant Accountabilities:
- Actively participate in project cost reviews, working closely with the project managers
- Analyze and report any cost change to budget and the impact on profitability.
- Ensure manual and system transaction accounts reconcile to applicable ERP reports.
- Close all open accounting issues prior to or on the last day of the month.
- Be prepared to explain any variances to forecast and budget.
- Prepare and enter routine journal entries in D365 ERP system.
- Assist project managers in resolving various cost and transactional issues
- Ensure compliance with corporate policies and SOX procedures and coordinate testing.
- Develop, maintain and distribute management reports as necessary to support the ongoing business and continuous improvement initiatives.
- Recognize and resolve customer satisfaction issues (both internal and external).
- Follow safe work practices by attending all required EH&S training, reporting safety incidents and near misses on a timely basis and maintaining the goal of “zero” lost time incidents.
- Work with Shared Service Center to prepare and analyze weekly cash reports
- Coordinate monthly balance sheet account review processes
- Prepare and load various reporting schedules into consolidation system (CRS)
- Assist with internal and external audits
- Serve as backup to the Assistant Controller
Cost Accountant Knowledge, Skills and Abilities:
- Bachelor’s degree in Accounting or Finance
- Minimum of 5 years’ experience in accounting, with at least 3 years specifically in cost accounting and 2 years in general accounting; or a combination thereof.
- Proficiency in Microsoft Excel
- Knowledge, expertise or exposure to a major ERP application (i.e. D365, AX, SAP, Oracle, Lawson, PeopleSoft, etc.).
- Excellent interpersonal and communication skills
- Must be able to work under tight timelines and meet deadlines
- Positive attitude, ethics, and values necessary to support the company's mission and a high performance culture.
- Strong interpersonal communication skills that will enable the successful candidate to favorably influence leaders, peers, staff, etc. Must possess the right balance of mental toughness, communication skills, and political savvy and self-confidence to successfully learn and operate within the organizational structure.
- Percentage of Completion (POC) accounting experience
- Microsoft Dynamics 365 (D365) ERP experience
- This position requires a willingness to learn and the creativity to find ways to achieve an end goal without always having direction
- This position requires coordination with the shared services department in Budapest and will need to find ways to work through time and cultural differences
- This position will require judgment on how to handle various supplier, customer, and reporting issues
- The person in this position will need to determine when an issue requires management attention
2. The Cost Accountant, reporting to the Finance Director, oversees the accuracy and timeliness of costs, revenues, forecasts, budgets, and general accounting tasks as assigned. Their responsibilities include meeting bill of lading (BOL) requirements for shipments, such as packaging, receiving incoming materials physically and electronically, fulfilling parts orders based on material lists, and issuing parts electronically. They also manage back orders, complete and close all production orders in the ERP system, and conduct daily, weekly, and monthly processes in the ERP system to ensure the accuracy and timeliness of Bills of Materials (BOMs), costs, and revenues for projects, including posting necessary cost/revenue accruals.
Cost Accountant Functions:
- Developing cost standards for materials and labor
- Designing and implementing cost accounting systems
- Analyzing production costs and recommending changes
- Implementing best practices in order-to-pay processes
- Overseeing annual physical inventory counts
- Analyzing manufacturing operations, equipment availability, and utilization
- Performing month-end cost accounting close
- Maintaining cost accounting system and cost ledger
- Performing life cycle cost-benefit analysis
- Analyzing inventory valuations
- Monitoring unit cost variance
- Maintaining accurate cost standards for materials and labor
- Preparing cost of goods sold and production reports
- Reconciling beginning raw materials, work-in-progress, and finished-goods stock
Cost Accountant Qualifications and Experience:
- Bachelor’s degree in accounting, finance, business with an emphasis in accounting, or a related field preferred
- 3-5 years of related experience in a manufacturing environment
- Experience with QuickBooks preferred
- Six Sigma Black Belt certification ideal
- Excellent computer skills; experience in accounting software, Microsoft Office Suite
- Knowledge of bookkeeping and accounting best practices, laws, standards, and state/national regulations and Generally Accepted Accounting Principles (GAAP)
- Experience in implementing an ERP system is an asset
- Excellent written and verbal communication skills
- Accurate and precise attention to detail
- Ability to multitask, prioritize, and manage time efficiently
3. We seek a Cost Accountant capable of engaging with various finance and non-finance teams, fostering strong collaboration with Department Heads, Project Managers, and Business Leaders. The ideal candidate will possess excellent organizational abilities to manage personal workload effectively and ensure timely deliverables from colleagues. Reporting directly to the Group CFO, this role encompasses end-of-month and end-of-year accounting resolutions, emphasizing cost-benefit analyses to optimize core product lines while adhering to strict regulations governing supplier contracts and operational time/effort allocations.
Cost Accountant Accountabilities:
- Review labor costs & overheads
- Assist with ongoing ERP system implementation
- Support with month end & support transactional finance teams
- Cost saving KPI - Identify and achieve cost saving targets
- Regularly report progress to senior management
- Costing variance analysis
- Preparation of accurate weekly information reporting including sales, purchases, volume measures and KPIs
Cost Accountant Skills and Abilities:
- Bachelor’s Degree in Accounting or related field
- 4+ year’s in cost accounting
- ACA, CIMA, ACCA or equivalent
- Experience within Financial Services industry preferable
- KPIs: ensure accuracy, usefulness and understanding of all KPIs – this will include working closely with management to help them understand and have positive impact on their performance
- Margin reconciliation – enhance reporting structure with margin information by product and variance
- Flexible, Team player, able to work with minimal supervision
- Able to explain financial information to non-financial colleagues
- Comfortable working with multiple IT systems and platforms
- Excellent Data and Excel skills including Power BI, pivot tables, graphs and data analysis
- Good report writing abilities
- Knowledge of database systems is advantageous.
4. The Cost Accountant plays a crucial role in supporting daily accounting operations, including managing the general ledger and generating financial reports. They also contribute to developing the annual financial plan and collaborate closely with external auditors to prepare audited financial statements for the location.
Cost Accountant Responsibilities:
- Review and control the company's operational expenses (manufacturing and administrative) for the CFO
- Responsible for handling the general accounting, management expenses, financial expenses and other accounting matters
- Responsible for checking the general accounting and related sources of financial information, preparing and submitting the trial balance and relevant financial statements
- Responsible for checking the Group's internal accounting, reporting the inconsistencies to CFO and timely preparation of reconciling reports
- Responsible for checking the cash and bank deposit with the cashier and preparation of relevant specific matters
- Responsible for the management of the accounting files
- Work with A/P and A/R accountants to insure that sub ledgers are closed to the general ledger in an accurate and timely manner each month
- Confirm the balance of other account receivable and account payable, supervise and urge relevant personnel to strike the balance within the specified time of period and specify the projects unaccomplished for 120 days in the statements
- Conduct overall analysis of the company's business financial results identifying variances of actual versus plan
- Carry out the inventory check system to guarantee the consistency of accounts;
Cost Accountant Qualifications:
- Undergraduate degree or above (Accounting major preferred)
- 1+ years of experience in accounting; manufacturing field preferred
- MS Office, ORACLE or other ERP system experience
- Ability to write reports, business correspondence, and procedure manuals; effective presentation skills
- Knowledge of ERP cost accounting required, Netsuite preferred
- Strong Microsoft Excel and Google suite (Drive, Sheets, Slides)
- Very skilled at working with large amounts of data
- Strong interpersonal and communication skills
- Flexible and adaptable to change
5. Our client is an expanding manufacturing firm seeking a Cost Accountant to join their dynamic team. This role promises a diverse range of responsibilities, making it an ideal opportunity for professional growth within the company. With a proven track record of nurturing and advancing internal talent, the company offers a team-focused environment, competitive benefits, a healthy work-life balance, and comprehensive training to support employee success.
As a Cost Accountant, responsibilities will encompass a wide array of general accounting functions for the company, including but not limited to:
- Determine, analyze and report costs of business projects and record results.
- Assist and analyze cost standards.
- Analyze changes in raw materials, manufacturing methods, or services provided, to determine effects on costs.
- Review invoices for correct account distribution and tax assessment.
- Run credit reports on potential and existing customers as requested and process wire transfer transactions.
- Maintain and improve processes and controls associated with manufacturing costs and inventory valuation.
- Providing cost reporting to aid in management decisions.
- Assist with financial planning, budgeting, and year end audit.
- Provide support to manufacturing and supply chain functions to improve operations and reduce costs.
The Cost Accountant will assist with other duties and special projects as needed.
- 2+ years’ cost accounting experience, manufacturing industry experience a plus.
- Knowledge of accounting for inventory transactions, general knowledge of accounting rules and regulations.
- Excellent written and verbal communication skills.
- Strong computer skills including Microsoft Office products, specifically Excel. Experience with ERP systems preferred.
- Have a Bachelor’s degree in Accounting or Finance.
- CPA a plus.
- Great at documentation and detail-oriented
- Tenacious team player
6. The Cost Accountant will oversee concurrent financial analysis projects and play a key role in managing various financial aspects. Duties will include providing commentary on budget, projection, and actual variances at month-end.
Cost Accountant Details:
- Prepare support analyses for the budget & forecast processes while ensuring compliance to designated timelines
- Prepare forecasts, budgets and actual financial packages for a range of recipients
- Prepare the company's expense plans and monthly forecasts
- Analyze and provide commentary on variances
- Communicate with vendors and ensure on-time processing of vendor allowances
- Ensure compliance with internal and external accounting standards and financial policies
Cost Accountant Minimum Requirements:
- Some sort of Accounting/Finance Degree or certificate
- 3+ years' of cost accounting experience in manufacturing setting
- Proficient in Microsoft Excel
- Strong quantitative financial skills
- Exceptional organizational and project management skills
- Ability to work in a deadline-driven, fast-paced environment
- Excellent written and verbal communication skills
- Excellent analytical skills
- Experience in MRP systems such as SAP, Microsoft Dynamics etc.