Cost Accountant Job Description Template
The cost accountant is responsible for all aspects of the company's costs. This includes analyzing, tracking, and reporting on the company's costs. The cost accountant must be able to identify cost savings opportunities and make recommendations to management on how to reduce costs. The cost accountant is also responsible for preparing monthly, quarterly, and annual reports on the company's costs.
Cost Accountant Job Responsibilities
- Prepare cost estimates for new products, projects, or processes
- Analyze actual costs and prepare periodic reports comparing standard costs to actual production costs
- Develop methods for assigning cost to inventories and finished products
- Recommend improvements in inventory control systems to management
- Compile data used in preparing operating budgets
- Monitor trends affecting raw materials prices and labor rates
Objectives
- To develop and maintain cost accounting systems
- To track production costs
- To analyze and report on variances from budget
- To support decision making with accurate cost information
- To develop cost estimates for new products or services
- To establish standard costs and periodically update them
- To monitor compliance with internal controls over cost accounting
Cost Accountant Job Skills & Qualifications Needed
- A bachelor's degree in accounting, finance, or business administration is typically required for a cost accountant position.
- Cost accountants must have excellent analytical and problem-solving skills.
- They must be able to work independently and be detail oriented.
- Excellent communication and interpersonal skills are also essential for cost accountants, as they often interact with other departments within an organization.