Cost Accountant Job Profile And Description
A cost accountant is a professional who is responsible for making ledger entries and for keeping track of cost analysis. The cost accountants are basically responsible for maintain the inventory system of the organization in compliance with set standards. These professionals work at the critical position of accounting, where their good decisions can greatly enhance the profit levels of the organization.
These professionals are responsible keeping a check on what material is required, and no unnecessary material is bought and their effectiveness in buying good material at nominal cost can help the organization to save quite a lot of money.
Cost Accountant Duties And Responsibilities
The job responsibilities of cost accountants include:
- Constructing the data gathering systems for designing the cost accounting systems.
- Creating and reviewing the controls required for data gathering and reporting systems.
- Resolve all the material buying issues and keeping track of inventory material.
- Coordinating with the production department to analyse the exact raw material requirement.
- Analysing all the material buying orders and keeping the buying to its minimum, and ensuring that no unnecessary material is bought.
- Validating the sold goods and the cost recovered, and preparing the monthly reports covering these aspects.
- Updating standard costs in the material bills and checking for any wastage of money or material.
- Working with the inventory and production department to review, identify and dispose of any obsolete inventory materials.
- Analysing, validating and reviewing the budgeting requests pertaining to capital
Cost Accountant Skills And Specifications
A cost accountant is required to possess following requisite skills set:
- Must possess good verbal and written communication and interpersonal skills.
- Must be able to plan and prioritize various work related tasks in order to meet the stipulated deadlines.
- Must possess proficiency in MS-Office suite applications like MS Excel, MS Access, MS Outlook.
- Must have good working knowledge of accounting software
Cost Accountant Education And Qualification
The cost accountants are required to possess following academic qualifications:
- Bachelors or master’s degree in mathematics, accounting, commerce, finance or any other closely related subjects.
- Must possess excellent knowledge of budgeting, accounting, and cost control procedures.
- Must have good inventory knowledge like inventory cost analysis, inventory reconciliation etc.
- Must also obtain the necessary certifications and licenses in order to practice their job
Cost Accountant Salary
A cost accountant can earn up to $25,000 – $55,000 depending on various factors like company with which they are employed, level of job responsibilities, and experience in the field of cost accountancy.