Cost Accountant

Job Description

Job Description

Position Summary

This position plays a vital role in the Company’s financial and operational success by analyzing costs associated with the Company’s operations and ensuring that financial resources are utilized efficiently and effectively, contributing to the overall financial health and profitability of the organization. The Cost Accountant will work closely with various departments to provide accurate cost data, support budgeting processes, and drive cost-saving initiatives.

Essential Duties & Responsibilities

• Develop and maintain cost accounting systems and procedures to ensure accurate cost allocation and reporting.
• Analyze production costs, material costs, labor costs, and overhead expenses to identify areas for cost reduction and efficiency improvement.
• Work with AP Coordinator to ensure job-specific costs are coded correctly.
• Monitor job margins and perform cost analysis. Compare actual vs. expected costs to identify variances in material, labor, and manufacturing overhead. Investigate root causes for any deviations and report findings to management.
• Identify primary areas for cost savings and present recommendations to executive team.
• Participate in cross-functional teams to drive process improvements and cost-saving initiatives.
• Monitor inventory levels, provide primary finance oversight to physical inventory counts, and ensure accurate valuation of raw materials, work-in-progress, and finished goods. Analyze inventory aging and calculate required provision.
• Analyze inventory aging and calculate inventory reserve as per company policy. Provide visibility of reserved stock to sales, engineering, and operations. Assist in creating action plans to convert aging stock to cash.
• Evaluate return on investment (ROI) for new capital asset purchases. Ensure asset-related costs are accurately captured, depreciation is properly recorded. Oversee periodic physical verification of fixed assets.
• Provide accounting input for development and maintenance of cost tools for use by the sales team in quoting orders that will achieve required margins.
• Prepare and post journal entries for items such as month-end accruals.
• Complete certain month-end closing activities to ensure all transactions are posted and that the system closing is completed with minimal disruption to the business.
• Assist in preparation of monthly financial statements and supplemental schedules. Prepare detailed cost reports and financial analyses to support management decision-making.
• Collaborate with various departments to prepare monthly, quarterly, and annual cost forecasts.
• Ensure compliance with relevant accounting standards and regulations.
• Prepare compliance reports such as sales tax returns, income tax schedules, and 1099 forms.
• Assist with audit and tax activities and prepare schedules requested by our independent CPA firm or other parties.
• Lead special accounting projects and assist other finance group team members as needed.

Qualifications

• Bachelor’s degree in business administration, accounting, finance or related field,
• Professional qualification such as CPA or CMA preferred.
• Minimum of 5 years’ experience, which should be in an accounting department or similar work environment.
• Proven track record of working within manufacturing or industrial environments.
• Experience in preparing and analyzing financial reports and budgets.
• Strong understanding of accounting processes and transactions.
• Strong analytical skills with the ability to interpret complex financial data.
• Knowledge of regulatory standards and compliance requirements
• Strong working knowledge of financial statements.
• Proficiency in period-ending closing.
• Proficiency with cost control and inventory management practices.
• Strong computer aptitude, which ideally includes expertise with Microsoft Excel .
• Experience with ERP systems such as SAP and Syspro is preferred.
• High level of integrity and dependability with a strong sense of urgency and results oriented.
• Strong organizational skills and problem-solving skills with particular attention to detail and accuracy.
• Ability to work independently and collaboratively within a team.
• Strong mathematical and conceptual problem-solving skills with meticulous attention to detail.
• Strong commercial awareness and the ability to present complex financial data clearly to non-financial colleagues and senior management.
• Excellent communication skills, both verbal and written.
• Ability to manage multiple tasks with minimal supervision and meet deadlines in a fast-paced environment.