Cost Accountant

The Cost Accountant plays a critical role in monitoring and analyzing the companys costs to ensure financial efficiency and profitability. This individual will be responsible for tracking, recording, and analyzing costs associated with production, inventory, and overhead, as well as providing valuable insights to senior management for decision-making. The ideal candidate will have strong analytical skills, attention to detail, and a deep understanding of cost structures and financial reporting.

Essential Duties, Functions, and Responsibilities

• Prepare and analyze cost reports, including cost of goods sold (COGS), product cost analysis, and variance analysis.
• Analyze and monitor the companys production costs, identifying trends and offering recommendations for cost reduction.
• Prepare regular reports to assess the performance of manufacturing processes, departments, and overall profitability.
• Develop and maintain standard costs for raw materials, labor, and overhead.
• Perform cost estimates and provide input for new product pricing and profitability analysis.
• Ensure that the proper allocation of overhead costs is maintained.
• Oversee and participate in periodic inventory counts, ensuring that inventory records are accurate and reconciled.
• Monitor inventory transactions to ensure proper cost accounting practices and accuracy in the reporting of inventory balances.

• Assist in the development of annual budgets and financial forecasts.
• Help management in identifying cost-saving opportunities through the analysis of budget-to-actual performance.
• Ensure compliance with accounting standards, company policies, and financial regulations.
• Support internal and external audits by providing relevant documentation and reports as needed.

• Work closely with the production, purchasing, and operations teams to understand cost drivers and help optimize processes.
• Provide cost-related guidance and support to senior management and other departments.

• Stay up to date with industry best practices and cost accounting trends.
• Proactively identify areas for process improvement and work on enhancing reporting systems and tools.
• Perform other duties as assigned such as day to day AR & AP functions.

Education and Related Experience

• Education: Bachelors degree in accounting, Finance, or a related field (CPA or CMA certification preferred).
• Experience: Minimum of 3-5 years of experience in cost accounting, financial analysis, or related roles. Experience in a manufacturing or production environment is a plus.

Knowledge, Skills, and Abilities

• Strong understanding of cost accounting principles, including job order costing, absorption costing, and variance analysis.
• Proficiency in Microsoft products including Excel, Word, and PowerPoint.
• Professional interpersonal skills, appearance, and attitude.
• Experience with cost management systems and ERP software (SAP, Oracle, QuickBooks, or specialized manufacturing software).
• Strong analytical and problem-solving skills with the ability to identify cost-saving opportunities.
• Excellent communication skills with the ability to interact effectively with both financial and non-financial stakeholders.
• The ability to explain accounting positions and financial and industry trends briefly and clearly.
• The ability to bridge the difference between international reporting standards and GAAP.
• The ability to adapt to changing priorities and multiple expectations.
• The ability to evaluate and improve processes to create innovative solutions with limited resources.
• The ability to understand and enforce internal controls to mitigate risk.
• The ability to learn new software quickly.
• Knowledge of manufacturing processes, particularly injection molding, is highly preferred.