What are the responsibilities and job description for the Cost Analyst position at MZN Management Group, LLC?
About Our Client
Our client is a leading provider of heavy fabrication, machining, and industrial equipment repair services. Specializing in large-scale equipment refurbishing and custom fabrication, they serve a diverse range of industries, including steel mills, aluminum plants, and manufacturing facilities. With extensive in-house capabilities, including CNC machining and a 50-ton crane capacity, they provide high-precision repairs and upgrades for industrial machinery. Additionally, the company is known for its expertise in rock crusher repairs, hot and cold mill mandrels, large cylinder rebuilds and manufacturing custom machine parts for industries such as mining, construction, and heavy manufacturing.
Position Summary
Our client is seeking a Cost Analyst to manage and oversee their operational finance activities. This role will be responsible for cost accounting, financial forecasting, budgeting, reporting, and due diligence processes. The ideal candidate will have a strong background in accounting principles and cost analysis to ensure the accuracy of financial records, support management in decision-making, and contribute to operational efficiency improvements.
The successful candidate will also be responsible for developing and enforcing internal controls to safeguard company assets, improving department functions, and identifying areas for business optimization through data-driven insights. The Cost Analyst will work closely with various departments to drive cost-saving initiatives and support the business in meeting its financial goals.
Essential Duties and Responsibilities
Cost Analysis and Reporting
Prepare detailed cost reports, analyzing direct materials, labor, and overhead to identify cost trends and
variances from the budget.
Manage and analyze Raw Material Inventory, Work in Process (WIP), and Finished Goods Inventory,
ensuring proper accounting and conducting physical inventory counts.
Perform in-depth cost variance analysis to identify areas for cost reduction.
Develop and maintain standard costs for products and services, ensuring alignment with financial
targets.
Calculate and maintain percentage of completion (POC) revenue recognition and reconciliations.
Budgeting and Forecasting
Collaborate with operational teams to develop detailed cost budgets and forecasts.
Monitor actual costs against budget projections, identifying potential cost overruns and variances.
Provide regular updates and financial insights to management on budget performance and adjustments.
Cost Control Measures
Implement and monitor cost control measures to optimize operational efficiency.
Identify cost-saving opportunities and recommend improvements to processes and procedures.
Analyze equipment utilization and suggest changes to improve manufacturing efficiency.
Cross-Functional Collaboration
Work closely with production, procurement, and sales teams to understand cost drivers and identify cost
reduction opportunities.
Provide financial analysis and support for strategic decision-making and business initiatives.
Month-End and Year-End Closing
Participate in the month-end and year-end closing process, including variance analysis and
reconciliations.
Ensure accurate cost accounting records are maintained in compliance with accounting standards.
Mentorship and Development
Provide guidance and training to junior accounting staff on cost accounting principles and practices.
Lead the development and implementation of new processes to align with the transition to the
company’s new ERP system (JDE).
Required Skills and Qualifications
Bachelor’s degree in accounting, finance, or related field.
Strong analytical and problem-solving skills.
In-depth knowledge of cost accounting principles and practices.
Excellent communication and presentation skills to effectively convey financial information to
management.
Advanced proficiency in Microsoft Excel and familiarity with JDE ERP systems.
Experience in manufacturing or other cost-intensive industries is a plus.
Willingness to travel up to 10% to various locations for business needs.
Reports to : Operational Controller / General Manager