cost accounting manager job description

cost accounting manager job description

The Essential Guide to Cost Accounting Manager Job Description

1. Introduction to Cost Accounting Manager Position

The primary goal of the cost accounting manager is to achieve both the short-term business objectives (operational accounting expertise) and long-term corporate objectives (strategic planning and teamwork). This person should cross traditional accounting lines, making the ability to lead a production plant in the deductions of its variances to success and be a value add partner to operations. The candidate selected should have a strong cost accounting background with excellent analytical skills. The successful candidate will have business finance knowledge and have systems knowledge through the use of SAP or other integrated ERP systems. Native intelligence, a solutions orientation, and drive are key.

The cost accounting manager’s area of responsibility includes overseeing the close process for the manufacturing plants, developing budgets and forecasts, and providing analysis to plant managers. The position is responsible for inventory accounting, standard setting, variance analysis, and reporting on manufacturing variances. The cost accounting manager must drive internal control compliance and support the plants for both production and general accounting. This person should be familiar with a variety of general accounting concepts, practices, and procedures and rely on experience and judgment to plan and accomplish goals.

2. Key Responsibilities and Duties

– Develop and manage the Plant Conversion Cost Model by Plant including Labor, Overtime, Employee Benefits, Direct Materials, Purchased Packaging, Other Variable Direct Costs, Overheads, Fixed Costs, and Production Volume. – Work with the supply chain and manufacturing operations to close-in variance to standard costs and achieve rapid cost reduction savings. – Control direct and indirect costs at the plants, report and assure compliance with corporate guidelines. – Engage with purchasing and supply chain management on procurement cost control and reduction activity and provide support to meet the targeted cost reduction. – Control and provide guidance to multiple financial analysts – coach and mentor them in achieving their job and career goals. – In certain circumstances, this role may include managing direct reports, including the following activities: hiring, firing, transference, and conducting all performance-related activities within the moderate level of Leadership/Performance Management.

Key Responsibilities and duties: – Develop and maintain the costing process. – Work with direct operations and supply chain leadership to identify areas of impoverishment and initiate large savings projects to bring manufacturing costs in line with pricing and within the corporate targets. – Work with direct operations to educate them and start the use of LEAN and 5S principles. – Produce Increase Metrics and Charts showing the status of cost improvement efforts by area. – Work with the Manufacturing operations to develop and control increased Business unit Cost Models which show Labor, Overtime, Employee Benefits, Direct Materials, Purchased Packaging, Other Variable Direct Costs, and Overheads. – Provide input to drive improved manufacturing financials.

Position in the workplace: A Cost Accounting Manager contributes to the planning, organizing, and directing of cost accounting activities. He/she proposes actions to improve productivity and efficiency of the finance department. It is an officer with responsibilities in accordance with the company’s financial regulation. Generally, he/she is under the auspices of the Financial Manager or an officer of higher category. His/her work is managing and responsible.

3. Required Skills and Qualifications

Qualified applicants will have a Bachelor’s Degree in Accounting with Business Administration and 3-5 years of costing accountant and/or finance management experience, along with 2 years of in-depth experience in cost accounting in a manufacturing environment. The applicant should maintain a strong knowledge of Microsoft Office applications, require thorough cost accounting in a manufacturing environment, along with an advanced understanding of the accounts payable and payroll process. The accounting department needs an intermediate understanding of the general ledger accounting concept and an introductory level of understanding in month-end labor entries.

The Cost Accounting Manager must either have a direct role or oversee the following areas: standard cost development, variance analysis, shipping/receiving, production and inventory transactions, the bill of labor, bill of materials, and reconciliation of all general ledger expense accounts with a direct role for payroll, accounts payable, and collaboration with production. Typically, the Cost Accounting Manager will oversee a small staff to support these areas.

4. Career Growth Opportunities and Advancement

Financial broadcasting – many media companies could benefit from a candidate with broadcast experience, which you could put to good use by highlighting it in your resume. Consequently, given your knowledge of cost accounting and your familiarity with the company, this job can be expected to have a higher salary.

Analyst or auditor – you could be adept at automation and problem-solving in the field of cost accounting. Businesses and internal audits sometimes find these skills essential.

Cost accounting manager supervisor or head of a unit – after spending a number of years as a cost accounting manager, you could advance to a cost accounting supervisor or the head of a unit. You may manage certain teams within the accounting department and other employees in your area of expertise. Most of the time, this is an essential step before moving on to even higher positions.

Are you wondering what’s next after getting your first cost accounting manager job? It is important to consider the potential growth opportunities in any career before you dive in. The cost accounting field has a wide range of career progression paths. And if you start as a cost accounting manager, you have already got a head start. Here are some career progression possibilities and paths you could take as a cost accounting manager:

5. Conclusion and Final Thoughts

In proposing that most cost accounting issues fit into three broad categories of using cost information for all applicable types of management decisions, engineer-and-construction industry members provided their input into what they believe are the most important cost accounting work-related competencies. These competencies were used as job analysis survey characteristics to identify the important tasks, knowledge, skills, and abilities that senior accounting personnel must possess to successfully complete their work. In addition, maintaining a current job description is essential for communicating information about the job and employee performance requirements between and among the employees, human resources department, and supervisors, as well as assessing labor market requirements and selecting, compensating, and promoting employees.

Cost accounting is the intersection of two business functions: cost management and accounting. Cost management, which includes activities such as planning, managing, and decision-making, provides financial and non-financial information to management for the purpose of addressing all possible types of cost-related issues. The specific cost-related issues that cost accounting addresses include product pricing, profit planning and control, cost volume and profit analysis, operational control, and long-range planning. These cost-related issues are important because, ultimately, every business is involved in the “business” of making money.