Job Purpose
The Cost Accountant is responsible for monitoring, analyzing, and controlling the costs associated with manufacturing operations. The role provides accurate information on production costs, product profitability, inventory valuation, and cost variances to support management decision-making and improve operational efficiency.
Key Responsibilities
Track and analyze costs related to raw materials, labor, manufacturing overheads, and production processes.
Calculate and maintain accurate product and production costs.
Prepare regular cost reports, manufacturing cost statements, and management reports.
Monitor actual production costs against budgets, standards, and forecasts.
Analyze material, labor, overhead, and production variances and recommend corrective actions.
Maintain accurate records of inventory costs and support periodic inventory valuations.
Work closely with Production, Procurement, Warehouse, and Operations teams to monitor material usage and production costs.
Review bills of materials (BOMs), standard costs, production recipes, and cost structures where applicable.
Monitor raw material consumption and investigate significant variances or wastage.
Support the development and review of standard costing systems for products.
Calculate product margins and profitability to support pricing and commercial decisions.
Assist in preparing annual budgets, forecasts, and cost reduction plans.
Identify opportunities to reduce production costs, wastage, inefficiencies, and operational expenses.
Conduct cost-benefit and profitability analysis for new products, processes, equipment, or projects.
Reconcile inventory records with accounting records and investigate discrepancies.
Assist with month-end and year-end closing activities relating to inventory and manufacturing costs.
Ensure proper allocation of manufacturing overheads and other production-related expenses.
Support internal and external audits by providing accurate cost and inventory documentation.
Maintain accurate and up-to-date costing records in the ERP/accounting system.
Ensure compliance with company accounting policies, internal controls, and applicable financial reporting requirements.
Prepare ad hoc financial and cost analysis as required by management.
Key Performance Indicators (KPIs)
Accuracy of product and production costing
Timeliness and accuracy of cost reports
Reduction in production cost variances
Inventory valuation accuracy
Material and production wastage levels
Accuracy of standard costs and budgets
Identification and realization of cost-saving opportunities
Timely completion of month-end cost accounting activities
Accuracy of product profitability analysis