OUR SERVICES: ACCOUNTING

Cost Accountant

What Does a Cost Accountant do?

A Cost Accountant is responsible for analyzing and tracking a company’s manufacturing, production, and operations costs. They calculate the costs of producing goods or services, including materials, labor, and overhead, to determine product costs and profitability. Cost Accountants monitor and control costs, identify areas of inefficiency, and develop strategies to reduce expenses and improve profitability. They also assist in budgeting, forecasting, and inventory valuation and contribute to financial reporting by providing insights into cost performance. Cost Accountants are crucial in helping organizations optimize costs and make informed decisions to achieve economic objectives.

    Tier 1

    .

    		 1 to 2
    years of
    experience

    Tier 2

    .

    		 3 to 5
    years of
    experience

    Tier 3

    .

    		 > 5
    years of
    experience

    ABOUT THE ROLE

    Roles and Responsibilities

    • Analyzing costs related to manufacturing, production, and operations.
    • Calculating product costs including materials, labor, and overhead expenses.
    • Monitoring and controlling costs to improve profitability.
    • Identifying areas of inefficiency and implementing cost-saving measures.
    • Assisting in budgeting, forecasting, and inventory valuation.
    • Contributing to financial reporting by providing insights into cost performance and profitability.

    Day-to-Day Duties

    • Analyzing production costs and variances.
    • Updating cost records and databases.
    • Conducting cost-benefit analysis for projects.
    • Assisting in inventory management.
    • Participating in budget meetings and cost reviews.

    SKILLS AND TOOLS

    Soft Skills

    • Analytical thinking
    • Attention to detail
    • Problem-solving abilities
    • Communication skills
    • Time management
    • Integrity
    • Adaptability
    • Teamwork

    Hard Skills

    • Cost accounting principles
    • Financial analysis
    • Budgeting and forecasting
    • Inventory valuation
    • Cost estimation
    • Proficiency in accounting software

    Tools

    SAP Cost Accounting, Oracle Cost Management, or Microsoft Dynamics 365 Finance 70%
    Microsoft Excel or Google Sheets for creating and managing cost models, performing financial analysis, and presenting data in reports. 90%
    Enterprise Resource Planning (ERP) systems like SAP ERP, Oracle ERP Cloud, or Microsoft Dynamics 365 80%

    Education

    Common Educational Backgrounds and Careers for this Role:

    • Public Accounting
    • Finance
    • Business Administration
    • Economics
    • Management
    • Mathematics
    • Statistics
    • Business Analytics
    • Cost Management
    • Managerial Accounting

    CANDIDATES TESTS

    Tests & Evaluations for Candidates

    QuickBooks

    QuickBooks Online (UK and US version) test to hire

    8/10

    Bookkeepers, accountants, financial clerks, financial managers, business and clerical administrators.

    GAAP

    Use the Financial accounting (US GAAP) test to hire

    8/10

    Bookkeepers, accounts assistants, financial accountants, financial managers, and other roles requiring a good grasp of financial accounting.

    IFRS

    Use the Financial accounting (IFRS) test to hire

    8/10

    Bookkeepers, accounts assistants, financial accountants, financial managers, and other roles requiring a good grasp of financial accounting.