Job description of a Cost Accountant

EXPERTIS
24/11/2021

Manufacturing businesses, especially those producing on a large scale or based on orders, cannot function without a cost accounting position within their accounting organizational structure. Cost accounting provides a crucial basis for business decision-making.

1. What is cost accounting?

Cost accounting involves gathering costs related to product cost, calculating the cost for each product type according to the cost accounting method chosen by the enterprise, ensuring the accuracy and completeness of product cost, and serving as a basis for determining appropriate selling prices for goods, ensuring profitability for the enterprise.

2. Job Description

Record the cost-related accounting entries using the accounting method chosen by the enterprise.
Verify and cross-check data from accounting subsystems to ensure accurate accounting entries for cost calculation.
Conduct a scientific and rational assessment of work-in-progress inventory to provide a basis for accurate and complete cost accounting for a given period.
Manage costs, verify and reconcile inventory documents and accounting documents.
The costs are aggregated and, based on their constituent cost components, are used to calculate: planned cost, standard cost, and actual cost.
Control the cost of each product for each production order.
Adjust prices according to cost fluctuations.
Prepare a summary table – analyze production efficiency for each production order (Actual cost compared to planned cost).
In collaboration with the production department, the warehouse proposes solutions to improve production efficiency, save on input costs, and reduce production costs.
Regular/irregular inventory checks and recovered scrap materials are conducted; these are compared with accounting records, the causes of discrepancies are identified, and corrective actions are proposed.
Update the cost estimates in the accounting software.
Other duties as assigned by the Chief Accountant.

3. Candidate Requirements

3.1. Knowledge and experience

Graduated from a regular college/university program with a major in Finance, Accounting, Auditing, or Banking.
Must have at least 05 years of experience, with at least 02 years in a similar position.
Understanding Accounting Policies, Inventory Accounting Systems, and Management Accounting.
Understanding the production processes of medium/large-sized businesses.

3.2. Skills

Excellent communication skills.
Excellent problem-solving skills and quick thinking.
Proficient in using Excel, accounting software, and management software.
Skills in data synthesis, analysis, and reporting.
Skills in organizing, planning, and developing strategies to accomplish assigned tasks.