Cost Manager

Job Description

The Manager/Sr. Manager - Cost Accountant will be responsible for overseeing the cost accounting function within the organization, ensuring accurate cost tracking, financial reporting, and cost control mechanisms. This role involves working closely with cross-functional teams, including production, procurement, and finance, to ensure financial efficiency, accuracy, and compliance with company policies and accounting standards. Key Responsibilities: Lead the cost accounting function to develop and maintain cost structures for products and services. Oversee the preparation and analysis of cost reports, including cost of goods sold (COGS), overhead rates, product costing, and inventory valuation. Prepare monthly, quarterly, and annual cost reports and analyze variances against budgets, forecasts, and historical data. Perform detailed cost analysis, identifying cost drivers, and making recommendations for cost reduction opportunities. Assist in the preparation of annual budgets and monthly forecasts, ensuring that cost estimates are accurate and in line with business objectives. Work with operational departments to track and control budgeted versus actual costs, helping management to identify and address cost overruns. Supervise inventory accounting and valuation processes, including conducting periodic physical inventories and reconciliation of inventory balances. Ensure accurate recording of material costs, labor costs, and overhead in the system. Ensure cost accounting practices comply with company policies and relevant accounting standards (such as GAAP, IFRS). Maintain internal controls and safeguard assets by reviewing and ensuring the accuracy of financial reporting. Work with auditors during internal and external audits, providing necessary documentation and explanations. Supervise and mentor junior staff in the cost accounting team, providing guidance and support for their professional development. Foster a collaborative environment by working closely with other departments, including manufacturing, procurement, and finance, to streamline processes and improve efficiency. Continuously assess cost accounting procedures, identifying opportunities for process improvements, automation, and system enhancements. Lead initiatives to enhance reporting efficiency and accuracy, including the implementation of new software and tools where necessary. Prepare special reports, cost analyses, and presentations for senior management as requested. Provide insights and recommendations to senior management regarding cost-effective business practices and potential financial risks.