Cost Accountant Job Responsibilities

A cost accountant is a professional who is responsible for keeping track of cost analysis. They are mainly responsible for maintaining the inventory system of the business in conformity with set standards. These professionals work at the decisive position of accounting, where their good quality decisions can greatly improve the profit levels of the organization.

Cost Accountant Job Responsibilities

  • It is the responsibility of the cost accountants to construct and invent a data gathering mechanism for designing and developing an efficient cost accounting system for the company.
  •  It is their duty to develop and implement control system which is essential for gathering the data and reporting it.
  • It is their work to take decisions regarding the purchasing matters and to keep a record of the stock presently available.
  • They are responsible for coordinating the work of the production department to determine the accurate requirement for the raw materials.
  • It is their duty to keep an eye on the buying orders and ensure that no excess material than what is required is purchased.
  • They are required to validate the goods sold and the costs recovered and prepare monthly statements and reports covering these fields and report it to the management and concerned members.
  • It is their duty to update the standard cost analyzing the material bills and related documents on the regular interval and check for any kind of wastage in terms of money or material.
  • They are responsible for the forecasting and preparation of the budgets relating to the expenses and revenues by analyzing and reviewing the previous year’s data.
  • They are expected to predict, prepare and execute the plant’s budget.
  • It is their duty to compare the budgeted and actual figures concerning the production function and investigate about the reasons for deviation and take remedial actions.

Category: Account Job Responsibilities

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