Cost accounting is a type of internal accounting that focuses on allocating production costs to goods and services in order to accurately price products sold to consumers. Cost accountant jobs are positions that are specifically tasked with the allocation process, as well as other tasks that require both financial insight and expertise. A cost accountant in charge of daily tasks, a senior cost accountant in charge of a small staff, a plant accountant in charge of the division, and an assistant controller in charge of upper-level management are all common positions.
The most common cost accountant job is that of a cost accountant. The cost accounting department’s front line is represented by this position. Individuals with a bachelor’s degree in accounting and one or two years of experience in cost accounting are the most common. Cost analysis, monthly close tasks, financial modeling for production output, cost estimating, and spending or expenditure analysis will all be tasks or activities.
The next most common job title in this field is senior cost accountant. While these individuals may perform tasks that are similar to those performed by lower-level cost accountants, the position’s primary focus is on accounting standards, tax reporting, balance sheet presentation, and the preparation of cost accounting reports. Cost accountants and accounting clerks may be supervised by senior cost accountants.
A plant cost accountant is a higher-level accounting position that also includes some management responsibilities. While an accounting degree is typically required for this position, a management background or degree can also help meet the requirements. The activities of cost accountant jobs within a company or department are directed by someone in this position. Financial statement preparation, cash flow modeling, standard cost analysis, budget creation (both flexible and standard), general ledger upkeep, and other ad hoc projects for their division are all important to plant cost accountants.
Within a company, there may be other cost accountant jobs available. The assistant controller is one such position. The assistant controller reports directly to the company’s controller, who is in charge of the entire accounting department. Assistant controllers provide analysis to a company’s upper management. This position is also responsible for ensuring that the cost accounting operation complies with all applicable regulations, both accounting and government-related.
While a four-year accounting degree is required for the majority of these positions, management and supervisory positions may require additional education. Professional certification, such as the certified public accountant or certified management accountant license, is well-known around the world for emphasizing financial and cost accounting practices.