Cost Account

Description:
To record, analyze, and allocate all costs related to production or services in order to determine the actual cost of products or projects, support decision-making, and improve operational efficiency by controlling and reducing expenses.
 

Key Responsibilities:

1. Prepare and analyze actual cost reports and compare them with standard or budgeted costs.
2. Monitor material movements and inventory to determine the cost of materials used in production.
3. Record operating expenses and allocate them accurately to the appropriate cost centers.
4. Prepare monthly cost reports, analyze variances, and provide recommendations for corrective actions.
5. Participate in preparing and monitoring the company’s annual budgets.
6. Review and post cost-related journal entries to ensure accuracy and compliance with company policies.
7. Coordinate with production, purchasing, and warehouse departments to verify cost data accuracy.
8. Assist in developing cost accounting systems and improving internal control procedures.
9. Prepare periodic reports for management on production costs, profitability, and cost trends.