Senior Cost Accountant

Basic Functions

The Sr. Cost Accountant is responsible for overseeing cost planning, budget control, variance analysis and inventory management within a manufacturing environment. This role ensures the efficient use of materials, labor, and overhead while maintaining accurate cost records and inventory valuations. By partnering with operations, procurement, finance, and supply chain teams, the Sr. Cost Accountant provides insight into production efficiency, cost drivers, and opportunities for savings that directly impact profitability.

Duties and Responsibilities

Budgeting & Cost Planning

• Develop, manage, and monitor cost budgets for manufacturing operations.

• Prepare detailed cost estimates, including direct materials, labor, and overhead allocations.

• Forecast production costs and adjust budgets in response to changes in demand, material pricing, or resource utilization.

Cost Control & Monitoring

• Track actual production costs against standard and budgeted costs, analyzing variances in materials usage, labor efficiency, and overhead absorption.

• Identify root causes of cost overruns and recommend corrective measures.

• Partner with production supervisors to drive cost efficiency on the shop floor.

Inventory & Materials Management

• Oversee inventory valuation processes, ensuring accuracy in raw materials, WIP (work-in-progress), and finished goods.

• Monitor inventory turnover, obsolescence, and scrap, proposing strategies to reduce waste and carrying costs.

• Work with supply chain and procurement to assess supplier pricing, lead times, and cost impacts on overall inventory levels.

• Implement and maintain robust inventory costing methods (e.g., standard costing, FIFO, LIFO, weighted average).

• Develop and implement standardized procedures for inventory cycle counts including the analysis of count discrepancies to recommend and execute process improvements.

Reporting & Analysis

• Prepare regular reports on production costs, inventory balances, and cost variances for leadership.

• Provide insights into cost trends and efficiency metrics to guide operational decisions.

• Support capital investment proposals with cost-benefit analysis and ROI projections.

Collaboration & Stakeholder Support

• Work with procurement to ensure cost-effective sourcing strategies.

• Partner with supply chain teams to align production schedules with cost and inventory objectives.

• Provide cost data and insights to operations, engineering, and leadership teams.

Risk Management & Compliance

• Maintain accurate cost records for audits and compliance with GAAP/IFRS.

• Assess financial risks related to inventory levels, supply chain disruptions, and production costs.

• Ensure adherence to company policies, internal controls, and regulatory requirements.

Required Skills

Education: Bachelor’s degree in accounting, Finance, Industrial Engineering, or related field. (CMA, CPA, or CIMA preferred.)

Experience: 5+ years in cost management or financial analysis within a manufacturing or industrial environment.

Skills:

• Strong knowledge of cost accounting, inventory control, and manufacturing processes.

• Proficiency with ERP systems (SAP experience preferred).

• Advanced Excel and financial modeling skills.

• Strong problem-solving, communication, and cross-functional collaboration abilities.