Cost accounting allocates production costs to goods and services to accurately price products. Cost accountant jobs include day-to-day tasks, senior roles, plant accountants, and assistant controllers. Most require a degree in accounting and professional certification.
Cost accounting, which is part of a company’s internal accounting activities, focuses on allocating production costs to goods and services in order to accurately price the products sold to consumers. Cost accountant jobs are positions specifically tasked with the allocation process, among other tasks that require both the acumen and experience to manage financial information. Common positions include a cost accountant responsible for day-to-day tasks, a senior cost accountant who runs a small team, a plant accountant who oversees the division, and an assistant controller, an upper-level management position.
A cost accountant is the most common position among cost accountant jobs. This position is the front line of the cost accounting department. Individuals usually have a bachelor’s degree in accounting and a year or two of cost accounting experience. Tasks or activities will include cost analysis, monthly closing tasks, financial modeling of production, cost estimating, and spend or expense analysis.
Senior Cost Accountant is the next most common position in this discipline. While these individuals may complete tasks similar to low-level accountant jobs, the focus of the position is also on meeting accounting standards, tax reporting, filing balance sheets, and preparing cost reports. Senior cost accountant jobs can also supervise cost accountants or accounting clerks.
Plant cost accountant is a higher accounting position combined with some management responsibilities. While the position often requires a degree in accounting, a background or degree in management can also help meet the requirements for this position. A person in this position directs the activities of cost accountant jobs within a company or department. A big focus for plant cost accountants is financial statement preparation, cash flow modeling, standard cost analysis, budget creation (both flexible and standard), accounting maintenance, and other ad hoc projects for their division.
Other cost accountant jobs may exist within a company. One such position is the assistant controller, who works directly under a company’s controller, who is responsible for the accounting department for the entire organization. Assistant controllers provide analytics for a company’s top management. This position also focuses on compliance with regulations – both accounting and government – to ensure that there are no improprieties in the cost accounting operation.
While most of these positions require a four-year accounting degree, management or supervisory positions may require additional education. Professional certification, such as a certified public accountant or certified accountant license, is internationally recognized for its emphasis on financial and cost accounting practices, respectively.
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