what does a cost accountant do?


What Does a Cost Accountant Do?

  • Cost accountants determines the costs associated with providing a service or manufacturing a product.

  • Prepare and review monthly journal entries carefully, looking for anomalies and other inconsistencies.

  • Conduct inventory reserve analysis regularly and generate reports for senior management.

  • Prepare cost accounting reports to submit to senior management.

  • Maintain and review the general ledger and reconcile balance sheets.

  • Assist the general accounting team with recommendations to changes on policies or procedures when necessary.

  • Classify costs accurately and update them as appropriate.

  • Analyze costs of raw materials and other supplies and create cost-benefit analyses for different vendors.


Common Requirements

  • Bachelor's Degree in Accounting or related field required

  • Previous experience in general accounting or as a cost analyst usually preferred

  • Experience with accounting software, such as FreshBooks

  • Advanced MS Excel skills needed

  • Strong knowledge of accounting procedures

  • Excellent analytical skills with an attention to detail


National Average Salary

The average salary for a Cost Accountant is $68,398 per year in the United States in 2019.

*Our salary estimates are based data collected anonymously and varies greatly by experience, location, industry and other factors. These estimates should only be used as a guideline and only given to the for the purpose of general comparison only.

 

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