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Cost Accountant
Eastman & Associates
- Port-of-Spain
- Not disclosed
- Permanent full-time
- Updated 03/10/2024
- HR Admin
The role maintains and controls service costs by collecting, recording and analyzing financial data obtained through evaluation of direct costs (materials, labour and subcontract services) and allocating indirect costs using sound application methodology.
Position Scope:
The Cost Accountant oversees the cost accounting, inventory management, budget development and budget administration functions.
The role maintains and controls service costs by collecting, recording and analyzing financial data obtained through evaluation of direct costs (materials, labour and subcontract services) and allocating indirect costs using sound application methodology.
This analysis assists in determining the costs of service offerings. Comparing actual cost to estimates and identifying reasons for variances and providing management with detailed reports for use in making business decisions and controlling expenditures.
Providing financial analysis to evaluate projects, programs and service costing when necessary. Project cost reports comparing actual costs to date versus estimated costs as well as forecasted costs. Leads in developing and verifying data relevant to cost accounting and margin analysis.
Key Duties and Responsibilities:
- Measures and analyses the various costs of production and costs of distribution of company service offerings; supports the determination of service sales prices, supports the determination of capital budgeting requests; reports on margins by service and division;
- Monitors the cost of operations related to inventory, oversees the standard cost system and oversees financial inventory control.
- Reports on periodic (monthly, annual) variances between actual costs and standard costs, identifies variance causes, analyses operating issues and formulates strategies for corrective action
- Assist with the coordination of the budgeting process, presents capital and operational budgets under the guidance of the Finance Manager and presents for approval by the General Manager, Finance.
- Responsible for the development and maintenance of a cost accounting system within the Corporation.
- Analyses of overhead cost drivers and develop a methodology for allocating these costs to specific services. Monitor actual versus absorbed overheads on a monthly basis and together with the Finance Manager determines if the allocation methodology should be adjusted.
- Calculate and monitor standard costs for inventory valuation, project estimating and service costing purposes. Review valuation of stock as recommended by Philatelic and Stores as needed for inventory write off due to damage or obsolescence.
- Perform month-end accounting activities by ensuring all materials, labour and outside service costs are recorded, reconciling inventory and related balances to general ledger and analyzing variances and cost of goods sold. Coordinate these activities with the Finance Analyst in support of timely issuance of financial statements.
Provides support to other functional areas of the Corporation as follows:
- Inventory Control - investigates inventory adjustments resulting from periodic cycle counts and annual physical inventory
- Operations - Collaborates with Operations to identify costs saving projects, analyses and forecasts the impact on the cost structure if implemented and assist the development of the business case cost-benefit analysis for capital investments.
- Purchasing - Analyses purchase price variances & monitors material price trends to support price negotiations with vendors.
- Create & distributes detailed monthly cost reports to all units which include actual and estimated costs to-date for use in decision making.
- Reviews and analyze inventory and margin reports, conduct research and perform analytical studies in regards cost analyses and profitability.
- Prepare, analyze and report weekly, monthly, quarterly gross margin analysis by service and customer type.
- Assist in month-end and year-end closing of inventory to determine the month-end and year-end inventory balance for roll forward after consideration of sales and purchases of inventory. Prepare journal entries as necessary.
- Prepare detailed account analysis for budget versus actual for sales, cost and inventory, accounts by service and by division to inform decision making including feasibility of commercial ventures, cost monitoring and development of cost control measures.
- Monitors and ensures adherence to health and safety rules, regulations and guidelines Performs other related duties that may be required by the job function.
Position Specification:
Education
Professional Chartered Institute of Management Accountants (CIMA) or
Association of Chartered Certified Accountant (ACCA) or equivalent qualification.
Experience
- Three (3) to five (5) years’ experience in Cost Accounting at a senior level.
- Experience with Public Sector accounting will be an asset
- Proficient with accounting software packages and Microsoft Office
Essential Skills and Attributes
- Communication skills, both verbal and written
- Interpersonal skills
- Team Building Skills
- Ability to interpret & document information
- Organising skills
- Time management skills
- Strong analytical, problem solving and organisational skills
- Ability to coach and train others
- Confidentiality
- Dependability
- Trustworthiness
- Flexibility
- Ability to manage change and a positive attitude
Ref: Cost Accountant
Apply Now
Eastman & Associates
- 31 Scott Bushe Street, Port of Spain, Trinidad W.I.
- 1-868-625-3232
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