Job Role Description

Payroll > Cost Accountant

Salary National Average

Low Medium High
60570.0000 72170.0000 96270.0000

Change from Previous Year:

+3%

Supply and Demand

Candidate Supply: 5,703 Job Openings: 48,755

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Short Description:

A Cost Accountant is responsible for analyzing and tracking the costs associated with manufacturing processes and operations within an organization. Their duties include collecting and interpreting cost data, conducting variance analysis, and providing insights to improve cost-efficiency. Cost Accountants often collaborate with different departments to develop cost standards, assist in budgeting, and contribute to overall financial planning. Strong analytical skills, attention to detail, and a deep understanding of cost accounting principles are essential for success in this role, as Cost Accountants play a key role in ensuring accurate cost information for informed decision-making within an organization.

Duties / Responsibilities:

  • Prepare, examine, or analyze accounting records, financial statements, or other financial reports to assess accuracy, completeness, and conformance to reporting and procedural standards.
  • Report to management regarding the finances of the establishment.
  • Establish tables of accounts and assign entries to proper accounts.
  • Develop, implement, modify, and document recordkeeping and accounting systems using current computer technology.
  • Compute taxes owed and prepare tax returns, ensuring compliance with payment, reporting, or other tax requirements.
  • Maintain or examine the records of government agencies.
  • Advise clients in compensation, employee health care benefits, accounting or data processing systems, or long-range tax or estate plans.
  • Develop, maintain, and analyze budgets, preparing periodic reports comparing budgeted costs to actual costs.
  • Provide internal and external auditing services for businesses or individuals.
  • Analyze business operations, trends, costs, revenues, financial commitments, and obligations to project future revenues and expenses or to provide advice.

Skills / Requirements / Qualifications

  • Economics and Accounting: Knowledge of accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
  • Law and Government: Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
  • Mathematics: Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
  • Accounting Software: Accurate NXG; Blackbaud The Financial Edge; FlexiLedger software; Intuit Quicken software
  • Compliance Software: Corporate Responsibility System Technologies Limited CRSTL Compliance Positioning System; FLS eDP.Payroll tax; Intrax ProcedureNet; Paisley Cardmap
  • Document Management Software: Accutrac software; Document management system software; OmniRIM software; Records management software
  • Financial Analysis Software: AuditWare software; MethodWare ProAudit Advisor; Paisley AutoAudit; RSM McGladrey Auditor Assistant
  • Complex Problem Solving: Identifying complex problems and reviewing related information.

Job Zones

  • Title: Job Zone Four: Considerable Preparation Needed
  • Education: Most of these occupations require a four-year bachelor's degree, but some do not. 
  • Related Experience: A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. 
  • Job Training: Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
  • Job Zone Examples: Many of these occupations involve coordinating, supervising, managing, or training others. 
  • Specific Vocational Preparation in years: 2-4 years preparation (7.0 to < 8.0)

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