Cost Accounting Specialist

PERKS & BENEFITS:

• Free Medical insurance including dependents (upon regularization)
• Life insurance (upon regularization)
• Sick Leave convertible to cash & Vacation Leave upon regularization
• Free shuttle service
• Longevity pay
• Employee Engagement activities
• Employee discount (10%) on all Sunpride outlet stores

JOB SUMMARY

The Cost Accounting Associate will assist the Cost Accounting Specialist in the development and monitoring of cost budgets and forecasts, tracking actual costs against budgeted amounts, and investigating variances to implement corrective actions promptly.  This position is also responsible in the maintenance and updating of costing systems, ensuring the accuracy and integrity of cost data inputs. The specialist will also deep-dive in the manufacturing part of the business via data collection and validation on various cost components such as materials, labor, and overhead. The role involves investigating variances between standard and actual costs, identifying root causes, and implementing corrective measures to improve cost accuracy.

COST CONTROL AND BUDGETING

• Assist in developing and monitoring cost budgets and forecasts: Aid in creating and tracking budgets and forecasts related to operating expenses
• Track actual costs against budgeted amounts: Compare actual costs incurred with budgeted amounts to identify discrepancies
• Identify and investigate budget variances and implement corrective actions: Analyze differences between budgeted and actual costs and take steps to rectify any issues.

COSTING SYSTEM MAINTENANCE

• Maintain and update costing systems and methodologies: Keep systems and methods used for cost accounting current and accurate
• Ensure accuracy and integrity of cost data inputs: Verify that data entered into costing systems is correct and reliable
• Provide training on costing system usage and best practices: Educate personnel on how to use costing systems effectively to enhance accuracy and efficiency

COST DATA COLLECTION

• Collect and compile data on various cost components (materials, labor, overhead, etc.): Gather information on different costs involved in production or operations
• Verify data accuracy and completeness: Ensure that collected data is accurate, complete, and reliable
• Enter cost data into relevant accounting systems: Input gathered cost data into appropriate accounting systems for further analysis and reporting

COST VARIANCE INVESTIGATION

• Investigate variances between standard and actual costs: Compare expected (standard) costs with actual costs incurred to understand why and where variations occur.
• Identify root causes of cost variances: Determine the reasons behind deviations from standard costs, which could include material price changes, production inefficiencies, or other factors.
• Implement corrective actions to address cost variances and improve cost accuracy: Take steps to rectify the issues identified, aiming to bring actual costs more in line with expected costs and improve cost control.

COST REPORTING

• Prepare cost reports and analysis for management review: Create detailed reports that outline cost structures, trends, and variances for management evaluation
• Analyze cost trends and variances: Study patterns and deviations in costs over time or across different activities to identify opportunities for improvement
• Provide recommendations for cost optimization and process improvements: Offer suggestions on how to reduce costs, streamline operations, or enhance efficiency based on the analysis conducted

COST ANALYSIS & STANDARDIZATION- SPECIFIC COST

COMPONENTS

• Analyze product costs to identify cost drivers and variances: This involves examining the components of product costs to understand what factors influence these costs and where discrepancies (variances) from expected costs occur.
• Conduct product & specific product cost component analysis: Analyze cost impact on various manufacturing cost initiatives such as new Raw Materials, new RM sources, changes in work center labor and overhead structure.
• Provide insights to optimize product costs and profitability: Based on the analysis, recommendations are made to improve cost efficiency of the products.
• Arrive at recommended standard manufacturing cost components after thorough analysis and data gathering.

OVERHEAD ALLOCATION

• Allocate overhead costs to products or cost centers based on predetermined allocation methods: Assign indirect costs to specific products or departments using established methods
• Review and adjust allocation rates as necessary: Assess allocation rates periodically and make adjustments as required
• Ensure accuracy of overhead allocation: Confirm that overhead costs are allocated accurately to avoid misrepresentation of expenses

JOB QUALIFICATIONS:

• Fresh Graduate of Accounting, Finance or similar finance related disciplines
• Senior High Graduate of ABM (Accountancy, Business and Management) Strand
• Preferably at least 1 year of business work experience in any finance position
• Preferably with past experiences from manufacturing firms foundation in relation to cost pooling, cost allocations, cost assignments, and production costing
• Has knowledge and experience in the field of Finance, specifically Cost Accounting; and a decent knowledge and experience on all other areas of Finance
• Knowledge of Cost Management Techniques: Understanding various cost management techniques such as activity-based costing (ABC), marginal costing, and standard costing is critical for optimizing costs and improving profitability
• Collaboration and Influence: Working effectively with, and influencing those outside of, your functional area for positive impact on business performance
• Analytical Skills: Cost accountants need strong analytical abilities to interpret financial data, identify cost-saving opportunities, and make informed decisions based on financial analysis
• Attention to Detail: Precision is crucial in cost accounting; as even small errors can lead to significant financial discrepancies. Professionals must pay meticulous attention to detail when recording, analyzing, and reporting financial information
• Technical Proficiency: Competence with accounting software and spreadsheets is essential for cost accountants to manage large datasets efficiently and perform complex calculations accurately
• Problem-Solving Ability: Cost accountants often encounter challenges such as cost overruns, inefficiencies, or budget constraints. They must possess strong problem-solving skills to address these issues effectively and recommend viable solutions
• Ethical Standards: Integrity and ethical behavior are fundamental traits for cost accountants, as they handle sensitive financial information and are responsible for maintaining transparency and compliance with accounting standards
• Communication Skills: Effective communication skills are necessary for cost accountants to convey financial information clearly to stakeholders, collaborate with other departments, and present findings and recommendations persuasively.
• Time Management: Given the dynamic nature of business operations, cost accountants must prioritize tasks, manage deadlines, and work efficiently to meet reporting requirements and support decision-making processes.
• Continuous Learning: Keeping abreast of industry trends, regulatory changes, and advancements in cost accounting methodologies is crucial for professional development and maintaining relevance in the field.
• Business Acumen: Understanding the broader business context in which cost accounting operates is essential. Cost accountants should grasp how financial decisions impact overall business objectives and strategy.
• Commitment & Passion: Ability to start and persist with specific courses of action while exhibiting high motivation and a sense of urgency; willing to commit to long hours of work and make personal sacrifice in order to reach goals.
• Initiative: Ability to Weave Through Necessary Channels to Accomplish Outcomes in Complex Settings, Action Oriented; Hard Working; Likes Challenges.