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Creative Financial Staffing

Senior Cost Accountant

Creative Financial Staffing, Lansing, MI, United States

Job Title

Senior Cost Accountant


Department
Finance/Accounting


Reports to
Controller/Finance Director/CFO



Job Summary

The Senior Cost Accountant is responsible for leading and overseeing all aspects of cost accounting, including the development of cost standards, detailed cost analysis, and reporting. This role provides strategic financial insight to management, helping to optimize cost control, improve profitability, and drive business decisions. As a key member of the finance team, the Senior Cost Accountant ensures the accuracy and integrity of cost data and plays a pivotal role in system improvements and process automation.

Key Responsibilities

  • Cost Leadership & Strategy

    • Lead the development and maintenance of cost accounting systems and processes.
    • Provide strategic cost analysis and recommendations to senior leadership to drive profitability.
    • Act as the subject matter expert on all cost-related financial aspects, including capital investment analysis, pricing decisions, and cost structures.

  • Cost Analysis & Reporting

    • Oversee the preparation of detailed cost analysis reports, including product costing, standard cost vs. actual cost variance, and overhead allocation.
    • Present cost data to senior management with actionable insights to optimize financial performance.
    • Analyze and report on cost drivers, providing forecasts and identifying cost-saving opportunities.

  • Budgeting & Forecasting

    • Play a leading role in the preparation of financial budgets, forecasts, and long-term strategic plans.
    • Provide detailed analysis of variances between actual results and budgets/forecasts, with insights into cost performance and recommendations for corrective actions.

  • Cost Control & Process Improvement

    • Develop and implement cost control procedures, ensuring efficiency and accuracy in cost accounting operations.
    • Identify and drive cost reduction opportunities, working closely with operations, procurement, and manufacturing teams.
    • Lead initiatives to automate and streamline cost accounting processes, enhancing reporting and decision-making capabilities.

  • Inventory & Production Accounting

    • Oversee inventory management, including cost roll-ups, overhead absorption, and reconciliation of perpetual inventory with general ledger.
    • Review and approve standard cost updates, ensuring alignment with market conditions and operational efficiency.
    • Conduct periodic audits of inventory, including cycle counts, physical inventory verification, and adjustments for obsolescence.

  • Financial Reporting & Month-End Close

    • Ensure accurate and timely completion of cost accounting activities during month-end and year-end close processes.
    • Prepare and review financial statements related to costs, inventory, and margins for internal and external reporting.
    • Collaborate with external auditors to provide cost-related information and ensure compliance with accounting standards and regulations.

  • Team Leadership & Development

    • Provide guidance and mentorship to junior accountants and cost analysts, ensuring high performance and career growth.
    • Lead training and development initiatives to improve team skills in cost accounting and financial analysis.
    • Oversee cost accounting system implementations or upgrades, acting as the key point of contact with IT and external consultants.
Key Skills & Qualifications
  • Education
    Bachelor's degree in Accounting, Finance, or a related field; CPA or CMA designation strongly preferred.

  • Experience
    5-8 years of progressive cost accounting experience, with at least 2 years in a senior or leadership role, ideally within a manufacturing or production environment.

  • Technical Skills
    • Advanced proficiency with accounting software and ERP systems (e.g., SAP, Oracle).
    • In-depth knowledge of GAAP, IFRS, and cost accounting standards.
    • Strong Microsoft Excel skills, including advanced functions and financial modeling.
  • Analytical & Problem-Solving Skills
    Superior analytical abilities, with a focus on identifying trends, improving cost structures, and solving complex financial issues.

  • Leadership & Communication
    Proven ability to lead, mentor, and communicate complex cost data effectively to senior management and cross-functional teams.

  • Attention to Detail
    High level of accuracy and thoroughness in financial reporting and cost analysis.

Work Environment
  • Location
    Office-based, with frequent interaction with production or operations teams.

  • Hours
    Full-time, typically Monday to Friday, with extended hours during month-end close and project deadlines.

Salary Range
  • $80,000 - $115,000 annually, depending on experience and location.

This Senior Cost Accountant job description reflects more strategic responsibilities, leadership tasks, and a broader role in financial planning and cost management compared to a standard cost accountant role.

INOCT2024

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