Cost Accountant

Job Description

Job Description

Position Overview

The Cost Accountant position is responsible for all aspects of Manufacturing and Production cost analysis and inventory for all business locations. The Senior Cost Accountant is responsible for comparing standard cost to actual cost and identifying and explaining variances by customer, part number, and production jobs. The Cost Accountant must also work closely with engineering and manufacturing personnel to resolve variances and adjust Bills of Materials (BOMs). Role is 100% on-site.

Essential Functions

• Develop and maintain the cost accounting system that ensures accurate costing.
• Update and maintain standard costs for all products.
• Roll costs for all products on an as-needed basis.
• Ensure Bills of Materials (BOMs) are complete, accurate, and correct.
• Audit BOMs on a regular basis to ensure all relevant costs are captured.
• Analyze production costs and prepare regular reports comparing standard costs to actual production costs.
• Post inventory transactions into the system.
• Analyze any changes to the BOMs to determine the effect on margins.
• Analyze and investigate any significant inventory variances, favorable or unfavorable.
• Analyze costs and recommend cost-saving strategies.
• Coordinate with inventory cycle count teams to ensure inventory accuracy.
• Responsible for account reconciliation of physical inventories and cycle counts.
• Run on-hand inventory reports and compare with the general ledger.
• Coordinate with operations for period-end cutoff and any inventory adjustments.
• Perform inventory reconciliations at period end; investigate variances.
• Prepare periodic inventory reserves reconciliation, analyzing inventory for risk and monitoring with support from internal stakeholders.
• Perform month-end and year-end closing activities.
• Post journal entries and perform Balance Sheet Account Reconciliations.
• Analyze plant financials and discuss with plant managers and the VP of Operations.
• Assist with preparation of budget and forecast data, working closely with program management and plant management.
• Ensure the system is running as intended and work with IT resources and vendor support as needed.
• Assist in reviewing and improving the NetSuite configuration supporting manufacturing, inventory, costing, and financial reporting.
• Validate item setup, costing methods, BOMs, routings, work orders, inventory locations, and related manufacturing transactions to ensure they are configured and flowing correctly through NetSuite.
• Trace transactions from source activity through the general ledger to identify system, configuration, process, or data issues affecting inventory, COGS, WIP, and gross margin.
• Identify and document NetSuite process and configuration gaps and work with Finance, Operations, IT, and outside consultants to develop and implement corrective actions.
• Assist with testing and validation of NetSuite changes, enhancements, and process improvements before implementation.
• Develop and maintain NetSuite reports, saved searches, and supporting schedules needed for costing, inventory reconciliations, month-end close, and management reporting.
• Help establish and document ERP procedures, controls, and user processes to improve data integrity, transaction consistency, and financial reporting.
• Support cleanup and reconciliation of historical inventory, costing, work order, and general ledger issues resulting from prior system setup or transaction processing.
• Assist with user training and troubleshooting related to manufacturing, inventory, and cost accounting processes in NetSuite.
• Ad Hoc Reporting
• Produce/develop production, variance, and other reports.
• Prepare, analyze, and report monthly gross margin by customer, part number, and production job.
• Prepare cost-benefit analysis reports.
• Carry out cost-volume-profit (CVP) analysis.
• Perform make-or-buy cost analysis.
• Perform profitability analysis by product or product group.
• Prepare inventory valuation and discrepancy reporting.
• Other
• Prepare audit reports and present findings to management.
• Work with sales and engineering to ensure pricing to customers is profitable to the company based on volume, timing, long-term strategy, and other relevant factors.
• Recommend changes to the company’s processes and policies to reduce cost and maximize profit.
• Advise management on appropriate costing based on financial data.
• Perform other accounting duties, special projects, and tasks as assigned.

Other Skills/Abilities

• Expert in Excel, including using and manipulating large extracts, setting up pivot tables, and using lookups.
• Significant hands-on experience using an integrated ERP system; NetSuite experience strongly desired.
• Solid understanding of manufacturing operations, specifically Job Shop/Single Process Flow, inventory, and cost accounting.
• Understanding of U.S. GAAP as it applies to a manufacturing environment is required.
• Strong analytical, communication, organizational, and problem-solving skills.
• Extraordinary interpersonal skills to work in conjunction with other departments.
• Must be a team player who also works well independently.
• Must be able to analyze data, draw conclusions, interpret results, and make recommendations.

Requirements / Training and Experience

• Bachelor's degree in Accounting or Finance.
• 3+ years of recent Cost Accountant experience.

Work Environment

This is a 100% on-site position in a professional office and manufacturing-support environment. The role requires prolonged periods of sitting at a desk and working on a computer. The employee must be able to lift up to 15 pounds at times.