What does a Cost Accountant do?
Cost Accountants are responsible for cost management, budgeting, asset management and performance evaluation within an organisation. They usually work with the executive team to create a financial plan for the company. They collaborate with heads of companies or corporate executives to strategically plan for the company, or create financial reports for stockholders, creditors, tax authorities and regulatory agencies.
Most Cost Accountants either work in government agencies or large companies. Some Cost Accountants work for a public accounting firm or establish private consulting ventures. Some Cost Accountants work independently and hired by smaller companies.
Cost Accountant skills and qualifications
A successful Cost Accountant candidate will have various prerequisite skills and qualifications these typically include:
- In-depth understanding of various accounting tools, including systems application and products (SAP), enterprise resource planning (ERP) and customer relationship management (CRM)
- In-depth understanding of the industry and product supply chain
- Analytical skills
- Numeracy skills and computer skills
- Attention to detail
- Organisational and communication skills
- Ability to quickly interpret facts and compare data
- Ability to work under pressure and deliver on tight deadlines
Cost Accountant experience requirements
Cost Accountants must have at least five years of experience to be eligible for open positions. Experience in manipulating large databases is a plus.
Cost Accountant education and training requirements
Cost accountant must have at least a bachelor’s degree in accounting, statistics, finance, business administration or a related field. Some companies prefer a master’s degree in business administration. Some companies might hire candidates who have only an associate degree or have taken accounting coursework at a business school. Other companies require U.K. status with the Association of Chartered Certified Accountants (ACCA) and Financial Reporting Standard for Smaller Entities (FRSSE). A Chartered Accountant (CA) or Chartered Management Accountant (CMA) may also be required.
Cost Accountant salary expectations
According to Indeed Salaries, the average salary of a Cost Accountant in the UK is £37,642 per year. This figure varies depending on factors, including experience, location and company.
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