Cost Accountant

Roles & Responsibilities

Job Summary

A Costing Accountant is responsible for analyzing, monitoring, and controlling company costs to improve profitability and support financial decision-making. The role involves preparing cost reports, tracking production expenses, and ensuring accurate cost allocation.

Key Responsibilities

· Analyze production costs, material costs, labor costs, and overhead expenses.

· Identify cost-saving opportunities and efficiency improvements.

Cost Allocation

· Allocate costs to products, departments, or projects.

· Accurate costing methods such as standard costing or activity-based costing.

Budgeting & Forecasting

· Assist in preparing budgets and cost forecasts.

· Monitor actual costs vs budget and explain variances.

Inventory Costing

· Monitor raw materials, work-in-progress (WIP), and finished goods costs.

· Work with inventory systems and ensure accurate stock valuation.

Cost Reporting

· Prepare cost reports, margin analysis, and profitability reports.

· Provide insights to management for decision-making.

Variance Analysis

· Compare standard cost vs actual cost.

· Investigate reasons for cost variances.

Process Improvement

· Recommend improvements to reduce waste and optimize production costs.

Coordination with Departments

· Work closely with procurement, production, and finance teams.

Compliance & Controls

· Ensure costing procedures follow company policies and accounting standards.

Required Skills

· Strong analytical and numerical skills

· Knowledge of cost accounting methods

· Excellent Excel skills

· Attention to detail

· Problem-solving ability

Qualifications

· Bachelor’s Degree in Accounting, Finance, or Commerce

· Professional certification preferred (e.g., **Association of Chartered Certified Accountants – ACCA, **Institute of Management Accountants – CMA)

· Over 2 years experience in cost accounting
· Must be bilingual in English & Chinese to liaise with Chinese-speaking internal/external personnel