Collect cost information and maintain an expenditure database
- Building data accumulation systems for the organization
Fixed costs (such as salaries, rent, and insurance)
Plan and record variable costs (eg raw material purchases and process costs)
- Review the standard and actual costs of the institution
- Preparing budget reports (for the institution and for each department separately)
Analyzing and reporting profit margins for the organization
- Preparing monthly, quarterly and annual cost forecasts
- Assist with month end and year end closings
- Identify and recommend cost-effective solutions and direct expenditures of the organization
- Doing a monthly survey of the General Authority for Statistics and confirming the data
- Carrying out the periodic industrial survey and confirming production and revenue data on a monthly and quarterly basis
ERP system: These systems include inventory control, cost analysis, and multi-level cost categories. Professionals can use these systems to create budgets, reports, and forecasts for management
Data Analysis: Data analysis requires cost accountants to extract useful insights from raw data. Their analyzes determine what is happening, why it is happening, what will happen, and how to respond to these results
Analysis of variance: Analysis of variance requires cost accountants to track and analyze the differences between what things usually cost (standard cost) and what they actually cost
Communication: Cost accountants need to communicate with clients, employees, and managers. They also need writing and presentation skills to present their reports and analysis in an insightful and effective manner
Problem-solving: Accountants use problem-solving skills regularly. They analyze data, verify accuracy, and solve problems based on their findings. They do this with budgets, ratings, and recommendations
Organization: Cost accountants work with a great deal of information. Keeping this data effectively organized helps ensure the accuracy of their information and reports
Collaboration: Cost accountants need interpersonal and collaboration skills to work with other accountants and managers. They may also work alongside customers, suppliers, employees and other stakeholders
