A Cost Accounting Manager and the Important Role That He Performs
Cost accounting is an intrinsic part of the bigger domain of accounting known as the management accounting. It involves the important functions like the actual cost as well as the budget involved in the overall functioning of the organization. It is imperative that the senior management in the organization is well aware of the movement of their finances as well as have a clear picture in front of them about the endeavors that would prove to be profitable as well as those that might incur losses. There are many other important functions that might be entailed in the domain of accountancy.
A cost accounting manager is one of the most vital cogs in the entire machinery of the organization. Some of the functions that the cost accounting manager performs are overseeing the annual inventory, develop the cost standards for various resources that are used by the company, design as well as implement the cost accounting systems, analyzing the production costs and, if needed, recommend changes. A cost accounting manager is one person who has the complete knowledge of the whereabouts of the finances of the organization. All the reports that are prepared by the cost accountants working with him are directly presented analyzed and commented upon to the higher CEO or the CFO of the company.
Some of the duties that the cost accounting manager performs are:
A cost accounting manager is directly answerable to the CEO or the CFO of the company. It is really important that the person holding such important information is honest as well as is a person with values as well as integrity.