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The Cost Management Accountant is a Vital Cog in the Entire Organization

Cost management is one of the most important functions in the entire organization.  It is imperative for the proper functioning of the organization to know exactly how much of its finances are being used in the purchasing as well as the use of resources and how much of the profits is the entire operation of the organization generating in the entire cycle of production as well as selling of the products. A management cost accountant is the person who is directly answerable to the CEO or the CFO of the company and thus it is required that he must be very much sure and confident about the financial reports as well as the information that he provides to them regarding the utility of the procedures or those of the employees that it has hired to perform the assigned duties.

Some of the responsibilities of a cost accountant manager are:

  1. The development as well as the implementation of the standard cost
  1. Ensuring the accuracy as well as timelines of the financial reports that are prepared by the financial staff of the company
  1. He has to supervise the preparation of the monthly financial reports that are prepared
  1. He also has to coordinate in the preparation of the annual as well as the mid term plans of the company
  1. The management cost accountant is the person who is tasked with the job of preparing the juniors in his staff
  1. He might also have to synergize with the operations team in order to provide the financial analysis as well as support to increase the productivity

Some of the qualifications that are expected of a management cost accountant are:

  1. Atleast a bachelor’s degree in accounting although a candidate with the CPA/CMA/CFA qualification would be the preferred candidate  
  1. The management cost accountant is supposed to have the basic knowledge of the computers as well as a comprehensive knowledge of various accounting softwares
  1. A sufficient experience in ERP (SAP)
  1. Exceptional problem solving skills along with the great communication skills (verbal & written)
  1. An analytic bent of mind can be a great asset in the arsenal of the management cost accountant
The job of a cost management accountant is that of high responsibility. It is really imperative that the person who is hired for the job is the one who values honesty, integrity and is a person of principles.