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Cost accountant skills for your resume and career

Q: What is a deferral in accounting?

A deferral in accounting is when the exchange of money for products or services comes before the delivery of the products or services to the customer. Deferrals in accounting normally do not count revenue earned until the next accounting period.

Q: What is cash accounting?

Cash accounting is the recording of finances when funds exchange hands. It can also be referred to as cash basis accounting. There are two major bases in accounting: Cash accounting Accrual accounting

Updated January 8, 2025

4 min read

Quoted experts

Dr. Richard Hale,

Dr. Jennifer Thayer

Below we've compiled a list of the most critical cost accountant skills. We ranked the top skills for cost accountants based on the percentage of resumes they appeared on. For example, 8.6% of cost accountant resumes contained reconciliations as a skill. Continue reading to find out what skills a cost accountant needs to be successful in the workplace.

15 cost accountant skills for your resume and career

1. Reconciliations

Here's how cost accountants use reconciliations:

Generated manufacturing variance analyses and inventory reconciliations.
Cost Accounting responsibilities included gross margin analysis, inventory reconciliations, WIP analysis, report preparation, and physical inventories.

2. Variance Analysis

Here's how cost accountants use variance analysis:

Manage cost accounting function including quarterly standard cost updates, variance analysis, inventory reserve analysis, and inventory turns reporting.
Prepared monthly general ledger packages, including budget variance analysis and other operational ratios for each of the thirty-seven divisional warehouses.

3. GAAP

Here's how cost accountants use gaap:

Developed tracking of GAAP inventory valuation for all inventory inherited from the bankrupt former company.
Determined classification of assets using generally accepted accounting practices (GAAP).

4. Account Reconciliations

Here's how cost accountants use account reconciliations:

Reported to the Controller with responsibilities in managing Fixed Assets, payroll preparation and reconciliation and Balance Sheet account reconciliations.
Performed variance reporting, provided material and labor quotes, monthly inventory counts and full monthly inventory account reconciliations.

5. Cost Analysis

Cost analysis, also known as cost-benefit analysis, refers to analyzing how a company's money is used, whether this is expenses of the company itself or the cost of the current production method. This method also takes the number of products sold into consideration to determine whether the manufacturing process is benefiting or harming the company's profits.

Here's how cost accountants use cost analysis:

Develop cost-control measures and proposals to Controller and Plant Manager based on cost analysis such as cost variance reports generated regularly.
Achieved cost savings through cost analysis and provided corrective action recommendations to improve cost structures in operations to upper management.

6. Financial Analysis

Here's how cost accountants use financial analysis:

Develop custom applications and reports for customers/users based on their needs and specifications, as well as management financial analysis reports.
Completed Month end closing, reconciled balance sheet account, submitted monthly reports and provided supplementary financial analysis per request.

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7. Strong Analytical

Here's how cost accountants use strong analytical:

Developed exceptional communication skills to compliment strong analytical and accounting skills.
Established strong analytical and technical accounting skills through financial statement analysis.

8. Financial Reports

Here's how cost accountants use financial reports:

Prepared monthly cost-related financial report, assisted cost accounting supervisor with the financial reports of Rolling Forecast and Annual Operation Plan
Applied GAP, analyzed financial information and prepared financial reports to help management make the most profitable manufacturing decisions.

9. General Ledger Accounts

A general ledger account is a practice to keep a record of a company's total financial accounts. The accounts included in a general ledger lists the assets, liabilities, owners' equity, expenses, and income or revenue. It forms the basis of reporting a business's financial statements.

Here's how cost accountants use general ledger accounts:

Revised department overhead rate calculations by reviewing all variable and fixed general ledger accounts for mix and proper allocation.
Prepare journal entries ensuring all general ledger accounts contain accurate information and proper classifications for all balance sheet accounts.

10. Internal Controls

Here's how cost accountants use internal controls:

Handled and scrutinized inventory adjustment metrics related to book corrections and ensured compliance with internal controls.
Monitored internal controls to ensure timely and accurate recording of related transactions in accordance with GASB.

11. Fixed Assets

Here's how cost accountants use fixed assets:

Processed and reviewed all transactions related to capital purchases, including depreciation, capitalization, and disposal of fixed assets.
Provided tracking and analysis of capital spending projects including capitalization, tagging control and depreciation of fixed assets.

12. PowerPoint

Here's how cost accountants use powerpoint:

Prepared PowerPoint presentation and participated with management in monthly business review meeting offering personal recommendations for improvements.
Worked with management on yearly Business Plan, including preparation of verbiage and PowerPoint presentations.

13. Cycle Counts

Cycle counts are the procedures used in inventory auditing and enable organizations or businesses to count items in various areas within the organization's warehouse without counting the entire inventory.

Here's how cost accountants use cycle counts:

Coordinated and reconciled monthly inventory cycle counts as well as year-end physical inventory for reconciliation to inventory balance sheet accounts.
Coordinated, lead, and participated in physical inventory cycle counts ensuring company inventory records mirror actual balances.

14. Close Process

A close process is the necessary closing steps required to prepare the accounts for recording the transactions of the next period. Its purpose is to reset or close the temporary account balances on the general ledger, and the accounting system for a company's financial data including income statement and accounts payable.

Here's how cost accountants use close process:

Performed monthly close processes including recording journal entries and general ledger account analysis.
Perform the monthly close process and analysis accurately and within established deadline.

15. Accruals

Here's how cost accountants use accruals:

Reconciled Inventory Accounts and prepared journal entries for accruals and reclassification.
Prepare production material usages entries that included inter-company invoices and accruals.

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What skills help Cost Accountants find jobs?

Tell us what job you are looking for, we’ll show you what skills employers want.

What skills stand out on cost accountant resumes?

Dr. Richard Hale

Associate Professor of Accounting, Berea College

When we meet with practitioners, the most commonly requested skills are:
-The ability to think critically about situations
-Good communications skills in writing
-The ability to speak in public and present ideas
-Working well with others
-The ability to work independently

Notice that these skills are not dependent upon any particular technology or discipline.
An advantage we have at Berea College, a liberal arts college, is that we incorporate these foundational skills into all we do.
Indeed, we also have our students master working with spreadsheets, develop skills in data analytics, and study all aspects of the business from Management, Economics, Finance, and Marketing.
As accounting is the business language, our students have more excellent business knowledge than other studies.

A key distinction for Berea College students is that all students must work for the college while they attend.
These jobs may vary from raising livestock to working in Accounts Payable. But all Berea graduates have years of practical work experience.
A core component of a Berea College education is to value the labor experience. We believe they enter the post-collegiate workforce with a significant advantage over their peers.

What soft skills should all cost accountants possess?

Dr. Jennifer Thayer

Assistant Professor of Accounting, Socrates Award for Excellence in Teaching Recipient, Clarksville Chamber of Commerce APSU Distinguished Faculty Award for Community Service Recipient, Accounting Society at Austin Peay Advisor, Austin Peay State University

From speaking with employers in the industry, the number one soft skill seems to be written and spoken communication. Many current students need to hone their written communication skills to avoid "text speak" when communicating with potential employers and/or clients. Other important soft skills include problem-solving, collaboration, adaptability, and willingness to deal with failure and/or criticism. Especially in the world of COVID and ever-changing work environments, the importance of adaptability and problem-solving have only been highlighted. Since most work environments involve people working in teams, effectively collaborating with others and accepting criticism are vital skills.

What hard/technical skills are most important for cost accountants?

Dr. Jennifer Thayer

In addition to general accounting knowledge, critical thinking, data analytics, and advanced Microsoft Excel abilities are some of the most important skills. Clearly, having a solid foundation in general accounting knowledge is necessary to be a candidate for a job in the accounting field. However, possessing the ability to critically think and analyze data and use Microsoft Excel beyond the basics, such as pivot tables, will only improve a candidate's chances.

What cost accountant skills would you recommend for someone trying to advance their career?

Stephen Moehrle Ph.D.

Professor and Chairman of Accounting, University of Missouri - St. Louis

In the spirit of continuing education I would recommend the following: First and foremost, successfully complete the cpa exam. This is a huge difference-maker in the marketplace. If the young professional has already accomplished that, I would consider developing expertise consistent with their long-term career goals. Potential areas of expertise include data analytics, information systems controls and security, taxation, SEC reporting, or management accounting. There are certificate programs in each of these skills at universities across the country. The internet is also replete with free or relatively inexpensive materials for self-starters.

What type of skills will young cost accountants need?

Delvin Grant

Associate Professor, DePaul University

The ability to problem solve, which requires an understanding of the problem and a structured approach towards the solution. The ability to apply concepts learned in one discipline to another. Quite often, students are unable to see how a concept translates from one domain to another, and this stifles innovation.

Do you want to know more?

List of cost accountant skills to add to your resume

The most important skills for a cost accountant resume and required skills for a cost accountant to have include:

Reconciliations
Variance Analysis
GAAP
Account Reconciliations
Cost Analysis
Financial Analysis
Strong Analytical
Financial Reports
General Ledger Accounts
Internal Controls
Fixed Assets
PowerPoint
Cycle Counts
Close Process
Accruals
SOX
Inventory Control

WIP
Margin Analysis
External Auditors
PPV
Financial Data
Process Improvement
Manufacturing Industry
Inventory Valuation
BOM
Balance Sheet Accounts
Plant Management
Absorption
Cost Reports
Taxation
Production Costs
Cost Data
Inventory Analysis

Gross Margin
Cost Estimates
Sarbanes-Oxley
Product Line
Cost Savings
Hyperion
Inventory Transactions
Variance Reports
Overhead Rates
Account Analysis
Management Reports
Periodic Reports
Cost Variances
Budget Preparation
A/P

Updated January 8, 2025

Zippia Team

Editorial Staff

The Zippia Research Team has spent countless hours reviewing resumes, job postings, and government data to determine what goes into getting a job in each phase of life. Professional writers and data scientists comprise the Zippia Research Team.

Cost Accountant skills FAQs

What is a deferral in accounting?

What is cash accounting?

Have more questions? See all answers to common business and financial questions.

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Updated January 8, 2025

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