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Become A Senior Cost Accountant

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Working As A Senior Cost Accountant

  • Interacting With Computers
  • Processing Information
  • Getting Information
  • Evaluating Information to Determine Compliance with Standards
  • Organizing, Planning, and Prioritizing Work
  • Mostly Sitting

  • Repetitive

  • $82,670

    Average Salary

What Does A Senior Cost Accountant Do At Stanley Black and Decker

* Process owner for establishing and updating standard costs for Centralized Manufacturing sites.
* Leads the annual standard cost process as well as quarterly costs update reviews while ensuring completeness and timely submissions.
* Lead projects that are a part of our Americas Costing Centralization plan and drive continuous process improvements
* Supports new product development and Complete Adhoc requests to support the business
* Reviews standard cost changes and variances to determine cause
* Engagement with key stakeholders in assigned Manufacturing plants
* Ensures compliance with Sarbanes Oxley and support related audits

What Does A Senior Cost Accountant Do At Rockwell Collins

* Cost Management
* Load unit BOM and review BOM periodically based on engineering changes.
* Compare Anaheim BOM with LCC BOM to see whether we achieve cost saving targets.
* Prepare gross margin analysis monthly.
* Set up standard cost for new parts.
* Close WOs, review and analyze variance, Review PPV.
* Reconcile GL to perpetual; prepare JE.
* Manages inventory and related work order systems including physical to perpetual to general ledger reconciliations, journal entries, audit explanations, and standard costs.
* Manages periodic requirements of manufacturing systems to ensure timing and accuracy of standards and gross margins and provides meaningful analysis of results.
* Manages preparation and execution of annual standard cost roll.
* Manages processes involving establishment of standard costs of new parts, and review and analysis of standard costs for existing parts.
* Analyzes the of purchase price variance general ledger account.
* Audits cycle count activity, selection of items to be counted, recount decisions, research of discrepancies, and reports on root causes and progress toward making improvements for greater quantity and physical accuracy.
* Prepares, reviews and distributes daily absorption report and compares with forecast.
* Provides cost support to cross functional areas as requested.
* Provides product cost information utilized in month end financial closing.
* Performs reporting activities throughout the month on margins, absorption, PPV and other metrics to ensure timing and accuracy of standards and gross margins.
* Directs development of and reviews cost analysis reports and works with manufacturing department heads to formulate corrective actions.
* Maintains the DSI time keeping system for the business unit.
* Maintains the integrity and accuracy of product cost data.
* Updates and distributes program costing on a monthly basis.
* General Accounting
* Prepares account reconciliations.
* Performs monthly closing activities including preparation and approval of journal entries.
* Financial Reporting/Sox
* Assists in SOX compliance audits, internal and external audits.
* Financial Systems
* Assists in the development and installation of accounting systems, procedures and controls associated with cost accounting.
* Ensures JDE system integrity and accuracy of general ledger and cost accounting data.
* Bid Support
* Provides support for bids on new contracts.
* Manages cost accounting requirements in support of sales & marketing and customer service sales quotation process.
* Performs product cost and profitability analysis related to customer RFQ process

What Does A Senior Cost Accountant Do At United Technologies Corporation

* Responsible for accurate and timely completion of monthly financial close of assigned activities while using innovative methods to streamline and simplify reporting and analysis
* Analyze monthly financial results and provide detailed variance explanations comparing to budget and/or forecast.
* Perform financial and strategic analysis to enable accurate business decisions and/or investments.
* Assist with the development of the budget, planning and forecast and other corporate/business financial requirements.
* Actively contribute to process, controls, financial and reporting improvements and assist in various departmental/organizational projects as needed.
* Effectively work cross-functionally to ensure facility-wide compliance and make recommendations to develop and maintain a robust controls environment aligned with company policies and Sarbanes Oxley requirements.
* Perform analysis on product cost, variances, labor and productivity efficiencies, inventory and COGS while providing recommendations to management highlighting improvement opportunities and/or risks.
* Develop cost standards for material, labor and overhead, establish labor and overhead rates and assisting with plant BOMs and routings.
* Monitor and analyze inventory and related reserves and variances, cost of goods and product cost transactions.
* Participate in the performance of the sites annual physical inventory and subsequent reconciliation of same and monitor ongoing operational cycle counts.
* Perform analysis of assigned activities and develop new reporting and analytical tools to improve the efficiency and effectiveness of the plant’s performance.
* Identify and drive cost reductions, working capital opportunities and manufacturing productivity improvements.
* Present data and financial information in a clear and concise manner to management.
* Develop financial models and support ad-hoc analytical activities and reporting requests to aide management decision making.
* Work with a large amount of data and complex bills of material, collaborating with Engineering, Operations and Operations Support.
* Take a leadership role in developing and supporting new tools, processes, procedures and systems.
* Provides direction, coaching and training to other team members.
* Ensure quality product utilizing UTAS quality procedures.
* Audit work area for safety compliance.
* Adhere to all UTAS rules and codes of conduct

What Does A Senior Cost Accountant Do At Generac Power Systems, Inc.

* Maintenance of standard costing and inventory management to supply accurate information under tight deadlines.
* Actively participate in month-end closing process by accurately and timely preparing account analysis and related journal entries.
* Reconcile various general ledger accounts.
* Investigate and document reconciling items.
* Assist in preparation of various inventory reports and charts with high-level accuracy.
* Participate in preparing monthly financial book.
* Maintain material product costs and review variances.
* Analyze manufacturing variances.
* Ownership of fixed asset accounting.
* Contribute in executing plan for internal control compliance.
* Collaborate with other departments and accounting team to provide inventory/costing support.
* Prepare and/or maintain documentation of current processes and procedures.
* Assist with various external audits as required and provides requested items accurately and timely.
* Apply the organization's overall financial policies.
* Qualifications

What Does A Senior Cost Accountant Do At Ingersoll Rand

* Leads annual standard cost process as well as quarterly costs movement reviews
* Leads annual physical inventory process and related reconciliation
* Completes all monthly reports on a timely basis with zero defects
* Reviews transaction errors to insure proper impact on perpetual and G/L records
* Reviews variances to determine cause
* Drives continuous process improvements
* Supports new product development
* Analyzes shipments, standard cost valuations, production variance, and other costs analysis
* Prepares and analyzes cost reports
* Prepares forecasts for Shipments, Absorption, Inventory, Variances, etc
* Performs the monthly accounting close process, balance sheet reconciliations and journal entry postings.
* Support compliance with Sarbanes Oxley and related audits
* Other Adhoc requests / projects

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How To Become A Senior Cost Accountant

Most accountants and auditors need at least a bachelor’s degree in accounting or a related field. Certification within a specific field of accounting improves job prospects. For example, many accountants become Certified Public Accountants (CPAs).  

Education

Most accountant and auditor positions require at least a bachelor’s degree in accounting or a related field. Some employers prefer to hire applicants who have a master’s degree, either in accounting or in business administration with a concentration in accounting.

A few universities and colleges offer specialized programs, such as a bachelor’s degree in internal auditing. In some cases, those with associate’s degrees, as well as bookkeepers and accounting clerks who meet the education and experience requirements set by their employers, get junior accounting positions and advance to accountant positions by showing their accounting skills on the job.

Many colleges help students gain practical experience through summer or part-time internships with public accounting or business firms.

Licenses, Certifications, and Registrations

Every accountant filing a report with the Securities and Exchange Commission (SEC) is required by law to be a Certified Public Accountant (CPA). Many other accountants choose to become a CPA to enhance their job prospects or to gain clients. Many employers will often pay the costs associated with the CPA exam.

CPAs are licensed by their state’s Board of Accountancy. Becoming a CPA requires passing a national exam and meeting other state requirements. Almost all states require CPA candidates to complete 150 semester hours of college coursework to be certified, which is 30 hours more than the usual 4-year bachelor’s degree. Many schools offer a 5-year combined bachelor’s and master’s degree to meet the 150-hour requirement, but a master’s degree is not required.

A few states allow a number of years of public accounting experience to substitute for a college degree.

All states use the four-part Uniform CPA Examination from the American Institute of Certified Public Accountants (AICPA). Candidates do not have to pass all four parts at once, but most states require that they pass all four parts within 18 months of passing their first part.

Almost all states require CPAs to take continuing education to keep their license.

Certification provides an advantage in the job market because it shows professional competence in a specialized field of accounting and auditing. Accountants and auditors seek certifications from a variety of professional societies. Some of the most common certifications are listed below:

The Institute of Management Accountants offers the Certified Management Accountant (CMA) to applicants who complete a bachelor’s degree. Applicants must have worked at least 2 years in management accounting, pass a two-part exam, agree to meet continuing education requirements, and comply with standards of professional conduct. The exam covers areas such as financial statement analysis, working-capital policy, capital structure, valuation issues, and risk management. 

The Institute of Internal Auditors (IIA) offers the Certified Internal Auditor (CIA) to graduates from accredited colleges and universities who have worked for 2 years as internal auditors and have passed a four-part exam. The IIA also offers the Certified in Control Self-Assessment (CCSA), Certified Government Auditing Professional (CGAP), Certified Financial Services Auditor (CFSA), and Certification in Risk Management Assurance (CRMA) to those who pass the exams and meet educational and experience requirements.

ISACA offers the Certified Information Systems Auditor (CISA) to candidates who pass an exam and have 5 years of experience auditing information systems. Information systems experience, financial or operational auditing experience, or related college credit hours can be substituted for up to 3 years of experience in information systems auditing, control, or security.

For accountants with a CPA, the AICPA offers the option to receive any or all of the Accredited in Business Valuation (ABV), Certified Information Technology Professional (CITP), or Personal Financial Specialist (PFS) certifications. The ABV requires a written exam, completion of at least six business valuation projects, and 75 hours of continuing education. The CITP requires 1,000 hours of business technology experience and 75 hours of continuing education. Candidates for the PFS also must complete a certain amount of work experience and continuing education, and pass a written exam.

Advancement

Some top executives and financial managers have a background in accounting, internal auditing, or finance.

Beginning public accountants often advance to positions with more responsibility in 1 or 2 years and to senior positions within another few years. Those who excel may become supervisors, managers, or partners; open their own public accounting firm; or transfer to executive positions in management accounting or internal auditing in private firms.

Management accountants often start as cost accountants, junior internal auditors, or trainees for other accounting positions. As they rise through the organization, they may advance to accounting manager, chief cost accountant, budget director, or manager of internal auditing. Some become controllers, treasurers, financial vice presidents, chief financial officers, or corporation presidents.

Public accountants, management accountants, and internal auditors can move from one aspect of accounting and auditing to another. Public accountants often move into management accounting or internal auditing. Management accountants may become internal auditors, and internal auditors may become management accountants. However, it is less common for management accountants or internal auditors to move into public accounting.

Important Qualities

Analytical skills. Accountants and auditors must be able to identify issues in documentation and suggest solutions. For example, public accountants use analytical skills in their work to minimize tax liability, and internal auditors use these skills to detect fraudulent use of funds.  

Communication skills. Accountants and auditors must be able to listen carefully to facts and concerns from clients, managers, and others. They must also be able to discuss the results of their work in both meetings and written reports.

Detail oriented. Accountants and auditors must pay attention to detail when compiling and examining documentation.

Math skills. Accountants and auditors must be able to analyze, compare, and interpret facts and figures, although complex math skills are not necessary.

Organizational skills. Strong organizational skills are important for accountants and auditors who often work with a range of financial documents for a variety of clients.

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Senior Cost Accountant jobs

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Senior Cost Accountant Career Paths

Senior Cost Accountant
Controller Finance Consultant Senior Finance Analyst
Accounting Manager
7 Yearsyrs
Plant Controller Control Operator Controller
Controller, Vice President
9 Yearsyrs
Assistant Controller Accounting Consultant Accounting Manager
Corporate Accounting Manager
8 Yearsyrs
Senior Finance Analyst Finance Manager Controller
Corporate Controller
12 Yearsyrs
Cost Accounting Manager Finance Manager Controller
Director Of Accounting & Finance
11 Yearsyrs
Cost Accounting Manager Plant Controller
Division Controller
9 Yearsyrs
Senior Cost Analyst Cost Accounting Manager Assistant Controller
Divisional Controller
9 Yearsyrs
Senior Accountant Accounting Manager Controller
Finance Controller
9 Yearsyrs
Finance Analyst Business Analyst Senior Finance Analyst
Finance Planning Manager
8 Yearsyrs
Plant Controller Division Controller Controller
Finance Vice President
9 Yearsyrs
Accounting Manager Controller
Interim Controller
15 Yearsyrs
Accounting Manager Business Analyst Senior Finance Analyst
Manager, Finance Analysis
8 Yearsyrs
Finance Manager Accounting Consultant Accounting Manager
Manager/Finance Accounting
8 Yearsyrs
Finance Analyst Senior Finance Analyst Accounting Manager
Plant Controller
10 Yearsyrs
Senior Accountant Controller
Regional Controller
10 Yearsyrs
Finance Manager Accounts Receivable Specialist Senior Accountant
Reporting Manager
8 Yearsyrs
Assistant Controller Senior Manager Internal Auditor
Senior Accountant
6 Yearsyrs
Senior Cost Analyst Senior Finance Analyst Accounting Manager
Senior Accounting Manager
10 Yearsyrs
Controller Finance Director
Senior Director Of Finance
14 Yearsyrs
Senior Finance Analyst Accounting Manager Finance Manager
Senior Finance Manager
11 Yearsyrs
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Senior Cost Accountant Demographics

Gender

  • Male

    59.5%
  • Female

    38.0%
  • Unknown

    2.5%

Ethnicity

  • White

    76.7%
  • Asian

    10.6%
  • Hispanic or Latino

    9.1%
  • Unknown

    2.4%
  • Black or African American

    1.2%
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Languages Spoken

  • Spanish

    33.3%
  • Chinese

    20.5%
  • Russian

    10.3%
  • Mandarin

    10.3%
  • French

    7.7%
  • Vietnamese

    2.6%
  • Norwegian

    2.6%
  • German

    2.6%
  • Dutch

    2.6%
  • Korean

    2.6%
  • Arabic

    2.6%
  • Hmong

    2.6%
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Senior Cost Accountant

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Real Senior Cost Accountant Salaries

Job Title Company Location Start Date Salary
SR. Cost Accountant Henry Company El Segundo, CA May 14, 2012 $90,000
SR. Cost Accountant Arnold Electronics, Inc. Placentia, CA Apr 26, 2016 $89,814
Senior Cost Accountant Aliphcom San Francisco, CA Sep 10, 2014 $85,758 -
$119,000
SR. Cost Accountant Oakley, Inc. CA Jul 23, 2013 $85,660
Senior Cost Accountant Letourneau Technologies Drilling Systems, Inc. Houston, TX Oct 01, 2010 $80,640
Senior Cost Accountant Providence Industries, Inc. Long Beach, CA Jun 18, 2014 $78,263
Senior Cost Accountant DAK Americas LLC Irving, TX Sep 02, 2016 $77,771 -
$98,000
Senior Cost Accountant DAK Americas LLC Irving, TX Feb 09, 2016 $77,771 -
$98,000
Senior Cost Accountant DAK Americas LLC Irving, TX Sep 03, 2015 $77,106 -
$98,000
Senior Financial Cost Accountant The Wistar Institute of Anatomy and Biology Philadelphia, PA Aug 15, 2011 $75,900
Senior Cost Accountant DAK Americas LLC Irving, TX Sep 13, 2014 $75,566 -
$98,000
Senior Cost Accountant Newpek LLC Irving, TX Sep 21, 2014 $75,566 -
$98,000
Senior Cost Accountant Jackson Family Enterprises Santa Rosa, CA Sep 07, 2009 $75,253
Senior Cost Accountant Polycom, Inc. San Jose, CA Sep 25, 2015 $75,000 -
$95,000
SR. Cost Accountant Super Micro Computer, Inc. San Jose, CA Jun 22, 2015 $75,000
Senior Cost Accountant DAK Americas LLC Irving, TX Sep 20, 2013 $75,000 -
$85,000
SR. Cost Accountant National Oilwell Varco, L.P. Houston, TX Sep 24, 2015 $74,000
Senior Cost Accountant National Oilwell Varco, L.P. Houston, TX Jul 01, 2015 $72,800
Senior Cost Accountant National Oilwell Varco L.P. Sugar Land, TX May 20, 2014 $72,000
Senior Cost Accountant Mercury Paper, Inc. Strasburg, VA Sep 18, 2013 $72,000
Senior Cost Accountant ITG VOMA Corp Memphis, TN Oct 01, 2013 $72,000
Senior Cost Accountant ITG VOMA Corp Las Vegas, NV Sep 15, 2014 $70,000
Senior Cost Accountant William Charles Construction Company, LLC Loves Park, IL Oct 16, 2012 $70,000
Senior Cost Accountant William Charles Construction Company, LLC Loves Park, IL Feb 14, 2012 $70,000

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Top Skills for A Senior Cost Accountant

MonthlyFinancialStatementsVarianceAnalysisMonthlyJournalEntriesAnnualPhysicalInventoryGeneralLedgerAccountsExternalAuditorsAssetsMonth-EndRawMaterialsPerpetualInventoryBalanceSheetAccountsAccountReconciliationsPayrollBOMAnnualBudgetProcessCostAnalysisSOXPPVProductLineWIP

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Top Senior Cost Accountant Skills

  1. Monthly Financial Statements
  2. Variance Analysis
  3. Monthly Journal Entries
You can check out examples of real life uses of top skills on resumes here:
  • Prepared and analyzed monthly financial statements and accounting reports.
  • Perform monthly accounting close activities including production order settlement, journal entries, account reconciliation and variance analysis.
  • Reviewed monthly journal entries and prepared monthly financial statements.
  • Worked with Materials group to implement cycle count program and assisted with establishing controls for an annual physical inventory.
  • Audited inventory transfer forms for verification, effecting proper assignment to general ledger accounts.

Top Senior Cost Accountant Employers

Senior Cost Accountant Videos

Accountant & CPA Salary Trend

Career Advice on becoming a Management Accountant by Matthew R (Full Version)

A Day in the Life -- Finance, Accounting & Operations team member

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