The Role
Analyzes cost data, budgets, forecasts, expenses, and financial records to identify savings opportunities and control costs. Prepares financial, variance, and cost reports; supports invoicing, billing, accounts receivable aging, vendor invoice processing, and inventory and fixed-asset counts. Collaborates with finance, operations, procurement, supply chain, and project management teams while recommending process improvements and corrective actions.
Summary Generated by Built In
Cost Accountant
FLSA Status: Exempt
Seniority Level: Entry level
Responsibilities:
- Cost Analysis: Analyzing cost data and financial records to identify areas of improvement, cost-saving opportunities, and potential risks. Conducting cost-benefit analyses and providing recommendations based on findings.
- Budgeting and Forecasting: Assisting in the development of budgets and financial forecasts by analyzing historical data, market trends, and operational factors. Collaborating with various departments to gather necessary information and ensure accuracy in budgeting processes.
- Cost Control: Implementing strategies to control costs and ensure adherence to budgetary guidelines. Monitoring expenses, identifying cost overruns, and recommending corrective actions to achieve financial targets.
- Financial Reporting: Preparing regular financial reports, cost analysis reports, and variance analysis reports to provide insights into cost performance. Presenting findings to management and stakeholders, highlighting key cost drivers and deviations from budgeted amounts.
- Process Improvement: Identifying opportunities to streamline processes and enhance cost efficiency within the organization. Proposing and implementing process improvements, cost-saving initiatives, and best practices to optimize resource allocation.
- Cross-functional Collaboration: Working closely with various departments, such as finance, operations, procurement, and project management, to gather cost-related data, provide insights, and align cost management strategies with organizational goals.
- Invoicing and Billing: Generating accurate and timely customer invoices and bills based on contractual terms and sales transactions. Ensuring invoices are properly coded, approved, and distributed to customers.
- Accounts Receivable Aging Analysis: Reviewing and analyzing the aging of accounts receivable, identifying past due accounts, and tracking trends in collections. Providing regular reports to management on outstanding balances and collection efforts.
- Invoice Processing: Receiving, reviewing, and verifying invoices from vendors for accuracy, completeness, and compliance with company policies and procedures. Ensuring proper coding, approval, and documentation before processing payments.
- PI Count for Inventory and Fixed Asset: Developing a comprehensive plan for conducting PI counts of fixed assets and inventory. Coordinating with relevant departments, such as finance, operations, and supply chain, to schedule the counts and allocate necessary resources.
- Financial Analysis: Proficiency in financial analysis is crucial for cost management. This includes understanding financial statements, cost structures, profitability analysis, and financial ratios. Strong analytical skills are necessary to identify cost drivers, assess cost-saving opportunities, and perform financial modeling.
- Cost Accounting: A solid understanding of cost accounting principles and techniques is essential. This includes knowledge of cost allocation methods, variance analysis, standard costing, activity-based costing (ABC), and cost estimation. Familiarity with cost accounting software and tools is beneficial.
- Data Analysis and Interpretation: Skilled data analysis is critical for cost management. Proficiency in Excel or other data analysis tools is important for working with large datasets, performing cost analyses, and generating meaningful insights. The ability to interpret data accurately and draw actionable conclusions is crucial.
- Business Acumen: A strong business acumen helps cost management professionals understand the organization's goals, industry dynamics, competitive landscape, and market trends. This knowledge allows them to align cost management strategies with overall business objectives effectively.
- Communication Skills: Effective communication skills are vital for collaborating with stakeholders at different levels, such as management, finance teams, operational departments, and vendors. Clear and concise communication is necessary to present cost analysis findings, recommendations, and cost-saving initiatives.
- Problem-Solving: Cost management often involves identifying and resolving complex financial and operational issues. Strong problem-solving skills are essential for analyzing challenges, developing creative solutions, and implementing cost-effective strategies.
- Attention to Detail: Paying meticulous attention to detail is critical in cost management to ensure accuracy in financial analysis, cost tracking, and reporting. Precision is necessary when examining cost data, identifying discrepancies, and conducting audits.
- Project Management: Cost management often involves working on projects with multiple stakeholders and deadlines. Strong project management skills, including planning, organizing, and prioritizing tasks, are valuable for successfully executing cost management initiatives.
- Ethical Conduct: Cost management professionals handle sensitive financial information and are expected to adhere to ethical standards, confidentiality, and integrity. They should demonstrate professionalism, honesty, and ethical behavior in all aspects of their work.
Skills Required
- Proficiency in financial analysis, including financial statements, cost structures, profitability analysis, financial ratios, and financial modeling.
- Understanding of cost accounting principles, including cost allocation, variance analysis, standard costing, activity-based costing, and cost estimation.
- Proficiency in Excel or other data analysis tools.
- Strong analytical and data interpretation skills.
- Business acumen and understanding of organizational goals, industry dynamics, competitive landscapes, and market trends.
- Effective communication and cross-functional collaboration skills.
- Strong problem-solving skills.
- Strong attention to detail and accuracy in financial analysis, tracking, reporting, and audits.
- Project management skills, including planning, organizing, and prioritizing tasks.
- Ethical conduct, confidentiality, integrity, and professionalism when handling sensitive financial information.
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The Company
What We Do
Foxconn Industrial Internet USA (Fii USA) is a global leading professional design and manufacturing service provider of communication network equipment, cloud service equipment, precision tools, and industrial robots. Our goal is to provide our customers with intelligent manufacturing services for new forms of electronic equipment products centered on the industrial internet platform. Our Vision: Fii USA is creating technology solutions in 5G, IoT, and Industrial AI to aid businesses in transforming to the Industry 4.0 environment. Our Philosophy: Fii USA will leverage its’ 30 years’ experience in contract manufacturing to develop technology solutions that will guide businesses on their Industry 4.0 journey. We are building industrial IoT ecosystems grounded solutions that utilize 5G communication technology, 8K imaging data, Industrial AI, and high-performance computing. Our solutions are easily implemented, modified, and scaled to enable participation in the modern connected landscape.
