Cost Accountant Duties & Responsibilities

The role and function of a Cost Accountant includes the following duties and responsibilities:

  • Collect cost information and maintain an expenses database
  • Construct data accumulation systems
  • Analyze and report profit margins
  • Prepare (monthly, quarterly and annual) cost forecasts
  • Assisting in month-end and year-end closing
  • Identify and recommend cost-effective solutions
  • Determine fixed costs (e.g. salaries, rent and insurance)
  • Plan and record variable costs (e.g. purchases of raw material and operations costs)
  • Review standard and actual costs for inaccuracies
  • Prepare budgeting reports (for the company and for each department)

Note that this is not an exhaustive list of Cost Accountant duties and responsibilities. Job functions for specific Cost Accountant roles may vary, depending on the industry and type of employer.