What is the job profile of a cost accountant?
I want to choose cost accountancy as my career. What is the job profile of a cost accountant?
Cost accountant or management accountant is one of the most essential management services. No doubt that it’s a fairly new branch, a profession which has come into existence during the last century. But with the increase in competition and economic pressure, cost and management accountancy has been combined with the main area of management. Cost accountant is an integral part of an organisation which includes collection, assimilation, collation and analysis of financial information. The quality of the information presented to the management decides the success or failure of an organisation and this information is provided by the cost accountant making their job critical.
The primary job of a cost accountant is to ensure that the managerial decisions are within the cost prescriptions. They study the past and the present financial performances of the projects that need to be undertaken and do a thorough research before presenting a thesis to the management. This is done by taking into account factors like cost of the raw materials, labour, transport, overheads. These costs will make sure that the budget is made according to the plan.