Cost Accountant

Roles and responsibilities

Job Description: Cost Accountant - Petrochemical

Job Summary: We are looking for a detail-oriented Cost Accountant to join our petrochemical team. The ideal candidate will be responsible for monitoring and analyzing costs associated with production and operations, ensuring financial efficiency and accuracy.

Key Responsibilities:

Prepare and analyze cost reports, including production costs, variances, and profitability.

Monitor inventory levels and conduct regular audits to ensure accuracy.

Develop and maintain cost accounting systems and procedures.

Collaborate with production and finance teams to identify cost-saving opportunities.

Assist in budget preparation and forecasting processes.

Provide management with insights and recommendations based on cost analysis.

Ensure compliance with relevant accounting standards and regulations.

Qualifications:

Bachelor’s degree in Accounting, Finance, or a related field; CPA or CMA certification preferred.

3+ years of experience in cost accounting, preferably in the petrochemical or manufacturing industry.

Strong analytical skills and attention to detail.

Proficiency in accounting software and Microsoft Excel.

Excellent communication and interpersonal skills.

Skills:

Ability to work collaboratively in a team environment.

Strong problem-solving capabilities.

Knowledge of ERP systems is a plus.

Benefits:

Competitive salary and performance incentives.

Comprehensive health and retirement benefits.

Opportunities for professional growth and development.

Location: Ras Al Khaimah, UAE

Employment Type: Full-Time

• Analytical Skills:

  • Strong ability to analyze large amounts of financial data, identify trends, and make sense of complex cost structures.
  • Capable of identifying cost inefficiencies and areas where improvements can be made.

• Attention to Detail:

  • Precision in calculating, recording, and reporting costs is essential, as even small errors can have significant financial consequences.
  • Accuracy in allocating costs to specific departments, products, or projects.

• Knowledge of Costing Methods and Accounting Principles:

  • Deep understanding of costing methodologies (e.g., job order costing, process costing, standard costing, activity-based costing) and inventory management techniques.
  • Familiarity with accounting standards such as GAAP (Generally Accepted Accounting Principles) or IFRS (International Financial Reporting Standards).

Desired candidate profile

A Cost Accountant is a specialized accountant who focuses on analyzing, managing, and reporting on the costs associated with a company's production processes, goods, or services. They help businesses understand how to optimize their cost structure, increase profitability, and ensure efficient use of resources by tracking, analyzing, and controlling costs. Cost accountants play a crucial role in helping companies make informed financial decisions and ensure that they operate within budget.

Key Responsibilities of a Cost Accountant:

1. Cost Analysis:

   • Calculate Production Costs: Track and calculate direct costs (such as raw materials and labor) and indirect costs (like overheads) associated with producing goods or services.
   • Analyze Cost Variances: Identify and analyze variances between budgeted costs and actual costs, explaining the reasons for discrepancies and recommending corrective actions.
   • Break-Even Analysis: Perform break-even analysis to determine the point at which the company's revenues will cover its costs, helping management make pricing and production decisions.

2. Costing Methods and Systems:

   • Develop Costing Systems: Establish or maintain effective costing systems to track and allocate costs accurately to products, services, or departments.
   • Job Order and Process Costing: Use job order costing for custom or special orders and process costing for mass production scenarios to determine unit costs.
   • Standard Costing: Develop and maintain standard costs, comparing them with actual costs to identify inefficiencies or potential savings.
   • Activity-Based Costing (ABC): Implement ABC systems to allocate indirect costs to specific activities or cost drivers, providing a more accurate picture of cost behavior.

3. Budgeting and Forecasting:

   • Prepare Budgets: Work closely with management and other departments to develop annual budgets, particularly in terms of cost projections, production, and overhead costs.
   • Forecasting: Forecast future costs based on historical data, market trends, and expected changes in production volumes or material prices.
   • Cost Control: Help monitor and control operational costs, ensuring that the business remains within budget, identifying cost-saving opportunities, and advising on cost reduction strategies.