Cost Analyst
OMEGA Engineering

Job Info

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Description

The Cost Analyst position, located in Swedesboro, NJ, reports to the Omega Controller and is responsible for the annual standard cost setup, month/year-end close processes, performing account reconciliations on a routine basis, participating in the budgeting process, and optimizing accounting processes.

Essential Duties and Responsibilities:

• Perform Cost Analysis: Conduct detailed analysis of manufacturing costs, including material, labor, and overhead expenses, to ensure accurate and timely reporting of cost data. Analyze variances between actual and standard costs, providing insights into production efficiency and cost control.
• Support Monthly and Quarterly Close Processes: Participate in the monthly and quarterly close processes, ensuring that all cost-related transactions are recorded accurately. Prepare journal entries related to cost allocations, inventory adjustments, and overhead absorption.
• Inventory Management: Monitor and reconcile inventory accounts, including raw materials, work-in-progress, and finished goods. Ensure the accuracy of inventory valuations and collaborate with the operations team to manage inventory levels and minimize discrepancies.
• Budgeting and Forecasting: Assist in the development of cost budgets and forecasts by analyzing historical data and identifying trends. Provide cost estimates for new products or projects and support management in decision-making processes.
• Financial Reporting: Prepare and present detailed cost reports and analyses to management, highlighting key cost drivers and areas for potential cost savings. Ensure compliance with internal controls and financial reporting standards.
• Process Improvement: Identify opportunities for process improvements within the cost accounting function, including the enhancement of cost tracking systems, standard costing methods, and reporting tools. Collaborate with cross-functional teams to implement best practices.

Requirements

Job Requirements

Required Skills / Experience / Competencies:

• Bachelor's degree in Accounting or equivalent.
• 3-5 years of related accounting reconciliation experience and/or finance experience.
• Demonstrated technical knowledge and understanding of Accounting theory, principles, practices, and regulations including FASB/GAAP and SOX compliance.
• Expert-level user of MS Office Excel and Power BI.
• Demonstrated successful use of technology to improve process efficiency.
• Effective team-building and leadership skills.
• Demonstrated project management skills.
• Commitment to the highest standards of quality and integrity.

Preferred Qualifications:

• CPA or MBA with a concentration in Accounting or Finance.
• Experience with financial reporting in a manufacturing business.

Physical/Mental Essential Functions:

• Must be efficient with strong attention to detail.
• Ability to work in a fast-paced environment.
• Ability to input data into computers and departmental systems.
• Ability to read, analyze, and interpret general business documents and manuals.
• Ability to interact/communicate effectively with customers, employees, and external personnel.
• Effective communication skills in English, both orally and in writing.
• Ability to identify, communicate, and help prevent potential problems.
• Ability to solve practical problems within established parameters.
• Ability to follow a set of procedures or sequences.
• Ability to use a keyboard and sporadically a 10-key.
• Ability to use a mouse (or alternative input device).

Work Conditions:

• Primarily in an office environment. Accounting staff generally work from 8 a.m. to 5 p.m. Routinely uses standard office equipment such as computers, phones, photocopiers, filing cabinets, and fax machines. Some areas are narrow and difficult to maneuver. Must be able to walk one flight of stairs, as there is no elevator access to the second floor.

Work Conditions - Hybrid:

• During the onboarding period, expect to spend more time in the office to facilitate learning, collaboration, and integration with the team. This in-person time is crucial for building relationships, understanding company processes, and getting up to speed with your role. Once onboarding is complete, you will transition to a hybrid work model, balancing in-office days with remote work. When working remotely, ensure you have a productive and ergonomic home office setup with a stable internet connection. Maintain agreed-upon work hours, manage work-life balance, and take regular breaks to stay refreshed and focused.

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