Cost Accountant

  • Job Reference: 425087339-2
  • Date Posted: 17 November 2021
  • Recruiter: Crane Co.
  • Location: Mount Prospect, Illinois
  • Salary: On Application
  • Sector: Accounting
  • Job Type: Permanent

Job Description

Cost Accountant

Crane Payment Innovations

Mt Prospect, IL

Crane Payment Innovations, CPI, is the leader in world class automated payment solutions. We partner with businesses to provide payment experiences that set new and innovative standards for consumer convenience, security and reliability. We are excited to explore new ways every day to improve how millions of people across the globe can make their payments in a way that fits with their lives. Our global engineers develop products and deliver innovative solutions in currency validation technologies, cash management systems, digital payment technologies, mobile applications, security and digital advertising. We offer a range of devices for bill and coin validation, cash recycling and dispensing systems, IT applications for our enterprise-level connected products and services, and software applications to integrate sensory hardware to machines and networks.

At CPI you will become a valuable part of an inclusive culture of collaboration and innovation with the support of over 3,400 associates working in one of our 14 offices across the world. If you want to have a hands-on global impact on payment solutions, we want you to join our team as a Cost Accountant. This is a full time position based in our office in Mt. Prospect, just outside of Chicago, IL.

Primary Function:

This role will manage the drive system and process improvement of the system, prepare and post assorted journal entries, analyze inventory accounts and prepare other recurring and ad-hoc financial reports. The role will perform various accounting and administrative duties which includes maintaining files, reconciliation and discrepancy investigation. In addition, this role should own the sales tax filing and reconciliation process as well.

Responsibilities and Duties:

* Maintain current standard cost estimates and update new component materials and bill of materials (BOM) for newly created items in compliance with costing policy.
* Perform transfer price calculations related to standard costs and update systems as needed.

Prepare and post monthly cost accounting journal entries, including but not limited to: freight in inventory, excess/obsolescence, inventory revaluation (LCM), goods in-transit, and other manual inventory adjustments.

* Prepare and issue monthly inventory reporting package to Corporate and local management as well as ad hoc inventory reporting as requested. Reports include, but are not limited to: inventory purchase and consumption, freight analysis (air vs. ocean), warehouse costs, and summary of monthly inventory adjustments as performed by operations. Implement monthly KPI reporting.
* Establishes procedures and formulates guidelines for conducting inventory cycle counts as needed
* Identify and monitor purchase price variances.
* Monitor cycle counts and report results to management. Participate in the annual physical inventories. Develop and maintain result reports and ensure transactions are recorded timely in the systems.
* Project manage accounting improvement opportunities working with sales and distribution management when applicable. Support operations management from an accounting perspective on improvement projects. Document and implement process controls for inventory movements, including shipping, receiving, transfer price fluctuation, excess/obsolescence, and stock transfers.
* Provide support for internal and external audit requests.
* Performs detailed analysis on inventory costs to assist in the development of standard costs and understanding of inventory variances (e.g. purchase price variance (PPV), material usage variance (MUV))
* Perform accounting activities for monthly, quarterly, and year-end closings. Perform variance analysis, reporting, and month end reconciliations for all inventory related general ledger accounts.
* Performs inter-company transactions and analysis
* Contributes to the preparation and evaluation of budgets, forecasts and other financial operating reports; presents findings and recommends actions to management
* Analyzes and reports on trends, including actual vs budget, costs, revenues, financial commitments, and obligations incurred to predict future revenues and expenses
* Work with operations team to understand processes and to seek cost and efficiency improvements.
* Manage standard cost system providing documented support for proposed changes.
* Work with purchasing to analyze and document purchase price variances.
* Provide detailed cost estimates for new products and proposed changes to current products

Qualifications and Required Skills:

* Bachelor's degree in finance or accounting required. 5+ years required experience in cost accounting experience required.
* Must be detail oriented and possess strong business acumen with knowledge of manufacturing and distribution cost accounting processes.

Key Attributes for Success:

* Strong analytical, organizational, and critical thinking skills.
* The ability to handle multiple tasks simultaneously and a very strong attention to detail.
* The ability to self-check your work, identify and correct inconsistencies.
* High energy level, comfortable performing multifaceted projects in conjunction with day-to-day activities
* Possesses strong general accounting knowledge as proven by either work experience or academic performance.
* Understands the asset, liability and P&L accounts that are in the general ledger and sub-ledgers and the purpose of each account.
* Able to understand assorted information technologies and utilize these in your role. Strong Excel knowledge is required. Word, Outlook, Hyperion and M2K or other comparable large integrated ERP system are beneficial.
* Good math, verbal and written communication skills.
* Excellent influencing skills, analytical and problem-solving skills and the ability to multi-task in a fast-paced environment
* Ability to establish credibility and be decisive and able to recognize and support the organization's preferences and priorities
* Results and people oriented with sound judgment-ability to balance other business considerations
* Team player - able to work in a matrix organization
* Excellent communication skills verbally and in writing

Crane Co. is an Equal Opportunity Employer. Qualified applicants will receive consideration for employment without regard to race, color, religion, sex, gender identity, sexual orientation, age, disability, military status, or national origin or any other characteristic protected under federal, state, or applicable local law.