Location: Schaumburg,IL, USA
Job Summary
The Cost Analyst is responsible for analyzing the company production and logistics costs to ensure efficient resource utilization and improve profitability. This role involves the collection, analysis, and reporting of financial data related to production costs, labor, overhead, and expenses. The ideal candidate will have strong analytical skills, exposure to product costing systems, and the ability to communicate insights that drive business performance improvement and cost-saving strategies.
Responsibilities
- Cost Analysis: Analyze production and operational costs, including labor, materials, and overhead, to identify inefficiencies and areas for cost improvement.
-Budgeting & Forecasting: Collaborate with department heads to prepare budgets, forecast future financial trends, and assist in setting cost objectives.
-Cost Allocation: Oversee the allocation of costs to different products, departments, or projects, ensuring accurate financial reporting and profitability analysis.
-Variance Analysis: Perform variance analysis between actual and budgeted costs and investigate discrepancies to provide recommendations for corrections.
-Reporting: Prepare detailed cost analysis reports, including cost breakdowns and trends, and present findings to management for strategic decision-making.
-Inventory Management: Work with operations leadership, plant management and inventory control teams to report on inventory coverages, inventory trends, excess and obsolescence and inventory accuracy.
-Process Improvement: Identify inefficiencies in production or operational processes and suggest improvements to reduce costs and enhance efficiency.
-Data Management: Maintain and update financial data in cost accounting systems, ensuring data accuracy and compliance with internal and external reporting requirements.
-Collaboration: Work cross-functionally with operations, procurement, and finance teams to gather relevant data and support continuous improvement initiatives.
-Compliance: Ensure that cost analysis practices adhere to industry standards, corporate policies, and regulatory requirements.
Qualifications:
- Education: Bachelor's degree in Finance, Accounting, Economics, or related field. CPA, CMA, or other relevant certification preferred.
-Experience: 2-5 years of experience in cost analysis, cost accounting, or financial analysis, preferably in a manufacturing or production environment.
-Technical Skills:
-Proficiency in financial analysis software, ERP systems, and Microsoft Excel (advanced knowledge).
-Familiarity with cost accounting principles, budgeting, forecasting, and variance analysis.
-Analytical Skills: Strong attention to detail, with the ability to analyze complex data and provide actionable insights.
-Communication Skills: Excellent written and verbal communication skills, with the ability to present financial data clearly and effectively to non-financial stakeholders.
-Problem-Solving: Ability to think critically and solve problems efficiently, focusing on cost-saving opportunities and operational improvements.
-Organizational Skills: Strong time management and multitasking abilities, capable of meeting tight deadlines.