Sr. Cost Accountant

Job Description

Job Description

IEM (Industrial Electric Mfg.) is the largest independent full-line manufacturer of custom electrical distribution and power quality equipment in North America. IEM is delivering customer-specific solutions to meet the ever-changing power requirements of growth industries across the world. This position offers an exciting opportunity within an innovative, growing company, with a backlog of bookings that go beyond 3 years.

Job Overview:

We are seeking a detail-oriented and analytical Cost Accountant to join our finance team. In this role, you will be responsible for tracking and analyzing the cost of production, evaluating manufacturing processes, and providing financial insights to ensure optimal cost control and efficiency across the organization. You will collaborate closely with other departments, such as production, operations, and supply chain, to help make informed business decisions and improve profitability.

Key Responsibilities:

• Monthly Close Activities and Essential Functions:
  • Establish and set standard costs for new products
  • Responsible for year-end cost roll process (calculate revaluation impact, roll standard costs)
  • Ensure inventory is accurately valued
  • Track inventory levels, ensuring proper costing methods are applied to raw materials, work-in-progress, and finished goods
  • Review purchase price variance on raw materials (PPV)
  • Review production order variances (POV)
  • Provide accurate and timely reporting of variances between actual and budgeted costs with explanations
  • Prepare capitalization of manufacturing variances and freight by plants analysis
  • Prepare consolidated inventory reporting
  • Reconcile inventory records and assist with periodic physical inventory counts
  • Ensure accurate and consistent application of cost accounting methods
  • Track, monitor and analyze cost of goods sold (COGS), including raw materials, labor, and overhead costs
  • Prepare detailed cost reports to support management in making strategic decisions
• Budgeting & Forecasting:
  • Assist in preparing annual budgets and forecasts by providing cost estimates and projections
  • Perform regular reviews of actual costs versus budgeted costs and recommend corrective actions as needed
• Process Improvement & Efficiency:
  • Collaborate with production and operations teams to identify opportunities for cost reduction and process improvements
  • Recommend changes to improve cost efficiency, productivity, and profitability
• Internal Controls & Compliance:
  • Ensure cost accounting practices comply with company policies, industry standards, and financial regulations
  • Support internal and external audits by providing required cost-related data and documentation
• Cross-Functional Collaboration:
  • Work closely with the sales, purchasing, and production departments to ensure accurate costing and reporting
  • Provide support in pricing decisions, product profitability analysis, and inventory management

Requirements:

• Education & Experience:
  • Bachelor’s degree in Accounting or Finance
  • 5-7 years of experience in cost accounting or a similar role (preferably in a manufacturing or production environment)
  • CPA or CMA designation preferred
• Skills & Competencies:
  • Strong understanding of cost accounting principles and methodologies
  • Proficiency in accounting software (e.g., SAP, Infor Syteline)
  • Intermediate to advanced Microsoft Excel
  • Analytical mindset with strong attention to detail and accuracy
  • Excellent communication skills to present cost information to both financial and non-financial stakeholders
  • Ability to work independently and as part of a team in a fast-paced environment

Benefits:

• Competitive salary and benefits package
• Health, dental, and vision insurance
• Retirement savings plan
• Paid time off and holidays