Profession cost analyst

Cost analysts prepare regular costs, budgeting analyses and reports in order to contribute to the overall cost planning and forecasting activities of a business. They review and reconcile key balance sheets and identify new opportunities to save costs.

Personality Type

• Conventional / Enterprising

Knowledge

• Liquidity management

  The theory and practices around the management of liquidity in a company with the aim of facilitating meeting obligations with thirds parties without compromising the smooth functioning of the company nor incurring in substantial losses.

• Cost management

  The process of planning, monitoring and adjusting the expenses and revenues of a business in order to achieve cost efficiency and capability.

• Financial department processes

  The different processes, duties, jargon, role in an organisation, and other specificities of the financial department within an organisation. Understanding of financial statements, investments, disclosing policies, etc.

• Company policies

  The set of rules that govern the activity of a company.

Skills

• Assess financial viability

  Revise and analyse financial information and requirements of projects such as their budget appraisal, expected turnover, and risk assessment for determining the benefits and costs of the project. Assess if the agreement or project will redeem its investment, and whether the potential profit is worth the financial risk.

• Interpret financial statements

  Read, understand, and interpret the key lines and indicators in financial statements. Extract the most important information from financial statements depending on the needs and integrate this information in the development of the department's plans.

• Control of expenses

  Monitoring and maintaining effective cost controls, in regards to efficiencies, waste, overtime and staffing. Assessing excesses and strives for efficiency and productivity.

• Provide cost benefit analysis reports

  Prepare, compile and communicate reports with broken down cost analysis on the proposal and budget plans of the company. Analyse the financial or social costs and benefits of a project or investment in advance over a given period of time.

• Prepare cost-plus pricing models

  Make up cost and pricing models on a regular basis by taking into account the cost of materials and supply chain, personnel and operating costs.

• Perform cost accounting activities

  Execute the cost related activities and operations within the accounting activities such as standard cost development, average pricing analysis, margin and cost ratio analysis, inventory control, and variance analysis. Report the results to management and advise on possible courses of action to control and reduce the costs.

• Synthesise financial information

  Collect, revise and put together financial information coming from different sources or departments in order to create a document with unified financial accounts or plans.

• Evaluate budgets

  Read budget plans, analyse the expenditures and incomes planned during certain period, and provide judgement on their abidance to the general plans of the company or organism.

Optional knowledge and skills

Source: Sisyphus ODB