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.

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Personality Type

  • Conventional / Enterprising

Knowledge

  • Company policies

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

  • 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.

Skills

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

Optional knowledge and skills

analyse transportation costs exert expenditure control negotiate supplier arrangements create a financial plan disseminate information on tax legislation enforce financial policies analyse financial performance of a company support development of annual budget analyse financial risk prepare financial statements advise on tax planning calculate production costs explain accounting records execute analytical mathematical calculations manage payroll reports carry out tendering create a financial report financial forecasting manage inventory