Cost and Management Accounting: Job Descriptions and Required Skills

This report reflects the description of 10 job positions for the cost and management accountant. It includes all the accounting and management skills for the particular job. The report also highlights the key requirements and strategic information to implement the strategic planning to prepare the effective financial information.

RUNNING HEAD: ACCOUNTING
Cost and Management Accounting

Accounting 2
Contents
Introduction...........................................................................................................................................3
Data Collection for the different jobs....................................................................................................3
Data analysis.........................................................................................................................................5
Final report............................................................................................................................................8
Part 1.................................................................................................................................................8
Part 2.................................................................................................................................................8
Conclusion...........................................................................................................................................10
References...........................................................................................................................................11

Accounting 3
Introduction
This report reflects the description of 10 job positions for the cost and management
account. In this report, job and responsibilities of each job designations is given. It also
includes all the accounting and management skills for the particular job.
Data Collection for the different jobs
Da
ta.
Title of
Position Sector Job Description Listed Date URL
Key
Word
1
Cost and
Managemen
t account
Private
Company
Accounting and cost
management work 16-Apr-18
www.adzu
na.com.au
Accoun
tant
2
Managemen
t
Accountant
Not for profit
organizations
Preparation of budget
and estimation of the
expenses 12-Apr-18
www.adzu
na.com.au
Cost
and
Manage
ment
Accoun
tant
3
Cost
manager
Government
company
Financial planning,
Management and
preparation of budget 16-Apr-18
www.jobs
earch.gov.
au
Manage
ment
account
ant
4
APS6
Managemen
t accountant Private sector
Budget preparation and
Financial planning,
Management 12-Apr-18
www.jobs
earch.gov.
au
Accoun
tant
5 Cost
Accountant
Private
Company
Reporting to
Administrator
13-Apr-18 www.seek Cost

Accounting 4
department .com.au
6
Interim
Project /
Cost
Accountant Private
Work with finance
director and reviewing
various projects and
existing business 16-Apr-18
www.seek
.com.au
Cost
Accoun
tant
7
Managemen
t
Accountant-
Manufacturi
ng Private
Analysing variance, cost
estimates and preparing
monthly reports 16-Apr-18
www.carre
rone.com.
au
Accoun
tant
8
Cost
manufacturi
ng
accountant Private
Analysing the data,
implementing data
mining and determining
the per unit cost 13-Apr-18
www.carre
rone.com.
au cost
9
Senior
Managemen
t accountant Private
Integrity of financial
accountant 16-Apr-18
www.seek
.com.au
manage
ment
10
Cost
Accountant Private
Forecasting and
budgeting, annual
stocktake and hoc
accounting duties 16-Apr-18
www.carre
rone.com.
au
cost
account
ant

Accounting 5
Data analysis
No. Position Title
Responsibilities of the
position
Cost and management
qualification
Alignmen
t with
learning
outcomes
of ACCT
6004
1
Cost
Accountant
Focus on analysing the
company cost
Reporting to CFO
Tracking OPEX and
CRAPEX
Preparation of Budget
(Palanivelu, 2007).
Cost public Accountant
CPA having experience of
3 to 5 years’
High communication and
interpersonal skills.
Experience from
manufacturing of units
(Pathak, Wankhede, &
Chandwani, 2018)
Knowledge of Computer
skills Yes
2
Management
Accountant
Financial planning
Cost management
knowledge
Reporting to CFO
Interpretation of
accounting standards.
Communication skills
Interpersonal skills
Computer knowledge Yes
3 Management
Accountant
EL1
Budget preparation.
Develop methodology
An accounting degree and
membership of CA and
CPA is required.
Experience of Big 4
consultancy and
Yes

Accounting 6
government firms is
necessary.
Strong reporting and
financial modelling skills.
4
APS6
Management
Accountant
Focus on corporate
governance
FMIS department
Key financial decisions
Experience in Federal
department
Implementation of the
financial decision No.
5
Cost
Accountant
Coordinate with the
stock manger
Stock accuracy and
reporting framework
reports on inventory
levels.
BOM creation and work
process system
Product design and
development.
Implement ERP system
Follow proper inventory
guidelines
Follow IFRS and
accounting standards Yes
6
Interim
Project / Cost
Accountant
Assisting financial
directors and work
process system
Understanding on the
accounting data.
Implementing the work
system and implemented
process.
Identify the future growth
and economic value Yes
7 Management
Accountant-
Manufacturin
Reporting CFO \
Coordinate with the
Cost public Accountant
CPA having experience of
Yes

Accounting 7
g
stock manger
Stock accuracy and
reporting framework
reports on inventory
levels.
BOM creation and work
process system
Product design and
development.
3 to 5 years’
High communication and
interpersonal skills.
Experience from
manufacturing of units
Knowledge of Computer
skills
8
Cost
Accountant -
Manufacturin
g
Reconciling the
accounting and costing
budgets
Cost public Accountant
CPA having experience of
3 to 5 years’
High communication and
interpersonal skills.
Experience from
manufacturing of units
Knowledge of Computer
skills Yes
9
Senior
Management
Accountant
Improving the integrity
of standard costing
system.
Analysis of production
variances.
Project cost overview
and P&L meetings with
senior managers.
Monitor KPIs and
prepare budgets.
Ad hoc projects consist
of financial modelling.
Experience of 5 years or
more in standard or
manufacturing costing
environment.
CPA or CA degree
holder.
Experience with MRP
system or MGF Pro.
Good communication and
problem solving skills.
Strong analytical and
system accounting skills. Yes

Accounting 8
10
Cost
Accountant
Budgeting and cost
management
Implement strategic
management process
Cost public Accountant
CPA having experience of
3 to 5 years’
High communication and
interpersonal skills.
Experience from
manufacturing of units
Knowledge of Computer
skills Yes
Final report
Part 1
In the data collection method and analysis of the above given table reflects the two
job profile of cost and accountant. In private companies, accountant job is classified as cost
and management accountant. The person appointed as accountant needs to have several skills
such as budget and reporting details, forecasting, data analysis and finding the reasons for
inaccuracies and variance, management of the financial and non-financial accounts, inventory
management, identifying the project escalation and supporting the financial management in
decision making system (Small, 2015).
If a person selected as accountant and cost manager in business then he should have
interpersonal skills, strong communication, high experience with the ERP systems and great
knowledge of Excel. In addition to this, He also needs to have degree of CA, CPA and
equivalent to the same. An accounting degree and membership of CA and CPA is required.
He also needs experience of Big 4 consultancy and government firms is necessary and
requires strong reporting and financial modelling skills.
Part 2
1. The most important skills of the cost and management accountant is that they should have
degree of CPA, CIMA and other equivalent courses. They also need to have essential degree
of knowledge and skills to analysis the details of the cost and management accountant.

Accounting 9
2. There is several degrees of diploma courses in accountants. It requires good understanding
on the costing and accountant details. Management also requires high level specialisation to
implement effective strategic cost management degree.
3. There are several challenges and issues faced by Managers to implement the strategic
programs. :
 The globalised working factors have affected the cost management process and requires
accountant to learn domestic and international intents.
 Changing the strategy program and implementing strategies on the basis of internal and
external factors.
 Identification and learning of the new working methods and cost management structure,
learning the new accounting standards.
4. In the given course ACCT 6004, shows the nature of accounting and details descriptions such
as behaviour and estimation and hypothetical data analysis by the cost accountant.
5. The project planning, CPV analysis, cost and management accounting and implemented
strategic programs will also be the base requirements for development of the proper
accounting and strategic planning procedure.
6. Understanding of the accounting responsibility and work accountant functions.
7. There are several other key intents learning and implemented program such as cash
management accounting, cash book, cash matching concept and operating and financial
learning expertise.
8. The knowledge and information about these topics is the key for learning the data given
course ACCT6004.
9. Implementation of the strategic program and work functions to make the costing and
accounting work effective.
10. Job design and responsibilities of each job designations is determined on the basis of
structured program. It also includes all the accounting and management skills for the
particular job (Mishra, 2011).
11. Accountant and cost management must have intents of Improving the integrity of standard
costing system, analysis of production variances, project cost overview and P&L meetings
with senior managers, monitor KPIs and prepare budgets , ad hoc projects consist of financial
modelling. These are the basic characteristics which should be followed by each and every
accountant to implement the accounting and costing work.

Accounting 10
12. Cost and management accountant will also focus on analysing the company cost, reporting to
CFO related to all the financial and non-financial data, tracking OPEX and CRAPEXa and
Preparation of Budget.
13. Accountants also need to have basis learning intents which are given as below.
 Cost public Accountant
 CPA having experience of 3 to 5 years’
 High communication and interpersonal skills.
 Experience from manufacturing of units
 Knowledge of Computer skills
After evaluating all the details given in this report, it could be inferred that particular
skills and job details are the key for getting hired in company. All the information given
above reflects the key requirement and strategic information to implement the strategic
planning to prepare the effective financial information. It could be inferred that the
effectiveness of the financial statement prepared is based on the skills of accountant and work
effective program undertaken. The correctness of the prepared budget and estimation of the
expenses is also based on the statistical skills of the accountant (Mishra, 2011).
Conclusion
Each and every job designation has its own work process. These job Position
perfectly align with the learning outcomes to ACCT 6004 which reflects the roles and
responsibilities of accountant.
.

Accounting 11

Accounting 12
References
Mishra, D. (2011). Management Accountant: Role & future challenges.
Palanivelu, V. R. (2007). Accounting for management. Firewall Media.
Pathak, M. V., Wankhede, M. S., & Chandwani, K. S. (2018). Office automation system.
Small, R. (2015). The changing role and expectations for the professional accountant (SA): changing
roles-business & economy. Professional Accountant, 2015(25), 8-9.