Jack Quinn Solutions, LLC

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Cost Accountant

Grand Rapids, MI

IDGA142-2742241Posted 2/13/2025

Cost Accountant

Description: The cost accountant will help support preparing budget forecasts, developing cost-control systems, monitoring expenses, implementing cost-saving measures and interpreting financial data to identify trends or potential problems. This will include analyzing, and summarizing the Company’s costs to help support and control costs, make strategic plans, and improve cost efficiency.

Department: Finance

Reports To: Corporate Controller

Work Hours:

· 40-45 hours per week (Monday - Friday):

· Office Standard Hours: Between 7:00am - 5:00pm

Work Environment: This job operates in a professional office environment. This role utilizes standard office equipment (i.e. computers, phones, photocopiers, filing cabinets and fax machines) and requires some visits to the factory floor.

Qualification, Education and Experience Requirements:

Bachelors degree in Accounting or Finance
Minimum of 5 years of accounting experience
Budgeting and forecasting:
Experience with Cost Accounting
Strong understanding of cost accounting principles and methodologies
Proficiency in financial analysis and data interpretation
Excellent communication skills to convey complex financial information to non-financial stakeholders
Detail-oriented with strong analytical skills
Familiarity with food manufacturing processes and industry best practices
High degree of accuracy
Strong customer service skills
Excellent negotiation skills
Proficiency in mathematics
Advanced knowledge of Excel and other Microsoft Office tools
Ability to function well in a team-oriented environment
Spot errors and suggest ways to improve efficiency and spending

Duties and Responsibilities:

• Track and analyze all direct expenses related to the production of snacks, including raw materials, direct labor costs (by product category, by product).

• Maintain records of indirect expenses such as overhead costs (including but not limited by utilities, rent, and indirect labor and allocate these costs appropriately to products based on predefined allocation methods.

• Prepare comprehensive cost reports that detail the Cost of Goods Sold (COGS), providing transparency to upper management regarding production costs.

• Perform root cause analysis on significant variances to understand underlying issues and areas that may require corrective actions or adjustments to production processes.

• Collaborate closely with production department to review and update Bills of Materials (BOMs) for all products. Ensure that the BOMs accurately reflect current materials, labor requirements, and any changes in production methods.

• Provide training and guidance to production staff on the implications of cost management, emphasizing the importance of adhering to established standards and practices for financial health.

• Participation in preparing annual operational budgets for production departments, including raw material needs, labor costs, and overhead expenses.

• Work closely with various production departments to gather necessary data on raw material requirements, labor needs, and overhead costs for the upcoming year (period).

• Analyze historical data and trends to forecast production costs and resource requirements, ensuring alignment with production goals and anticipated product demand.

• Monitoring budget variances and providing explanations to management.

• Regularly monitor ongoing production expenditures against the approved budget. Identify significant variances (both favorable and unfavorable) in various cost categories such as raw materials, labor, and overhead expenses.

• Conduct thorough investigations into budget variances to determine root causes. Analyze operational performance, changes in material prices, labor costs, and production efficiency to understand the variances comprehensively.

• Prepare concise reports summarizing findings related to budget variances. Clearly communicate significant variances to management, providing explanations, implications, and recommendations for corrective actions.

• Generating regular reports on production performance, including profitability by product, product line, customer; cost breakdowns, and efficiency metrics.

• Prepare and present regular reports that assess profitability by product, product line, and customer. Utilize cost accounting principles to determine gross margins and net contributions, providing insights into financial performance.

• Analyzing trends in production costs and identifying areas for improvement.

• Conduct regular analyses of historical production cost data to identify trends and patterns. Determine how fluctuations in raw material prices, labor rates, and overhead costs impact overall production expenses and profitability.

• Inventory management:

• Monitoring raw material inventory levels and ensuring proper inventory valuation.

• Regularly monitor and record raw material inventory levels to ensure adequate supplies for production requirements. Utilize inventory management systems and software to maintain real-time visibility into stock levels.

• Ensure accurate inventory valuation by applying appropriate accounting methods (e.g., FIFO, LIFO, weighted average). Maintain accurate records to reflect true costs associated with inventory on hand, considering factors such as purchase price fluctuations and waste.

• Analyzing inventory turnover rates and identifying potential issues with stock levels.

• Track and analyze trends in inventory turnover over time, identifying fluctuations that may indicate leads to either underutilization of stock or excessive waste in production.

• Assess current stock levels against projected production schedules to identify potential issues, such as overstocking materials that may lead to obsolescence or increased carrying costs.

• Maintaining accurate records and documentation to support financial reporting.

• Ensure that all transactions related to production, and other activities are accurately recorded in the accounting system.

• Assist in the preparation of timely and accurate financial reports, including monthly, quarterly, and annual financial statements. Ensure that data used in these reports is substantiated by accurate records.

• Conduct thorough reviews of existing operational procedures and policies to assess their effectiveness in achieving business objectives. This includes analyzing workflows, compliance with standards, and alignment with financial practices.

• Identify areas where current procedures may be inadequate, inefficient, or out-of-date. Propose actionable recommendations to improve processes, enhance productivity, and ensure compliance with industry regulations.

• Participate in improvement initiatives, such as lean manufacturing or Six Sigma, to enhance operational efficiency and financial performance.

• Develop best practices for financial management that align with operational goals. This may include standardized procedures for budgeting, forecasting, cost control, and financial reporting.

• Follow OSHA Safety Regulation and Safety Rules.

• Report any Safety concerns to Safety Committee.

Physical Demands:

· Hearing and speaking to exchange information

· Dexterity of hands and fingers to operate equipment

· Reaching overhead, above shoulders and horizontally

· Bending at the waist, kneeling, sitting, or crouching

· Ability to walk and stand up during shift

Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this job. Duties, responsibilities and activities may change any time with or without notice. Additional duties may be required.

PROJECT: GOAL Pricing templates

Developing standard cost estimates for products to support pricing strategies

PROJECT: GOAL Production Performance Report

Generating regular reports on production performance, including profitability by product, product line, customer; cost breakdowns, and efficiency metrics. Prepare and present regular reports that assess profitability by product, product line, and customer. Utilize cost accounting principles to determine gross margins and net contributions, providing insights into financial performance.-

PROJECT: GOAL COGS Report

Develop detailed cost breakdown reports that outline variable and fixed costs associated with each product. Provide insights on key expense categories, including raw materials, labor, and overhead, allowing management to see where costs can be managed.- This is being evaluated Monthly- ME Materials Workbook to calculate – By Client by client, and skew- Currently gives a COGS breakdown, revenue- This could be improved to see variances

PROJECT: GOAL Production Performance Report

Create a dashboard to production performance. Track and report on efficiency metrics such as production yield, labor utilization, and machine performance. Utilize this data to evaluate operational effectiveness and identify potential areas for enhancement

PROJECT: GOAL Inventory Management

Create a Standard way to review and Monitor Days on Hand Inventory- Identify what should be the standard based on schedule and forecast-

PROJECT: GOAL Inventory Management

Evaluation of Cost Cards and Purchases vs what was received and used: Ensure accurate inventory valuation by applying appropriate accounting methods (e.g., FIFO, LIFO, weighted average). Maintain accurate records to reflect true costs associated with inventory on hand, considering factors such as purchase price fluctuations and waste.

PROJECT: GOAL Safety Stock Levels

Work with production teams to determine optimal reorder points and safety stock levels to prevent production delays due to raw material shortages while minimizing excess inventory holding costs. Track and analyze trends in inventory turnover over time, identifying fluctuations that may indicate leads to either underutilization of stock or excessive waste in production.

Assess current stock levels against projected production schedules to identify potential issues, such as overstocking of materials that may lead to obsolescence or increased carrying costs.

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