What Does a Cost Accounting Manager Do?

A cost accounting manager is a position that revolves around monitoring the finances of a company and sharing information with other departments. Individuals in this field typically work in places like banks and insurance departments. While the workplace settings can differ, the fundamental job duties of a cost accounting manager are fairly similar. These duties include hiring and training personnel, supervising personnel, approving or rejecting loans, monitoring a company's finances and analyzing the financial strengths and weaknesses of the company.

One important part of being a successful cost accounting manager is hiring and training the right personnel. In order for a company to thrive, it's critical that it employs an experienced and capable staff. Consequently, it's up to the cost accounting manager to oversee this process. He will be responsible for interviewing potential candidates and finding the best matches for the company.

Upon being hired, it's also up to the cost accounting manager to ensure staff success by either training staff members personally or having other experienced employees do so. After staff members have been employed, the cost accounting manager is often appointed to act as supervisor. He will assign activities to employees as he sees fit and will make changes when necessary.

Another large part of this job consists of either approving or rejecting loans. This can include personal loans, business loans or lines of credit. For this practice, a cost accounting manager will typically review the individual's or business's financial background and reason for requesting the loan. Since it's his job to make sound investments, he needs to be an effective decision maker and possess solid interpersonal skills.

In order to keep his company competitive and minimize monetary losses, it's also his responsibility to monitor company finances. This means that he will have to keep up with how much money has been loaned out, as well as collection reports. To do this correctly, he must be able to effectively read and interpret graphs. As he uncovers information, the cost accounting manager will often share it with higher-ups and investors. This practice keeps various company departments on the same page and helps strengthen the financial backing of a company.

In addition, the cost accounting manager will usually analyze the strengths and weaknesses of his company on an ongoing basis. In order to minimize risks, he may analyze his company's progress and determine how well investments have converted. Knowing this information should help him and his company make better decisions in the future.