1.To understand the cost analysis scope, study business costs/expenses and annual plans.
2.To gather financial data (e.g. sales, purchases, inventory, labor costs, overheads etc) and analyze it to uncover inefficiencies through estimate production costs and track the changes in regular costs for new products or processes.
3.To determine standard costs to actual costs and comparing budgets with actual expenses for variance analysis.
4.To audit and highlight to management if any significant changes in products or processes that affect cost-efficiency.
5.To suggest cost-reducing or profitable solutions to management.
6.To make recommendations on how to improve cost controls and operations processes.
7.To identify loopholes and recommed risk aversion measures for cost savings.
8.To provide support to the company’s internal audit and compliance activities – SOP preparation and control, training and governance processes etc.
9.To maintain open communication with middle management.
10.To engage in continous knowledge development regarding sector’s rules, regulations, best practices, tools, techniques, and performance standards.