Raman kumar  Garg

How the role of a Cost Accountant has changed over the years and what it will be like in the future?

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by Raman kumar Garg
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RE: How the role of a Cost Accountant has changed over the years and what it will be like in the future?

Vaibhav Bhutra
Vaibhav Bhutra
Verified Career Expert
Career Counselor/ Director at Educomp Vidyamandir Classes
  • Surat

Hi,


Let me introduce my self i am a Cost Accountant along with other degree in finance such as MBA, FRM i have been working in Investment banking and currently and educational Enterprenuer.

Every Job or skill sets needs to be updated and constantly upgraded, similarly the have been changes in cost accounting profession as well, lets first understand what Cost accountant job constitutes basically of Which activities :

Cost Optimization : Finding out opportunities of cost optimization in the Production and implementing in the company.

Maintaining Records : This is one of the most important activity of being a cost accountant all the records need to be maintained as per Regulatory and internal needs

Decision Making: There has been a major need forcontinuallydeciding on various decision of business and cost accountant provide major inputs in all the decision making in business.

Cost Accountant
In today competitive world with cut throat competition there is always a responsibility of cost reduction on cost accountant and he is the one who have to take some important decision needed to remain competitive and sustain the market share.

Apart from the competition part there is also a regulatory requirement of government to conduct a cost audit and keep the report for certain designated industries. so with the changes a cost accountant have to be really update with the need or regulations.

A vibrant cost accountant Should also keep oneself involved in other finance decision as well since a cost accountant is a degree which provides knowledge of all the business decisions and he/she could act as a finance single point.

Thanks







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