Cost Analyst at Afordonz Consulting

Role Summary

• Cost analysts evaluate expenses for an organization’s departments and projects
• He digs into financial numbers, figuring out ways to reduce inefficiencies and decrease costs
• He also keeps his eyes on the big picture to understand how markets are performing in their industry
• He contributes to help secure their future. Cost analysts play a vital role in determining whether their company is ready for growth, whether it can invest in a new project, hire employees, or afford to stay in operation.

Duties and Responsibilities
Cost Analysis & Testing:

• The cost analyst is responsible for running a large number of tests on company data
• He will analyze these tests to offer specific answers to problems, such as the most profitable plan for a building project or the cost-effectiveness of current operational activities
• He performs deep data analysis to complete a wide variety of mathematical solutions. His cost analysis includes potential pricing model changes, new business models, and more.

Market Analysis and Research:

• The Cost analysts would carry out market research, keeping his eyes on the entire market, studying it deeply
• He will use financial software to analyze and track organizational expenses
• He will research the costs of fellow competitors.

Creating Cost Reduction Plans and Reports:

• The cost analyst will crunch numbers, write reports, and provide suggestions for money-saving strategies, documenting his findings in written plans
• His reports are essential to creating more cost-efficient processes within businesses
• The data he provides can determine whether a business’s new undertaking is a yes or a no from a cost perspective.

Lead Cost Management Policy:

• The cost analyst acts as a liaison between the accounting department, customers, project engineers, managers, and whoever might be involved in the finances of an endeavor
• He prepares various charts and graphs to help others understand the company’s financial status
• He provides reviews and comments to ensure the accuracy of expense related documents
• The cost analyst also supports the business’s success by giving senior managers recommendations concerning financial policy and expense management.

Oversee Daily Expenses:

• Many cost analysts perform daily accounting or bookkeeping duties. They may approve and administer invoice payments to outside vendors and suppliers
• Costs analysts tabulate daily performance reports, often reviewing these assessments with project stakeholders to monitor costs and keep them in line with the original budget
• Depending on the size of the organization, a single analyst can oversee all expense monitoring for a company or conduct analysis for a single project or department.

Educational Qualifications

• Preferred candidate will have a Bachelor's Degree in Management Sciences (Accounting, Finance, Business Administration) or Engineering plus a Postgraduate Business Degree.

Skills and Experience:

• Statistical data analysis – to interpret company performance data in light of industry statistics
• Operational analysis – reducing operational costs, including inventory valuation, product costs, overhead and direct labor costs, etc. is a cost analyst’s primary responsibility
• Costing methodology – to determine whether a company is properly using its resources
• Mathematical problem-solving – cost analysts need proven analytical, mathematical, and problem-solving skills to accomplish their job successfully
• Accounting – basic knowledge of accounting and financial analysis is needed to make cost-benefit analysis decisions
• Writing skills – analysts must translate complex financial information into simple reports that managers and non-technical employees can easily understand
• Communication skills – sharing difficult information and shedding light on harsh realities with clarity and tact is a significant part of a cost analysts’ job
• Organizational skills – cost analysts must be able to effectively prioritize many different tasks and sources of data to complete their job
• Cost analysts must have advance knowledge of Microsoft Office Suite, Data mining and analysis software, and Enterprise resource planning software.