SUMMARY
The duties of a cost accountant include budgeting, cost management, performance evaluation and asset management within a company or organization. They may work with corporate executives to make a strategic financial plan for the company, or they may prepare financial reports for tax authorities, creditors, stockholders and regulatory agencies. Cost accountants may advance to higher-level positions within the management accounting world, such as Finance Director, Financial Controller, Chief Financial Officer, Cost Controller and Chief Internal Auditor among many other important positions.
WHAT ALL CAN I DO?
The Central Government constitutes an All India Cadre known as Indian Cost Accounts Service (ICAS) at par with other Class-I services such as IAS, IFS etc. to advise the Government in cost pricing and in framing the appropriate fiscal and tax policies. Cost Management Accountants are eligible for Indian Cost Accounts Service/Job.
Many Cost Management Accountant (CMAs) choose to get employed in universities and colleges to teach cost and management accountancy. University Grants Commission (UGC) has notified that CMA with first Class Graduation can be appointed as Assistant Professor in universities and colleges in the area of Management/ Business Administration. Various Universities have also recognized CMA qualification as fulfilling the eligibility requirement for admission in PhD in Commerce. It enables CMAs to pursue PhD without any masters degree.
The Cost Accountants are most sought after in the business world as their skills are considered to be vital in investment planning, profit planning, project management and overall managerial decision making process. They are also empanelled by many Public and Private Companies and Cooperative Societies as Internal Auditor for auditing financial books of accounts.
Banks have also empanelled CMAs for a variety of work such as Cost Management, Enterprise resource planning, Financial Management, Project Consultancy, Materials Management, Tax Planning, Revival of Sick Units, Incentive Plans, Energy Audit etc.
WORK DESCRIPTION
- Scrutinize financial statements to ensure that they are accurate and comply with laws and regulations
- Calculate taxes owed, prepare tax returns, and ensure that taxes are paid properly
- Review account books and accounting systems for efficiency and use of accepted accounting procedures
- Assess financial operations and make best-practices recommendations to management
- Suggest ways to reduce costs, enhance revenues, and improve profits
- Review the company’s systems and analyze risk;
Advise clients on tax planning and tax issues on business acquisitions and mergers;