Cost Controller job description
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What does a Cost Controller do?
The Cost Controller is crucial in managing and optimizing project expenses to ensure budget compliance and cost-efficiency. This role contributes to the success of company projects by analyzing financial discrepancies and implementing effective cost control strategies.
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What are the Key Responsibilities of Cost Controller
- Monitor project budgets and financial forecasts.
- Evaluate cost estimates and budget reports.
- Analyze cost variances and recommend corrective actions.
- Prepare cost management reports.
- Collaborate with project managers and finance teams to review expenditures.
- Coordinate with vendors and suppliers for cost-effective procurement.
- Ensure adherence to company financial policies and procedures.
- Conduct financial audits to assess cost control mechanisms.
What are the Skills and Requirements for a Cost Controller?
- Strong understanding of financial analysis and cost management.
- Proficient in using ERP systems and financial software.
- Excellent analytical and problem-solving abilities.
- Effective communication and negotiation skills.
- Attention to detail and ability to work with cross-functional teams.
What are the KPIs to track for Cost Controller?
The Cost Controller's performance is assessed through accurate budget forecasting, cost reduction initiatives, effective variance analysis, and the ability to maintain project financial integrity.
Budget Compliance
Adherence to defined project budgets.
Cost Reduction
Implementation of strategies to reduce expenses.
Variance Analysis
Timely and accurate identification of cost variances.
Reports to
Financial Manager
Collaborates with
Project Managers, Procurement Teams
Leads
Junior Cost Analysts
Are any specific tools or software required for the Cost Controller role?
- SAP
- Oracle Financials
- Microsoft Excel
- QuickBooks
What is the qualification of Cost Controller?
Bachelor's degree in Finance, Accounting, or related field with 3-5 years of experience in cost control or financial analysis.
