Accounting is a system of recording and summarizing business and financial transactions. For as long as civilizations have been engaging in trade or organized systems of government, methods of record-keeping, accounting, and accounting tools have been in use.
Hiring qualified cost accountants is an incredibly important decision for any organization because they are so involved in the everyday aspects of all things financial. Many large companies will employ accountants at the corporate level, business unit level, or functional area, such as payroll, accounts payable and account receivable.
Especially as taxes become more complex and challenging, accountants can and will continue to play an important role in the overall lifecycle of a business.
The history of the field of finance and the recording and management of financial activities dates back to the dawn of civilization. While fiance has roots in scientific fields, such as statistics, economics, and mathematics, it also includes non-scientific elements that liken it to art.
As the complexity of financial instruments, transactions, stock markets, reporting requirements, and regulation has increased, the need for specialized roles in finance and accounting has grown.
The COVID-19 pandemic has affected employment and the job market. Depending on who you talk with, accountants are concerned about their job security; however, the further into the pandemic we got, it became clear that accounting roles were going to continue to be in demand. In fact, a recent survey indicated that accounting roles would be amongst the top three priority positions that employers are looking for amid COVID-19.
2021 has seen a mix of responses as economies start to open up once again now that the distribution of the vaccine has increased. There is much to be hopeful about. The role of accountants will continue to be important in helping economies – big and small – to recover and prepare for the future. In fact, with the right talent, preparation and insights, cost accountants can help their companies successfully navigate through the current crisis—and emerge stronger.
If your business is interested in reducing waste and increasing cost efficiency, you may want to consider hiring a cost accountant. Unlike a financial accountant, who calculates assets and liabilities, cost accountants analyze financial processes and make cost-saving recommendations.
Some of the ways that cost accountants can help to maximize company profits are as follows:
Before we get to exactly how to recruit the best cost accountants in Tacoma here are more details about the job responsibilities.
Cost accountants are responsible for collecting, adjusting, auditing, and scrutinizing financial information from all areas of a company. They must collate the facts and numbers, which may include data about personnel, planning systems, operating policies, wages, and bonuses into financial reports that can be thoroughly analyzed and tracked over time.
Cost accounts also do the following:
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Most positions require a Bachelor’s degree, while some cost accountant positions require a CMA, and/or even an MBA and significant experience in the financial industry (5+ years) may be able to use their years of experience to replace the degree.
While candidates can complete a degree in Business Administration, Public Administration, Finance, or Accounting, a wide variety of degrees may qualify someone for the role, depending on their previous experience. Cost accountants don’t necessarily need to be CMAs, though many choose to pursue certification because it enhances their knowledge and marketability in the industry.
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While cost accountants tend to be toward the bottom of the financial hierarchy, they are still incredibly important to the organization and are paid accordingly. There is a significant range for what cost accountants can make. The more experienced and educated the person, the better paid they will be.
For more detailed compensation information for cost accountants in [city-name], download our free compensation/salary report below.
The average annual salary for cost accountants in Washington was 82k in 2019. The hourly wage averaged $39.41.
For more detailed compensation information for cost accountants in Tacoma, download our free compensation/salary report below.
Tacoma is a picturesque city in Washington on the banks of Puget Sound, located just north of its neighbor and “big sister” Seattle. But Tacoma is definitely a city with its own identity. Due to its thriving job market and progressive culture, Tacoma is also known as the City of Destiny.
Its natural beauty, ocean-front location, focus on arts and culture, and its proximity to the impressive Mount Ranier give Tacoma a ton of character.
Here are a few additional “pros” for living and working in Tacoma.
While there are many good things people report about living and working in Tacoma, there are a few complaints.
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Positions in accounting will see an average growth trajectory (4%) in the next 10 years, according to the BLS. Positions in accounting for some types of industries will have a stronger demand, for example, companies traded on a public stock exchange, due to the increase in reporting requirements.
The public sector typically has a high demand for people in this role, and financial managers and accountants in the investment industry, cash management, and risk management are expected to stay in high demand.
The supply of candidates and demand for open positions have a direct correlation to a company’s ability to hire. Download a free Supply and Demand report for cost accountants in [city-name] below.
The supply of candidates and demand for open positions have a direct correlation to a company's ability to hire. Download a free Supply and Demand report for cost accountants in Tacoma, Washington below.
Finding and hiring the best cost-accountant candidates can save you money right away and well into the future.
The costs of making a bad hire are well documented. The cost can run as much as 30% of the employee's first-year earnings according to the US Department of Labor. Bad hires can cost a whopping $240,000 in expenses related to hiring, compensation, and retention per The Undercover Recruiter. 74% of companies who admit they've hired the wrong person for a position lost an average of $14,900 for each bad hire according to CareerBuilder. These statistics support our long-held position that behavioral questions are the best way to get to know your candidates and past behavior is the best indicator of future performance.
The information below comes from the best practices Amtec uses for finding the highest quality candidates.
When defining the role you are creating, we recommend a position profile to fully evaluate the position you are hiring for. You must decide if the engineer can work remotely or must work in Washington. If working in Tacoma is essential, make sure you include that in your job posting so candidates can decide how many miles they can commute.
When you are looking to source the best quality candidates for your open positions, make sure you have done the legwork to hire an "A Player". You can do this by making sure your company's perspective is aligned with the current market, you have taken into account the job responsibilities, as well as what type of characteristics you are looking for to fit your company culture. Then proceed to write a job posting to attract high-quality candidates.
Cost Accountants continue to be incredibly important hires. You might say that they are the lifeblood of the company’s financial heart and soul. While tried and true accounting principles won’t change, technology is constantly changing. Thus, making it all the more important the future Cost Accounts are well-versed in all things numbers-related and are on the up and up with the latest technologies as well.
You wrote a job posting, posted the position online, and received a lot more resumes than you’d bargained for! Next comes the enormous task of sorting through those resumes to eliminate the ones that are clearly not a good fit. Now, you have a stack of resumes for candidates who have potential. So how do you go about screening the remaining candidates?
It starts on the phone! As a recruiter, the goal of your telephone screening is to learn more about your candidates. You can confirm that they have the educational qualifications and relevant experience, but you also need to determine if they would fit into your company's culture. To make this job easier, use a system to consistently evaluate results. This way you can equally and objectively compare candidates and evaluate their "soft skills", like communication and thinking process. Download Amtec's Professional Assessment Questionnaire below to help with screening candidates.
An individually customized questionnaire that helps assess a candidate's competence with written communication skills, thinking processes, and other relevant skills.
At Amtec, we believe in the power of behavoral interview questions to go beyond the experience and skills listed on the candidate's resume. Although you will want to confirm in the interview that the candidate does indeed have the experience listed on their resume, your assessment needs to go much deeper than that. An interview using behavioral questions can help you determine how well the candidate will fit with your company culture.
Download Amtec's best practices on conducting super effective interviews to find the best candidates and fill your open jobs.
Get the info you need to hire the best cost accountantsFree Interview Guide