What does a Cost Controller do?
A Cost Controller manages the project costs. Cost Controllers' tasks include developing, controlling, planning, and forecasting the project's budget. They make sure that projects are completed within the approved budget and minimize the deflection from it. Cost Controllers should know about total cost management concepts, budget distribution, and setting a cost limit. They should also know how to detect issues, analyze cost reports, and value management. Being a cost controller also requires skills to effectively communicate the project's cost performance, concerns, and recovery plans to the project team.
Cost controller responsibilities
Here are examples of responsibilities from real cost controller resumes:
- Improve project process by developing and implementing cost structure, then manage job-specific code of accounts for WBS approvals.
- Manage treasury, open several new accounts, establish new procedures and controls, monitor daily activity.
- Prepare monthly write-ups reports for the cost performance and EAC forecast
- Identify wrongly charge WBS in order to control the budget release under each WBS element.
- Facilitate capital project team's operating expense budgets, forecast, variance comments, accruals, and reporting.
- Analyze purchase order commitment to calculate accruals.
- Perform weekly/periodic physical inventory reconciliations.
- Participate in the development of unit standard costs and BOM's for new and existing products.
- Evaluate engineering change releases to determine applicable component level changes base on each specific vehicle's BOM features and options.
- Detail analysis and compilation of financial statements and multiple taxation reports.
- Create, extract, verify and consolidate a variety of narrative information and statistical data need to formulate presentation of RFP.
- Prepare monthly financial statements and audit schedules utilizing QuickBooks.
- Modify QuickBooks to create relevant financial statements and invoices through system manipulation.
- Institute ADP payroll and personnel/medical record filing systems.
- Consolidate and integrate multiple ADP payroll companies into existing system.
Cost controller skills and personality traits
We calculated that 11% of Cost Controllers are proficient in Project Management, Cost Analysis, and Financial Statements. They’re also known for soft skills such as Organizational skills, Analytical skills, and Communication skills.
We break down the percentage of Cost Controllers that have these skills listed on their resume here:
- Project Management, 11%
Supported project management by monitoring project costs to provide additional revenue opportunities and proactively detect potential cost overruns.
- Cost Analysis, 7%
Assisted with management of project controls including forecasting, cost analysis, procurement, and contracts administration.
- Financial Statements, 6%
Directed financial and purchasing management functions including the development of monthly/quarterly financial statements and financial forecasts.
- Cost Estimates, 6%
Revealed project proposal shortfalls of 5 million by review of detailed project cost estimates on several $100 million project.
- Variance Analysis, 5%
Ensured data quality for department costs and investments activities by utilizing variance analysis and data mining.
- Cost Data, 5%
Perform cost data processing analysis to provide management with project status, forecasts and definition of alternatives.
"project management," "cost analysis," and "financial statements" are among the most common skills that cost controllers use at work. You can find even more cost controller responsibilities below, including:
Organizational skills. One of the key soft skills for a cost controller to have is organizational skills. You can see how this relates to what cost controllers do because "strong organizational skills are important for accountants and auditors, who often work with a range of financial documents for a variety of clients." Additionally, a cost controller resume shows how cost controllers use organizational skills: "maintained and applied work and organizational breakdown structures. "
Communication skills. This is an important skill for cost controllers to perform their duties. For an example of how cost controller responsibilities depend on this skill, consider that "accountants and auditors must be able to listen to and discuss facts and concerns from clients, managers, and other stakeholders." This excerpt from a resume also shows how vital it is to everyday roles and responsibilities of a cost controller: "focused on communication of goals, sales, profits, and cost control. ".
Detail oriented. For certain cost controller responsibilities to be completed, the job requires competence in "detail oriented." The day-to-day duties of a cost controller rely on this skill, as "accountants and auditors must pay attention to detail when compiling and examining documents." For example, this snippet was taken directly from a resume about how this skill applies to what cost controllers do: "cost controller to various hotels and restaurants in the philippines - details available upon request. "
The three companies that hire the most cost controllers are:
- Lane Enterprises5 cost controllers jobs
- Kelly Services2 cost controllers jobs
- Raytheon Technologies2 cost controllers jobs
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Compare different cost controllers
Cost controller vs. Accounting analyst
An accounting analyst is responsible for supporting the accounting operations of an organization, analyzing financial transactions and financial statements, and resolving account discrepancies. Accounting analysts interpret financial data by consolidating account transactions, performing account reconciliation, and managing account receivables. They also assist in preparing and releasing invoices, issuing billing statements, and creating comprehensive financial reports on the company's budget and expenses. An accounting analyst must have excellent knowledge of the accounting principles and disciplines, as well as extensive analytical and communication skills to perform duties and meet deadlines under minimal supervision.
There are some key differences in the responsibilities of each position. For example, cost controller responsibilities require skills like "project management," "financial statements," "cost estimates," and "cost data." Meanwhile a typical accounting analyst has skills in areas such as "reconciliations," "customer service," "account reconciliations," and "strong analytical." This difference in skills reveals the differences in what each career does.
Accounting analysts really shine in the finance industry with an average salary of $66,550. Comparatively, cost controllers tend to make the most money in the energy industry with an average salary of $79,891.On average, accounting analysts reach lower levels of education than cost controllers. Accounting analysts are 5.8% less likely to earn a Master's Degree and 0.0% more likely to graduate with a Doctoral Degree.Cost controller vs. Certified public accountant
A certified public accountant (CPA) acts as an advisor to small businesses and chief financial officers to Fortune 500 companies. They typically work for both small and large public accounting firms. They offer advice on many issues, such as accounting and taxation. They aid businesses and individuals to plan and achieve their financial goals. There are several requirements to become a CPA, including having a degree in accounting, passing the CPA examination, and obtaining a CPA license to practice.
Each career also uses different skills, according to real cost controller resumes. While cost controller responsibilities can utilize skills like "project management," "cost analysis," "financial statements," and "cost estimates," certified public accountants use skills like "cpa," "strong customer service," "customer service," and "irs."
On average, certified public accountants earn a lower salary than cost controllers. Some industries support higher salaries in each profession. Interestingly enough, certified public accountants earn the most pay in the finance industry with an average salary of $92,755. Whereas cost controllers have higher pay in the energy industry, with an average salary of $79,891.Average education levels between the two professions vary. Certified public accountants tend to reach lower levels of education than cost controllers. In fact, they're 5.2% less likely to graduate with a Master's Degree and 0.0% more likely to earn a Doctoral Degree.Cost controller vs. Staff accountant
Staff accountants are employees who are part of the company's accounting department. They are usually certified public accountants (CPAs). Staff accountants should be familiar with accounting tasks. Previous accounting experiences play a huge advantage in their success. They perform a variety of accounting responsibilities such as information verification and analysis, financial report preparation and presentation, financial account reconciliation, billing and payment receiving activities, vendor database management, and invoice processing requirements. They should also know how to do bookkeeping. Staff accountants should have good communication skills, analytical skills, and decision-making skills. They should also be organized and trustworthy since they will be handling confidential information.
The required skills of the two careers differ considerably. For example, cost controllers are more likely to have skills like "project management," "cost analysis," "financial statements," and "cost estimates." But a staff accountant is more likely to have skills like "reconciliations," "account reconciliations," "general ledger accounts," and "external auditors."
Staff accountants earn the highest salary when working in the government industry, where they receive an average salary of $57,168. Comparatively, cost controllers have the highest earning potential in the energy industry, with an average salary of $79,891.staff accountants typically earn lower educational levels compared to cost controllers. Specifically, they're 6.8% less likely to graduate with a Master's Degree, and 0.0% less likely to earn a Doctoral Degree.Cost controller vs. Account analyst
Account analysts are responsible for analyzing account statements and financial transactions of an organization, resolving billing discrepancies, and managing account receivables. They assess the company's financial stability and identify opportunities to improve data analysis techniques by adhering to accounting principles and the company's operational protocols. Account analysts prepare financial reports, evaluate accounts payable, assist in tax audits, and release invoices. They should have excellent analytical and communication skills, especially on posting accurate account reports on the database.
Types of cost controller
Updated January 8, 2025
