Cost Accountant

Essential; City of Melbourne; On-site; AUD 90,000 - 130,000; Full time

Job summary

Essential is seeking a Cost Accountant to support our Finance team in Carrum Downs, Victoria. You will maintain standard costs, analyse variances, cost models for new products, and provide timely cost reporting to drive profitability.

You will partner with R&D and commercial teams on pricing, support audits, and ensure ERP costing data integrity, inventory valuation methods, and month-end close activities.

Qualifications

• Bachelor of Commerce, Business, Accounting or similar qualification.
• Collaborative and effective team player.
• Strong time management and organisational skills.
• Clear, professional, and articulate communication.
• Sound analytical and problem-solving skills.
• High levels of initiative.
• Positive ‘can do’ attitude.
• Strong alignment to organisational values.

Responsibilities

• Maintain and update standard costs for raw materials, labour, and overheads.
• Analyse manufacturing variances and provide actionable insights to management.
• Support and maintain bills of materials (BOMs), routings, and WIP accuracy.
• Monitor and manage inventory valuation across materials, WIP, and finished goods.
• Support product pricing decisions through detailed cost and margin analysis.
• Develop cost models for new products, process changes, and capital investments.
• Partner with R&D and commercial teams to evaluate pricing scenarios and profitability.
• Maintain and monitor standard costing systems, including variance analysis and root-cause investigation.
• Monitor supplier pricing, contracts, and cost changes; perform 3-way matching of PO, GR, and invoices.
• Support supplier audits and cost transparency initiatives.
• Oversee inventory valuation methodologies (FIFO, moving average, standard costing, batch costing).
• Coordinate and review cycle counts and physical stocktakes; monitor scrap and excess inventory.
• Ensure ERP data integrity and costing structures are accurate.
• Perform month-end close activities related to procurement, inventory, and COGS.
• Reconcile inventory and purchasing sub-ledgers to GL.
• Prepare cost-related journals and CAPEX project reporting.
• Ensure timely financial reporting in line with standards.
• Identify and implement cost-saving opportunities and process improvements.
• Support audits with documentation and insights.
• Assist with ERP enhancements related to costing and inventory.

Skills

Proactive

Team player

Time management

Communication

Analytical

Initiative

Can-do attitude

Value alignment

Education

Bachelor of Commerce / Business / Accounting or similar

Tools

ERP systems

Job description

We are an Australian-owned flavour house, with operations in both Australia and Vietnam. Established in 1989 as a family-owned business, Essential is now into the second generation of Nielsen management and continues to cherish the family values entrenched by the founder John. Located in Carrum Downs, Victoria, our facility is purpose-built to our requirements and to further expand our capabilities in local and international markets.

Our business continues to strengthen and grow after 30 years with our focus on partnering with our clients to develop new, unique, and ever-evolving flavours and product solutions. Picture the time when you were a child, savouring the tastes that came with eating your favourite food. These recollections are what drives us to be part of creating “Future Memories.”

WHY WORK FOR US?

We are passionate about what we do and are guided by our core values:

We are our community

We have a learning and evolutionary mindset

We think beyond our borders

We share the love

We have a strong sense of team and supportive culture. We focused on delivering the best products and service for our customers, and we also make time to celebrate our achievements and share our successes.

Our story still has many pages to be written and we are now seeking a Cost Accountantfor to support our Finance team to analyse the data into a meaningful way.

YOUR SKILLS AND QUALIFICATIONS

To be a complimentary fit for this role you will have:

• Bachelor of Commerce, Business, Accounting or similar qualification.
• Be proactive and think ‘outside the square’
• Collaborative and effective team player.
• Strong time management and organisational skills.
• Clear, professional, and articulate communication.
• Sound analytical and problem-solving skills.
• High levels of initiative.
• Positive ‘can do’ attitude.
• Strong alignment to organisational values.

YOUR ROLE

You will be key support to the Finance and Data Manager in providing accurate and timely financial data, analysis andreporting of the company’s accounting activities. Some key tasks include:

• Maintain and update standard costs for raw materials, labour, and overheads
• Analyse manufacturing variances (material, labour, overhead, yield) and provide actionable insights to management
• Support and maintain bills of materials (BOMs), routings, and work-in-process (WIP) accuracy
• Monitor and manage inventory valuation across raw materials, WIP, and finished goods
• Support product pricing decisions through detailed cost and margin analysis
• Develop cost models for new products, process changes, and capital investments
• Partner with R&D and commercial teams to evaluate pricing scenarios and profitability outcomes
• Maintain and monitor standard costing systems, including variance analysis (price, usage, efficiency, yield) and root cause investigation
• Monitor supplier pricing, contracts, and cost changes; perform 3-way matching of purchase orders, goods receipts, and invoices
• Support supplier audits and drive cost transparency initiatives
• Oversee inventory valuation methodologies (FIFO, moving average, standard costing, batch costing)
• Coordinate and review cycle counts and physical stocktakes; monitor scrap, waste, slow-moving, obsolete, and excess inventory
• Ensure integrity of ERP systems, including item master data, costing structures (BOMs and routings), and inventory movements
• Perform month-end close activities related to procurement, inventory, and cost of goods sold (COGS)
• Reconcile inventory and purchasing sub-ledgers to the general ledger
• Prepare and post cost-related journals, accruals, and financial adjustments
• Prepare CAPEX project reporting and provide variance analysis and commentary
• Ensure accurate and timely financial reporting in line with accounting standards
• Prepare regular cost reports and ad-hoc analysis for stakeholders
• Identify and implement cost-saving opportunities, process improvements, and strengthened internal controls
• Support internal and external audits through provision of documentation and insights
• Assist with ERP system enhancements and implementations related to costing and inventory
• Undertake ad hoc tasks as delegated by the Finance analyst or executive team.

To find out more about us, please visit our website: https://www.essentialflavours.com.au/ or our Essential Flavours LinkedIn page.

*Applicants must be eligible to work full time in Australia.