Main duties of a Cost Controller:1).Cost Tracking
A cost controller is responsible for developing a standard method to be used to track all expenditures related to a project. This can be accomplished manually or with the use of computer software.2).Budgeting
After in-depth discussions with the project manager and other decision-makers, the cost controller creates a detailed budget that accounts for each estimated expenditure.3).Keeping Records
Keeping a log of all purchases made, a cost controller strictly enforces the predetermined budget and does not award approval to excess expenditures.4).Reporting
On a consistent basis, the cost controller creates financial reports that track current spending in relation to the overall budget. He presents these to management and the accounting department.5).Regulation
It is important for cost controllers to have an understanding of the legal regulations of their industry. For example, a cost controller within the financial service industry must follow the reporting requirements dictated by the Sarbanes-Oxley Act or risk his employer being penalized.
