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RESPONSIBILITY
The key responsibilities of a cost controller are:
1. Control and monitor total project expenditure.
2. Verification of claims from suppliers/agencies/sub-contractors.
3. Scheduling and monitoring.
4. Coordinate and work with Project Engineering team for delays/deliveries & resolve discrepancies if any.
5. To ensure expenditures are kept within planned monthly budget and at any given point of time.
The main responsibilities of a cost controller include estimating and managing the cost to produce goods and services. The controller must estimate cost using accounting models to help determine the price of production, the price to consumers and how much money the company can expect to make on any given product or service. This analysis includes pricing raw materials from vendors necessary to creation of the product, labor, any necessary transportation and equipment.
The cost controller assists management with building an annual operating budget for the company. The controller is in charge of managing purchasing and labor practices in order to keep costs within budget while maintaining the company's production schedule. In this position, you also build reports detailing raw material and labor costs to management along with a comparison of actual versus projected production costs. The controller may also be called upon to provide profit estimate reports on a regular basis.
There are several different skills that are essential to being a successful cost controller. One of the most important skills to have when considering a controller position is advanced accounting skills, including data analysis. Cost controllers should also have good communication skills, as they are required to speak on a daily basis with both production workers and members of management. It is also important in this position that you have good employee management, organization decision-making and problem solving skills.
For most positions as a cost controller, a bachelor's degree is mandatory, often in addition to applicable work experience in the industry in which you are applying. There are some positions as a cost controller that may be available to applicants with no college degree but who have extensive related work experience, often in management, finance or accounting.
A Cost Controller is responsible for controlling the project costs; This includes planning, developing, controlling, and forecasting the project's budget. The goal of a cost controller is to minimize the deviation from the budget and ensure that the project is completed within the approved budget.
Fundamental understanding of Cost Management & Control in order to effectively manage the cost of a project
Allocate the budget, and establish a cost baseline. In fact, this is one of the first tasks that every Cost Controller needs to do in every project
Encourages to learn Earned Value Management, if the organization you are working at, knows anything about EVM, or has the priority of implementing EVM in their projects.
Responsible to control and monitor project total expenditure including verifying and
checking of invoices and claims from suppliers, vendors and subcontractors to ensure
that all project expenditures are captured and properly recorded.
• Provide planning and cost controlling support for all projects which includes variation
reporting, monitoring of milestone progress to the preparation of customer billing
processes, etc
• Perform and manage project activity scheduling and monitoring
• Perform technical and commercial review of EPCI long time tenders (subcontractor’s
quotations) for the preparation of Service agreements
• Ensure effective project implementation and utilize productive reports from the creation
of WBS with the use of project management system to monitor the status of all
purchases, invoicing and delivery up to the closure of the project.
• Prepare monthly vessel movement report for the monitoring of the vessel activities on a
daily basis and register all downtime, consumptions and vessel related issues relating to
the project promptly to the project manager and management.
• Coordinate and work with the project management team to resolve project issues to
ensure the delivery/completion of the project work.
• Attend project meetings and discussions with the PMT and external clients
• Perform project costing related reporting to the team and management’s review on a
monthly basis to ensure that expenditures are kept within the project budget.
• Provide cost control and planning advice to the internal PMT team as and when
required.
• Undertake any other ad-hoc duties as required.
