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Principal Cost Accountant - Full Time

The Timken Company - Manchester, CT

Posted on 06/21/22 (Ref: CTMUs3YyWR)

Principal Cost Accountant - Manchester, CT - The Timken Company

Your Career Begins at Timken
If you're ready for a challenging career that provides you with the ability to advance personally and professionally, look to Timken. Our associates make the world more productive by improving the efficiency and reliability of the machinery that keeps industry in motion.

Aerospace Drive Systems, a division of Timken Power Systems, is currently seeking a Principal Cost Accountant to support operations for the Manchester, CT site.

The Principal Cost Accountant will be responsible for adherence to financial policy and controls, improving internal business processes, and is a key member of the ADS team to provide financial analyses and recommendations to assist in achieving strategic & financial objectives; To provide proactive analysis & reporting business key metrics, making recommendations on corrective actions, enforcing costing accountability, and will provide management with accurate, detailed financial information that maximizes effective decision-making. This position reflects a level of experience that enables the associate to conduct complex analysis with little supervision. This position will be a team leader in the development of the annual rate setting process and costing system driver / expense analysis including all aspects of manufacturing and S&A Costs. The position will assist Sales & Marketing in quote development. This position is responsible for ensuring all accounting activities comply with GAAP, Timken policies, and sound business practice.

The Principal Cost Accountant will have responsibilities in the areas of business finance, operations accounting, inventory valuation, and the ADS Costing System; assessing current accounting operations, offering recommendations for improvement, and implementing new processes; enforcing accounting & internal control systems (GAAP, corporate policies, SOX compliance, FAS rules, modified CAS compliancy, and Certified Cost or Pricing Data Proposals); proactively researching issues and providing detailed analysis to enhance the decision making process; Calculate, review, and implement standard cost and rate development.

Reconciliation and explanation of variances (e.g. differences between GL and perpetual system balances); properly accounting for expenses in the applicable period(s) as well as with month end journal entries (including accruals, cost of production, manufacturing variance entries, etc.); Support the business with training to retrieve cost data out of the system; providing support to SBU with the Standard Cost Process. Assist with system integration and implementation.

Understanding the impact on ADS of accounting adjustments and accruals and supporting the preparation of internal financial reporting at the SBU level; creation of forward looking financial models to assist and support forecasts, trends, and projections.

Analyzing, developing, and implementing supplier charge backs and related resolution. Assisting with investment initiatives by providing cost analysis and related ROI.

Assist the Controller with closing, financial report, regulatory compliance, and other business requirements.

Basic Qualifications:

  • Bachelor's degree in accounting
  • Minimum of 7 years of accounting related experience

All qualified applicants shall be treated equally according to their individual qualifications, abilities, experiences and other employment standards. There will be no discrimination due to gender or gender identity, race, religion, color, national origin, ancestry, age, disability, sexual orientation, veteran/military status or any other basis protected by applicable law.

Principal Cost Accountant - Manchester, CT - The Timken Company

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