Job Details
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Job Description
Inventory Recording and Tracking:
- Record all inventory transactions, including purchases, sales, returns, and adjustments, in the accounting system.
- Monitor inventory levels and reconcile discrepancies between physical counts and recorded quantities.
- Implement and maintain systems for tracking inventory movement within warehouses or distribution centers.
Inventory Valuation:
- Determine the cost of inventory using appropriate valuation methods (e.g., FIFO, LIFO, weighted average).
- Calculate inventory reserves for potential obsolescence, shrinkage, or other risks.
- Perform periodic inventory audits to verify the accuracy of valuation and identify any discrepancies.
Financial Analysis:
- Analyze inventory-related financial data to identify trends, variances, and opportunities for improvement.
- Prepare inventory-related reports, such as inventory turnover, days on hand, and aging analysis, for management review.
- Provide insights and recommendations to optimize inventory levels, minimize carrying costs, and improve inventory management processes.
Compliance and Reporting:
- Ensure compliance with accounting standards (e.g., GAAP, IFRS) and internal control procedures related to inventory.
- Assist with the preparation of financial statements and disclosures related to inventory for external reporting purposes.
- Work with auditors during financial audits to provide supporting documentation and explanations for inventory-related transactions.
Cross-functional Collaboration:
- Collaborate with purchasing and procurement teams to optimize inventory replenishment processes and manage supplier relationships.
- Partner with warehouse and logistics teams to streamline inventory handling and minimize stockouts or overstock situations.
- Coordinate with sales and operations teams to forecast demand and align inventory levels with business objectives.
Job Requirements
- achelor's degree in Accounting, Finance, or a related field; CPA or CMA certification is a plus.
- Proven experience (typically 2-5 years) in inventory accounting or related roles, preferably in a manufacturing, retail, or distribution environment.
- Strong understanding of inventory management principles, cost accounting methods, and financial analysis techniques.
- Proficiency in accounting software and ERP systems (e.g., SAP, Oracle, QuickBooks) as well as Microsoft Excel for data analysis and reporting.