Inventory Accountant
4 weeks ago
Responsibilities
Inventory Management:
- Maintain accurate inventory records, including tracking inventory levels, costs, and movements.
- Perform regular inventory reconciliations to ensure that physical counts match recorded quantities.
- Monitor inventory turnover rates and assist in identifying slow-moving or obsolete inventory.
Financial Reporting:
- Prepare and review inventory-related financial statements, including cost of goods sold COGS and gross margin calculations.
- Analyze inventory data and prepare reports on inventory performance and variances.
- Assist with month-end and year-end closing processes related to inventory.
Accounting Duties:
- Record inventory transactions in the general ledger and ensure proper classification and allocation.
- Reconcile inventory accounts and resolve any discrepancies or issues.
- Assist with the preparation of inventory-related journal entries and adjustments.
Audit and Compliance:
- Support internal and external audits by providing necessary documentation and explanations related to inventory.
- Ensure compliance with accounting policies, procedures, and regulatory requirements.
Collaboration:
- Work closely with the procurement and supply chain teams to ensure accurate inventory planning and forecasting.
- Coordinate with the sales and operations teams to address inventory-related issues and optimize inventory levels.
- Provide support and training to other departments on inventory accounting matters.
Process Improvement:
- Identify and implement improvements to inventory accounting processes and systems.
- Stay updated on industry best practices and accounting standards related to inventory management.
Requirements
- Bachelor's Degree in Accounting, Finance or Business.
- 1-2 years of relevant work experience, including knowledge of GAAP.
- Experience examining, analyzing, and interpreting accounting systems, records, and reports.
- Excellent interpersonal communication and problem-solving skills.
- Ability to multi-task and prioritize workload.
- Ability to be an effective team member and display initiative.
- Strong work ethic and attention to detail – eager to learn and grow within the organization.
- Ability to handle confidential information in a discreet, professional manner.
- Proficient with Microsoft Office suite, especially Excel.
- Experience with ERP / Financial systems.
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