Inventory Accountant

Location: Ojota, Lagos

JOB SUMMARY

The Inventory Accountant at DrugStoc is responsible for maintaining accurate and timely accounting records for all inventory-related transactions. The role ensures that all stock movements — including purchases, transfers, adjustments, and sales — are properly recorded, valued, and reconciled in line with the company's financial policies and International Financial Reporting Standards (IFRS). Working closely with the Operations and Supply Chain teams, the Inventory Accountant validates stock receipts and issues, monitors inventory levels, and promptly resolves discrepancies between physical counts and system records. The position also ensures that inventory valuation complies with IFRS principles and internal cost accounting standards, supporting accurate computation of the Cost of Goods Sold (COGS) and gross profit margins.

The Inventory Accountant is responsible for preparing and submitting periodic stock reports to the Financial Controller, conducting variance analyses, and providing comprehensive inventory schedules during external audits. By ensuring that all inventory balances are complete, accurate, and properly classified, the role contributes directly to the integrity and reliability of the company's financial statements.

JOBS TO BE DONE

● Record and validate all inventory-related transactions, including stock receipts, transfers, adjustments, and write-offs, ensuring accuracy and compliance with internal controls and financial policies.

● Maintain up-to-date and accurate inventory records in both the accounting system and the warehouse management platform, reconciling any variances between physical and system quantities.

● Monitor inventory valuation to ensure alignment with IFRS and company cost accounting standards, supporting accurate determination of Cost of Goods Sold (COGS) and gross margins.

● Collaborate with Operations, Procurement, and Supply Chain teams to investigate stock discrepancies, resolve reconciliation issues, and ensure data integrity across departments.

● Prepare and submit monthly inventory reports, variance analyses, and stock aging summaries to the Financial Controller to support management decision-making.

● Support month-end and year-end closing activities by providing accurate stock balances, valuation schedules, and reconciliation reports, and assist with audit documentation related to inventory.

● Identify process improvement opportunities in stock management, valuation, and reconciliation to strengthen internal controls and enhance reporting efficiency.

CORE RESPONSIBILITIES

● Receive, review, and validate supplier invoices and employee expense claims for accuracy, proper approvals, and coding. Match invoices with purchase orders and delivery receipts to confirm validity before processing.

● Enter approved invoices into the accounting system, update the AP ledger, and ensure accurate recording of accruals, prepayments, and credit notes within the correct accounting periods.

● Prepare and process payment runs through bank transfers, checks, or electronic platforms. Ensure timely settlement of obligations, optimizing early payment discounts and avoiding late penalties.

● Communicate with vendors regarding payment status, resolve invoice discrepancies, and foster strong supplier relationships through timely responses and reliable payment practices.

● Reconcile AP sub-ledgers with vendor statements and general ledger accounts, perform bank reconciliations, and review employee expense reports for compliance before reimbursement.

● Assist with month-end and year-end close activities by preparing AP accruals, generating aging reports, and supporting internal or external audits. Identify and recommend process improvements to enhance efficiency, accuracy, and automation.

CORE EXPERTISE

● Record, review, and validate all inventory-related transactions, including goods receipts, transfers, adjustments, and write-offs, ensuring completeness, accuracy, and authorization in line with company policies and internal controls.

● Ensure that inventory movements are properly captured and reflected in both the warehouse management and accounting systems, maintaining accurate valuation and reconciliation between physical and system records.

● Monitor and maintain correct inventory valuation in line with IFRS and internal cost accounting standards, ensuring proper recognition of Cost of Sales and accurate gross margin reporting.

● Collaborate with the Procurement, Operations, and Supply Chain teams to validate stock receipts, resolve quantity or pricing discrepancies, and ensure proper documentation and posting of all stock-related activities.

● Conduct periodic inventory reconciliations and variance analyses, investigating discrepancies and ensuring timely resolution to maintain data integrity and control over stock movements.

● Prepare and submit detailed inventory reports, including stock aging, valuation, and movement summaries, to support month-end and year-end closing processes, and provide schedules for internal and external audits.

● Perform inventory account reconciliations between the general ledger and sub-ledgers, ensuring that all stock balances are properly classified, supported by documentation, and accurately reflected in financial statements.

● Support continuous improvement initiatives by identifying gaps in the inventory accounting process, recommending control enhancements, and implementing efficiency-driven best practices in collaboration with the Financial Controller.

This role will be perfect for you if you have:

● A Bachelor's degree or HND in Accounting, Finance, or a related discipline, with a solid understanding of cost and inventory accounting principles.

● A minimum of 2+ years of hands-on experience in inventory accounting, cost accounting, or general accounting within a structured organization. Experience in pharmaceutical, manufacturing, or FMCG sectors with high-volume stock movement will be a strong advantage.

● Strong working knowledge of inventory valuation methods (FIFO, Weighted Average, etc.), and a clear understanding of how inventory impacts the balance sheet, income statement, and cost of goods sold (COGS).

● Proven experience with inventory reconciliation, stock verification, and variance analysis, as well as implementing or working within robust internal control frameworks governing stock management and reporting accuracy.

● High proficiency in Microsoft Excel (pivot tables, lookups, reconciliations) and familiarity with Odoo ERP.

● Excellent analytical, communication, and problem-solving skills with strong attention to detail and a focus on accuracy in reporting.

● A high level of integrity, professionalism, and accountability in managing sensitive financial and operational information.