What are the responsibilities and job description for the Inventory Accountant position at Hydra-Flex, Inc.?
JOB SUMMARY
The Inventory Accountant will be responsible for developing, implementing, and assisting in the daily operations of maintaining the costs of the company. The Inventory Accountant will produce timely cost reports, update costs on new products, produce gross profit reports, and analyze cost variances. The position is for an Inventory Accountant, but the duties are varied and include helping the Controller with various projects and back up to other accounting functions. The person filling this position must be adaptable to ever changing business environments and departmental need changes.
KNOWLEDGE AND SKILL REQUIREMENTS
- Bachelor’s degree (B.A.) in Accounting or equivalent
- 1-2 years related experience or equivalent
- Ability to perform diversified clerical functions and basic accounting procedures
- Proficient in MS Office products, with intermediate to advanced skills in Excel
- Ability to prepare reports and business correspondence
- Demonstrated ability to calculate figures and amounts such as discounts, interest, commissions, and percentages
- Commitment to excellence and high standards
- Excellent written and verbal communication skills
- Ability to understand and follow written and verbal instructions
- Strong organizational, problem-solving, and analytical skills; able to manage priorities and workflow
- Ability to work independently and as a member of various teams and committees
- Versatility, flexibility, and a willingness to work within constantly changing priorities with enthusiasm
PRIMARY RESPONSIBILITIES
INVENTORY CONTROL
- Participates in inventory process and daily audits; researches and resolves inventory discrepancies.
- Perform reporting activities on labor and overhead absorption, efficiency, PPV, inventory metrics and other metrics to ensure timing and accuracy of rates and gross margins
- Manage annual physical inventory and monthly cycle count program.
- Assure inventory policies are followed
- Maintain the integrity and accuracy of product cost data
- Develop and monitor manufacturing overhead and labor rates
ANALYZE
- Monitor and review direct material price changes and impact to margins
- Monitor and review obsolete/slow moving inventory and reserve requirements
- Provide cost estimating for new and existing products and participate in cost reduction initiatives
- Prepare actual vs budget variance explanations
OTHER
- Assist Accounts Payable and Accounts Receivable functions
- Assist with related special projects as required
- Perform other related duties as assigned by management
- Participate in monthly and yearly closing process including journal entry preparation and account reconciliation
- Prepare and analyze specific accounting statements and reports to assist in the preparation of financial statements, tax reports, and other internal and external reports as required
COMPETENCIES
1. ORGANIZING, PLANNING AND DECISION MAKING: Analyzes problems, identifies issues, establishes priorities and accomplishes outcomes in a sequential fashion; anticipates needs and develops alternative courses of action in recognition of changing conditions.
2. KNOWLEDGE AND SKILL: Acquires training or skills to apply up-to-date knowledge to achieve results; demonstrates innovativeness in applying leading edge technology and/or new procedures and approaches.
3. JOB COMMITMENT: Willingly accepts responsibility and performs expected and unexpected tasks as needed. Demonstrates initiative and tenacity; exerts extra effort when necessary to get the job done. Performs effectively under stressful conditions.
4. RESULTS ORIENTED: Able to focus on the desired outcome of assigned tasks and completing tasks on schedule. Sets challenging goals, focuses effort on goals, and meets or exceeds goals.
5. LEADERSHIP: Keeps the company vision, mission and values at the forefront of actions and decision making and encourages others to do the same. Is able to organize and influence a group of people to achieve a common goal
COMPANY PROFILE
Hydra-Flex was founded in 2002 as 2 men, a beer fridge, and a machine shop - driven by the simple belief that we could "find a better way" to manufacture innovative and reliable fluid handling products. Our core values of innovation, reliability, and accuracy are evident in the products we develop - products that are revolutionizing the way our customers do business.
Today, with equipment in thousands of locations, Hydra-Flex is proud to maintain its reputation as The Most Trusted Name in Chemical Dispensing. Based in Savage, MN, we are a part of a vibrant Twin Cities community of innovators. Our people are passionate problem-solvers who believe in a purpose. With an all-out war on waste, our mission is to develop innovative products that solve problems, save precious resources, reduce operating costs, and provide exceptional and measurable results for our customers.
Listed on the Inc. 5000 Fastest Growing Private Companies, the MSPBJ Fast 50, MinneInno 50 on Fire, a Top Inventor, an Employer of Excellence and winner of multiple MN Manufacturing Awards, Hydra-Flex is a small, dynamic organization that has a track record of growth with aggressive plans for the future. We're proud to say that we're leading the way for others to follow. Fostered by a work hard, play hard culture, we set the bar high, and when we achieve our goals we celebrate.
