Sr Financial Analyst with Inventory SME Responsibilities

Our client is seeking a highly motivated, up and coming Senior Financial Analyst to join their growing team. Reporting directly to the VP of Finance, this individual will play a key role in delivering relevant and timely financial reports and analysis. A key element of this mission critical role is leading the pricing and costing analysis of items that make up highly specific ‘kits’ for their industrial customers. This includes maintaining effective real time average costing data by commodity and a variety of full ‘kits’ to ensure margin control and dynamic pricing. The incoming hire will also contribute to the roll out of their Sage X3 ERP system.

Part variance analysis and reporting, part cost accounting and part FP&A, this exciting role offers a career opportunity for broad exposure to several elements of the business. In addition, working under the finance and accounting umbrella, this position will collaborate closely with cross-functional teams, including sales and operations to ensure seamless decision support exists across the company.

The role offers a dynamic work environment, emphasizing professional growth and the opportunity to make a direct impact on the company’s financial success and operational efficiency.

Compensation for this role is targeted at $110,000 base salary based on someone with 2-4 years experience, but compensation can be higher based on expertise and experience. Don't be anchored to that number. We also have flexibility on title for those with more experience.

This role requires you to be in either their Chicago area or Des Moines office three to five days a month. The hybrid nature of this role is an exciting aspect of the opportunity.

In addition to a wide range of traditional FP&A like duties, this role will also be a Subject Matter Expert for their customer Inventory. The "right person" for this role will be able to give authoritative answers, based on their direct experience to the following questions :

1-Costing Methods :

Walk me through your experience with standards and average costing methods.

Which do you prefer and why? They is using average costing, for all products.

Again, by way of relevancy to your answer, prices can change between order and the actual kiting and each quarter through a multi-year project. Having a experienced perspective on methods is key. It is important to have this data to allow for effective pricing management between out client and its customers

2-Labor Costing :

Tell me about your experience implementing and monitoring labor cost standards? Just a high-level perspective

3-Purchase Price Variances :

How do you handle variances in standard costing, and what steps do you take to investigate and resolve them? They are interested to know your thoughts on how your drive this analysis. Your answer should be composed of, among other things, what accounts would you look at, what specific question would you have, who would you want to meet with to get this, what would you do with the results?

4-Rolling Standard Costs :

Can you walk me through your experience with rolling (updating) standard costs? How do you determine the appropriate frequency for updates and what factors do you consider? (Note : Their system, SAGE X3, tracks a rolling average with FIFO and actual inventory at present and may not change methods.)

5-Average Costing

How do you monitor profitability using the average costing method when you have fluctuating costs of materials and a kit that could anywhere from 6 to 70 items?

Responsibilities :

Inventory – Costing, Analysis and Pricing Support :

• Maintain an accurate data base of each ‘kit’ item composition to ensure pricing and margin analysis is facile, accurate and quick.
• Maintain accurate “Average” or “Standard” cost data.
• Perform detailed analysis of inventory costs, including material, labor, and overhead expenses, to ensure accurate product costing and profitability assessments.
• Oversee the purchase clearing process, ensuring accurate and timely reconciliation of purchase orders, receipts, and vendor invoices to maintain accurate financial records and prevent discrepancies.
• Reconcile inventory balances with physical counts, investigating and resolving discrepancies to ensure alignment between inventory records and actual stock levels.
• Monitor and analyze inventory turnover, slow-moving items, and obsolete inventory, to recommend areas for improvement and cost-saving.
• Utilize data to affect new business pricing and existing business pricing reviews.

Month-End Closing and Reporting :

Acquisition Integration, Team Collaboration and Process Improvement :

Skills, Knowledge and Experience :

Salary : $110,000