Inventory Cost Accountant

Summary:

This position plays a crucial role in managing and analyzing inventory costs, essential for maintaining accurate financial records and supporting the company’s financial health. Responsibilities include recording, reporting, and analyzing all transactions and balances associated with inventory throughout procurement, production, and shipment phases. The role requires a naturally curious individual, willing to take on projects and initiatives as they arise and follow an organized methodology to bring those projects to completion.

Essential Duties and Responsibilities include the following; other duties may be assigned:

• Perform monthly reconciliation of all inventory accounts, identifying discrepancies and root-causing issues.
• Calculate and maintain standard costs/bills of material for all manufactured products, including raw materials, labor, and overhead.
• Review and reconcile inventory transactions, including purchase orders, production orders, and sales orders.
• Oversee and refine inventory valuation methodologies as additional inventory metadata becomes available.
• Prepare monthly and quarterly financial reports related to inventory costs, usage, and locations, including cost of goods sold (COGS) calculations.
• Generate reports on inventory turnover rates and other key performance indicators (KPIs).
• Assist in implementing process improvements to reduce waste and optimize production costs.
• Perform internal audits on cycle count and process compliance.
• Oversee the process surrounding the periodic review of obsolete, used, and excess parts to appropriately calculate reserve accruals by category of inventory.
• Lead internal meetings with production, quality, and repair to document risks/issues, identify actions and owners, assign priorities, and monitor statuses over time.

Competencies:

To perform the job successfully, an individual should demonstrate the following competencies:

• Analytical - Collect and research data; use intuition and experience to complement data.
• Problem Solving - Identify and resolve problems in a timely manner; gather and analyze information skillfully; works well in group problem solving situations.
• Technical Skills - Pursue training and development opportunities; strive to continuously build knowledge and skills.
• Customer Service - Respond to requests for service and assistance from internal and external customers.
• Communications - Listen and clarify; respond well to questions. Present numerical data effectively; able to read and interpret written information. 
• Ethics - Treat people with respect; keep commitments; inspire the trust of others; work with integrity and ethically; uphold organizational values and follows Company policies and procedures.
• Adaptability - Manage competing demands; able to deal with frequent change, delays, or unexpected events.
• Dependability - Is consistently at work and on time. Follow instructions, respond to management direction; take responsibility for own actions.
• Planning/Organizing - Prioritize and plan work activities; use time efficiently.
• Quality - Demonstrate accuracy and thoroughness; monitor own work to ensure quality.

Qualifications:

To perform this job successfully an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Education/Experience:

 A minimum of a BS or BA in Accounting.

A minimum of 2 years of accounting experience; experience specific to the manufacturing sector, cost accounting, and ERP configuration management are preferred.

Language Ability:

Ability to read and interpret documents such as safety rules, operating and maintenance instructions, and procedure manuals.  Ability to write routine reports and correspondence. 

Math Ability:

Ability to calculate figures and amounts such as discounts, interest, commissions, proportions, percentages, area, circumference, and volume.  Ability to apply concepts of basic algebra and geometry.

Reasoning Ability:

Ability to apply common sense understanding to carry out instructions furnished in written, oral, or diagram form.

Computer Skills:

To perform this job successfully, an individual must have substantial knowledge of an integrated accounting and manufacturing information system.  Also requires expert skills in MS Excel, and working knowledge of MS Word and MS PowerPoint.  Fourth Shift, Infor LN, UKG, and ADP system experience preferred.

Certificates and Licenses:

A CMA license is not required, but preferred.

Work Environment:

The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. The noise level in the work environment is usually quiet.

Physical Demands:

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

While performing the duties of this job, the employee is regularly required to sit, use hands and fingers to handle or feel, reach with hands and arms, and talk or hear. The employee is occasionally required to stand, walk, climb, or balance, and stoop, kneel, crouch, or crawl. The employee must occasionally lift and/or move up to 25 pounds.  Specific vision abilities required by this job include close vision and ability to adjust focus.