Senior Inventory Accountant
Our client is seeking a detail-oriented and experienced Inventory Accountant to join their finance team that is vital for maintaining accurate financial records, optimizing inventory management processes, and contributing to the overall financial health of the organization. This role will be responsible for managing and maintaining accurate inventory records, analyzing costs, and ensuring compliance with accounting standards across the domestic and global network of warehouses as well as our 3rd Party Selling platforms, as well as implementing and maintaining inventory control procedures. As an inventory Accountant, responsibilities include working in partnership with operations, purchasing, and manufacturers to ensure inventory integrity and accuracy in compliance with GAAP. This role’s expertise will contribute to the financial accuracy and efficiency of the company's inventory management, aiding decision-making and strategic planning.
- Maintain accurate inventory records, including quantities, values, and cost allocations.
- Manage weekly cycle counts and physical counts (annual)
- Full responsibility for assembled inventory (~10% of inventory)
- Monitor and reconcile physical inventory levels with recorded balances and investigate discrepancies.
- Perform regular analysis of inventory costs, including purchase prices, production costs, and overhead allocations.
- Implement and maintain robust internal controls to safeguard inventory accuracy and prevent errors or fraud
- Calculate and assess the accuracy of inventory valuations (weighted average methods used) and perform periodic LCM analyses.
- Investigate and analyze inventory variances, identifying root causes and recommending corrective actions to mitigate discrepancies.
- Continuously assess and improve inventory-related processes, identifying opportunities for efficiency gains and enhanced accuracy.
- Collaborate with procurement, operations, and logistics teams to ensure accurate recording of inventory transactions and movement.
- Collaborate with cross-functional teams (e.g., supply chain, operations, finance) to manage inventory levels and optimize turnover.
- Periodically evaluate slow-moving and obsolete inventory to establish appropriate valuation reserves and lead collaborative action to rectify issues identified.
- Prepare and contribute to financial statements and reports related to inventory, ensuring compliance with accounting principles and standards.
- Assist in the preparation of month-end and year-end closing activities related to inventory.
- Prepare and analyze regular inventory reporting, providing insights into inventory turnover, obsolescence, and trends.
- Conduct training sessions to educate stakeholders on inventory accounting procedures and best practices.
- Reconcile inventory-related accounts, ensuring accuracy and integrity of financial data.
- Collaborate with internal and external auditors during inventory audits and provide necessary documentation and explanations.
- Communicate effectively with management and other relevant stakeholders, presenting complex inventory data in a clear and concise manner.
- Stay current with relevant accounting regulations and standards, ensuring compliance with Generally Accepted Accounting Principles (GAAP) and other relevant guidelines.
- Strong understanding of accounting principles, inventory valuation methods, and cost accounting
- Bachelor’s degree in accounting, finance, or a related field.
- 3-5 years of progressive experience in inventory accounting or related roles.
- Proficiency in accounting software and MS Excel; experience with ERP systems and 3rd party platforms.
- Strong analytical skills and attention to detail; problem-solving mindset and a proactive approach to identifying and resolving issues.
- Knowledge of inventory valuation methods (FIFO, LIFO, weighted average) and cost accounting principles.
- Excellent communication and interpersonal skills; including ability to work independently or collaboratively with cross-functional teams.
- Ability to adapt to changing priorities and thrive in a fast-paced environment.