The role is responsible for the accurate and timely costing of products, including the analysis and reporting of production costs, variances, and profitability
This role ensures that cost data is effectively used to make informed financial and operational decisions and will work closely with manufacturing, procurement, and finance teams to maintain accurate cost records and implement cost control measures
This role also requires a strong understanding of accounting principles, attention to detail, and the ability to work in a dynamic and collaborative environment
Responsibilities: Month-End Close: * Active participation in month-end and year-end closing processes related to inventory
* Perform reconciliations of inventory accounts and resolve any discrepancies
* Ensure accurate and consistent accounting of manufacturing costs, including labor, materials, and overheads
* Providing support to US Counterparts and Financial analysts group in resolving queries with respect to Inventory transactions/reportsFinancial Reporting: * Prepare and analyze inventory-related financial reports, including cost of goods sold (COGS) and inventory valuation
* Provide insights into inventory trends, variances, and aging
* Generate and analyze inventory reports, providing insights into inventory-related financial metrics and trends
* Conduct regular reviews of inventory reports generated from the AS400/or any other Manufacturing modules system for accuracy
Costing Analysis: * Analyze and report on cost variances and trends
* Calculate and analyze product costs using various methods such as standard costing or job costing * Weekly Monitoring and analyzing changes in inventory valuation and purchase price variances and investigate reasons for discrepancies * Prepare any required accounting adjustments to reflect accurate inventory valuation and cost of goods sold
Audit and Compliance: * Collaborate with internal and external auditors to ensure compliance with inventory accounting standards
* Collaborate with auditors and provide necessary documentation and explanations related to AS400/or any other Manufacturing modules inventory transactions
* Implement and monitor internal controls related to inventory transactions
Process Improvement: * Continuously assess and improve inventory and inventory related accounting processes
* Recommend and implement best practices to enhance efficiency and accuracy
Cross-Functional Collaboration: * Work closely with Procurement, Operations, Plant Controllers and Sales teams to gather information on inventory movements and trends
* Provide financial insights and support decision-making processes related to inventory management
* Provide training and support to other finance team members on AS400/or any other Manufacturing modules inventory processes
* Collaborate with IT to address and resolve any issues related to AS400/or any other Manufacturing modules inventory management
Work Experience & Skills:1-3 years of experience in inventory accounting and cost analysis
* Strong understanding of accounting principles and cost Analysis
* Excellent analytical and problem-solving skills
* Proficiency in accounting software and ERP systems
* Good to have: Experience of working with AS400 or any other Manufacturing ERP systems
* Detail-oriented with a high level of accuracy * Strong communication and interpersonal skills
