Inventory Accountant at Kloverharris Limited

Job Description

• The Inventory Accountant is responsible for overseeing the financial and accounting aspects of inventory management, including tracking inventory costs, ensuring accurate inventory valuation, and supporting financial reporting processes. This role is critical to ensure that inventory records align with actual physical counts and comply with accounting standards and company policies. The Inventory Accountant will work closely with the operations, procurement, and finance teams to ensure efficient inventory control and financial integrity in an alcoholic beverage company.

Responsibilities
Inventory Tracking & Reconciliation:

• Maintain accurate and up-to-date inventory records for all raw materials, work-in-progress, finished goods, and packaging materials.
• Reconcile inventory balances in the general ledger with physical inventory counts, ensuring discrepancies are identified and resolved in a timely manner.
• Ensure that inventory movements (purchases, transfers, sales, wastage, returns) are properly recorded in the company’s accounting systems.
• Perform periodic inventory counts, including quarterly and year-end physical counts, and assist with the preparation of year-end audits.
• Ensure the accuracy of inventory records by investigating variances and reporting on the status of inventory discrepancies to management.

Cost Accounting & Inventory Valuation:

• Calculate the cost of goods sold (COGS) for inventory, including raw materials, work-in-progress, and finished goods, using appropriate cost methods such as FIFO (First-In-First-Out), LIFO (Last-In-First-Out), or weighted average.
• Assist with the preparation of standard costing models and analyze cost variances between actual and standard costs, providing explanations for discrepancies.
• Ensure accurate inventory valuation in compliance with accounting principles, such as GAAP (Generally Accepted Accounting Principles) or IFRS (International Financial Reporting Standards), ensuring the company’s balance sheet accurately reflects inventory.
• Work with the procurement and supply chain teams to calculate the true cost of inventory items, including direct and indirect costs, and incorporate them into the financial reporting system.
• Review and update inventory pricing regularly to ensure costs are accurately reflected, and assist in the analysis of product margin performance.

Financial Reporting & Analysis:

• Assist in preparing monthly, quarterly, and annual financial statements, specifically focusing on inventory-related reports, such as COGS, gross profit, and inventory turnover.
• Prepare and analyze detailed reports on inventory performance, including inventory aging reports, stock turns, and inventory write-offs, and present findings to management.
• Collaborate with the finance team to ensure the correct application of accounting principles and inventory valuation methods in financial statements.
• Assist in the preparation of forecasts and budgets, providing input on inventory-related cost drivers, and analyzing the impact of inventory changes on profitability.
• Provide support during external audits, especially regarding inventory-related balances and documentation, ensuring transparency and accuracy in all audit findings.

Internal Controls & Compliance:

• Ensure compliance with internal controls related to inventory management, including adherence to company policies and industry regulations.
• Monitor and enforce inventory control procedures to prevent loss, theft, and mismanagement of inventory assets.
• Review and verify inventory transactions, including purchase orders, sales orders, and stock movements, to ensure that all inventory records are accurate and complete.
• Conduct periodic spot checks and cycle counts to verify that inventory data is correct and investigate discrepancies between physical counts and system records.
• Ensure that inventory handling practices and valuation methods align with applicable tax and regulatory requirements, particularly in the alcoholic beverage industry, which may involve excise taxes and product classifications.

Collaboration with Cross-Functional Teams:

• Work closely with the operations, procurement, and supply chain teams to ensure that inventory is appropriately managed, and to address issues related to stock levels, pricing, and delivery schedules.
• Partner with the sales team to track product sales trends and manage product replenishment, ensuring that inventory levels are aligned with customer demand and minimizing the risk of stockouts or overstock situations.
• Support the purchasing department in analyzing inventory purchase orders, lead times, and supplier costs to ensure that inventory procurement strategies are cost-effective and efficient.
• Collaborate with the production team to understand production schedules, product consumption, and materials management, ensuring that the flow of materials and finished goods is appropriately accounted for.

Inventory Optimization & Process Improvement:

• Recommend and implement improvements in inventory management processes to enhance accuracy, reduce costs, and improve inventory turnover.
• Work with the supply chain team to streamline inventory processes, identify bottlenecks, and recommend solutions for optimizing stock levels and reducing excess inventory.
• Assist in the development and implementation of strategies to manage slow-moving or obsolete inventory, including conducting periodic reviews and write-offs.
• Support the automation and integration of inventory management systems, ensuring that software tools and data flow seamlessly across all business functions.
• Analyze data to recommend actions for minimizing inventory shrinkage, improving cycle times, and enhancing working capital management.

Inventory Audits & Documentation:

• Assist with the planning and execution of internal audits related to inventory controls, ensuring that all inventory records are accurate and properly documented.
• Maintain up-to-date documentation for inventory processes and controls, including procedures for stocktaking, inventory reconciliations, and reporting.
• Support the preparation of inventory reports and summaries required for audit purposes, including documentation of adjustments, write-offs, and any discrepancies found during audits.
• Participate in preparing audit responses related to inventory and address any issues or questions raised by internal or external auditors.

Qualifications

• Bachelor’s degree in Accounting, Finance, Business Administration, or a related field (required).
• Additional certifications, such as Certified Management Accountant (CMA), or Certified Public Accountant (CPA), are a plus.
• Minimum of 4-6years of experience in inventory accounting, cost accounting, or financial reporting, preferably within the alcoholic beverage or FMCG industry.
• Strong knowledge of inventory management systems, accounting software (e.g., SAP, Oracle, QuickBooks), and ERP systems.
• Experience with inventory control procedures, reconciliation processes, and cost analysis techniques.
• Familiarity with accounting standards (GAAP or IFRS), financial reporting, and inventory-related financial disclosures.
• Experience working in a cross-functional environment, collaborating with procurement, operations, and sales teams.

Skills:

• Strong analytical and problem-solving skills, with the ability to assess complex inventory-related issues and recommend practical solutions.
• Attention to detail and accuracy in financial reporting, accounting procedures, and inventory documentation.
• Excellent organizational and time-management skills, with the ability to manage multiple tasks and meet deadlines.
• Ability to work independently and as part of a team, with strong interpersonal skills to interact with various departments and senior management.
• Proficiency in Microsoft Excel and other financial analysis tools, including advanced functions and pivot tables.
• Strong communication skills, with the ability to present complex data in a clear and understandable manner.