Inventory Accountant at Neveah Limited

Background

• We seek to hire a qualified and technically competent Inventory Accountant its Aluminium and Copper Ingots Manufacturing Plant.
• The factory, which is based in Mowe [Lagos-Ibadan Express Way], Ogun state will primarily recycle a broad range of scrap materials and convert them to usable Aluminium and Copper Ingots for different manufacturing purposes.
• The Inventory Accountant is responsible for managing and maintaining accurate inventory records, analyzing cost variances, and ensuring compliance with accounting standards in a manufacturing environment.
• This role involves working closely with production, procurement, and finance teams to monitor inventory transactions and improve inventory management processes.

Responsibilities
The ideal candidate will (but is not limited to):

• Maintain accurate records of inventory transactions, including raw materials, work-in-progress, and finished goods.
• Conduct periodic inventory reconciliations and ensure proper valuation of inventory.
• Monitor and analyze inventory variances, investigate discrepancies, and implement corrective actions.
• Assist in the development and implementation of inventory control procedures.
• Work closely with the operations team to improve inventory accuracy and minimize losses.
• Prepare monthly, quarterly, and annual inventory reports for management review.
• Analyze cost of goods sold (COGS) and ensure correct allocation of production costs.
• Assist in the month-end and year-end closing processes by providing necessary inventory data.
• Ensure compliance with Generally Accepted Accounting Principles (GAAP) and company policies.
• Coordinate with auditors to support inventory-related financial audits.
• Support ERP system implementation and improvements related to inventory management.

Key Deliverables

• Average Inventory Level: Provide a clear representation of the mean stock level throughout the fiscal year
• Order Lead Time / Order Cycle Time: Measure the total time it takes for products to reach customers. It is counted from the moment customers put in an order to the moment they receive the finished product.
• Inventory Turnover Rate:Theinventory turnover ratemeasures the frequency at which you sell your entire stock. In other words, it returns the percentage of total stock that you managed to sell in each period. Tracking this KPI provides a ratio of sales to the amount of inventory in stock.
• Stock-to sales ratio / Inventory-to-sales ratio: This compares the average inventory value of a given time with finished sales for the period. The stock-to-sales ratio is important to keep at a balanced level – too low is indicative of an increased risk of stockouts: too high, however, means tighter profit margins due to mounting storage costs.
• Days Sales of Inventory:This measures the average time it takes for stock to be sold and therefore, how long cash is tied up in stock. A low days sales value correlates with faster turnover and, among other things, can be a good indicator of stockout risk.
• Carrying Cost of Inventory signifies all of the overhead costs that you incur by holding inventory in stock. The metric returns a percentage which, naturally, you want to aim to be as low as possible, whilst covering all bases.
• Backorder Rate: The backorder rate is a KPI that details the percentage of incoming orders that could not be fulfilled for a given time period. It is calculated simply by dividing the number of incoming orders that you weren’t able to complete by the total number of incoming orders. Backorder rate is an easy metric, high values of which reliably point towards lax supply chain management or planning practices.
• Sell-through Rate: The sell-through rate KPI returns the percentage of stock that you’ve sold relative to the total available stock for sale for a given product. It is a useful metric for quickly evaluating the selling performance of stock items and can be used to adjust production volumes or replenishment accordingly.

Qualifications

• BSc Degree in Accounting or Finance
• Minimum of 6 years proven working experience as Inventory Accountant
• Must have manufacturing industry experience
• Professional certification is required; ICAN and other relevant certifications.
• Require experience in ISOs
• Experience with inventory cycle counting and physical stock audits.
• Knowledge of lean manufacturing principles and supply chain management.
• Familiarity with regulatory compliance and tax implications related to inventory
• Advanced computer skills on MS Office, accounting software and databases.

Required Competence:

• Technical Skills: Proficiency in accounting software (SAP, Oracle, QuickBooks, or similar ERP systems). Strong Excel skills, including VLOOKUP, pivot tables, and financial modeling.
• Knowledge: Understanding of cost accounting, standard costing, and inventory valuation methods (FIFO, LIFO, Weighted Average).
• Analytical Skills: Strong problem-solving skills with the ability to analyze financial data and generate insights.
• Communication: Excellent written and verbal communication skills with the ability to collaborate across departments.
• Attention to Detail: High level of accuracy and strong organizational skills to manage multiple tasks effectively.
• Work Ethics: Ability to work independently and meet deadlines in a fast-paced manufacturing environment.