Inventory Accountant Job Description
Inventory accountant
provides expertise in applying generally accepted accounting principles to accounting function.
Inventory Accountant Duties & Responsibilities
To write an effective inventory accountant job description, begin by listing detailed duties, responsibilities and expectations. We have included inventory accountant job description templates that you can modify and use.
Sample responsibilities for this position include:
Coordinate inventory reporting of receipt and consumption activities via the Abinet inventory subsystem
Provide assistance with forecasts and budget details as needed
Inventory valuations and inventory reserve calculations
Assist with establishing internal controls
Review account analysis on Balance Sheet and P&L accounts
Review journal entries during month-end closing
Manage closed store accrual relating to lease rent and ARO liability
Analyze Halloween temp stores during pre-season approval process for financial profitability
Budgeting of real estate and risk management P&L accounts
Reconcile monthly cycle counts and semi-annual physical counts to the perpetual inventory ledger
Inventory Accountant Qualifications
Qualifications for a job description may include education, certification, and experience.
Licensing or Certifications for Inventory Accountant
List any licenses or certifications required by the position: CPA
Education for Inventory Accountant
Typically a job would require a certain level of education.
Employers hiring for the inventory accountant job most commonly would prefer for their future employee to have a relevant degree such as Bachelor's and Collage Degree in Accounting, Finance, Business, Education, MBA, Business/Administration, Associates, Economics, Accounting and Finance, Information Systems
Skills for Inventory Accountant
Desired skills for inventory accountant include:
Microsoft Office
SAP
MS Excel
Generally Accepted Accounting Principles
Microsoft Excel
Accounting and costing
Accounting principles
ERP systems
GAAP
Practices
Desired experience for inventory accountant includes:
Must be driven to execute continuous process improvement
Bilingual in Spanish/Korean preferred
Bachelor’s degree, prefer accounting or finance degree, open to others
Ensure the completeness and accuracy of inventory
Perform unit cost analysis on a weekly basis
Own the end-to-end Inventory Accounts Payable process
Inventory Accountant Examples
1
Inventory Accountant Job Description
Job Description Example
Our company is looking to fill the role of inventory accountant. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for inventory accountant
- Prepare full sets of accounts
- Handle financial and management reporting
- Monitor inventory and prepare inventory ageing reporting
- Participate in annual statutory audit and tax filing
- Liaise with external supplies, vendors and customers
- Accounting for the company's Cost of Goods with a focus on Inventory on hand, Inventory reserves, sensitive inventory movements and associated inventory variances
- Acting as a key contributor during the monthly closing cycle to the overall calculation of Gross Margin results balance sheet reconciliations for inventory related accounts
- Participating in the development of internal controls, continuous process improvements, Microsoft Dynamics AX12 accounting configurations and various financial reports
- Participate during the monthly closing cycle to the overall calculation of Gross Margin results
- Assist in the development of internal controls
Qualifications for inventory accountant
- Support continuous process improvements
- Contribute to the completion of various financial reports
- Provide feedback to deliver continuous improvements within the accounting team and for the business
- Reviews cost of goods sold and gross margin
- Reviews accuracy of inventory movement and cost adjustments
- Reconciles inventory G/L
2
Inventory Accountant Job Description
Job Description Example
Our company is growing rapidly and is looking to fill the role of inventory accountant. If you are looking for an exciting place to work, please take a look at the list of qualifications below.
Responsibilities for inventory accountant
- Global Reconciliation between the Inventory Stock Ledger and General Ledger
- Performing analysis for estimated cost components to actual cost
- Review cost reports, gross margin reporting and variance analysis
- Inventory receipt tracking and analysis
- Review and analyze documents received from external departments for Duties, Freight, Finished Goods, and Miscellaneous invoices
- Maintaining and validating the new Style Cost Master report to ensure costing integrity
- Test styles on a weekly basis and ensure that the system cost matches the cost on the style cost master/ODS
- Partner with team to deliver accurate and timely actual costs data on all requests from customers both internal and external
- Provide Weekly Cash Forecast to Treasury Team
- Provide ad hoc analyses
Qualifications for inventory accountant
- Prepares work papers to support annual audit and third party audits
- Works closely with Inventory Control Team to understand process
- Prepares physical inventory variance analysis
- Manages cost of lease occupancy for a 45 location chain
- Materially participate in conversions of inventory and general ledger software systems
- Other general accounting tasks and projects as required
3
Inventory Accountant Job Description
Job Description Example
Our company is hiring for an inventory accountant. To join our growing team, please review the list of responsibilities and qualifications.
Responsibilities for inventory accountant
- Self-starter that takes the initiative to tackle issues and solve problems
- Includes record retention, all individual filing, and Ad hoc projects
- Additional items and/or Special projects as assigned
- Procedures updates (ongoing updating and maintenance of all procedure manuals)
- Key player in month end close and responsible for ensuring the close process is completed smoothly
- Review and report results and reconcile variances
- Day-to-day inventory accounting operations and work closely with cross-functional counterparts in our distribution centers and supply chain functions to develop and maintain policies and processes to handle new or existing transaction streams
- Process various month-end journals applicable to inventory, revenue and COGS and prepare related month-end reconciliations
- Analyze month end reports for variances to forecast and budget and follow up on unusual variances to ensure understanding
- Support process flow initiatives conducted by Supply Chain and ensure that accurate accounting and valuation of inventory is maintained
Qualifications for inventory accountant
- 2+ Years of Accounting and inventory control in a retail or manufacturing environment
- Assist with preparation of various audit and financial statement schedules
- Assist with preparation of board deck slide for the quarterly board meetings
- Prepare physical inventory roll-back/ roll-forwards
- Continuous research on new ways to improve the receipt and disbursement of merchandise and freight
- Assist with creating, monitoring and reporting KPI’s for all aspects of inventory and cost accounting
4
Inventory Accountant Job Description
Job Description Example
Our company is looking to fill the role of inventory accountant. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for inventory accountant
- Inventory, general ledger and/or supply chain support required
- Must have strong skills in understanding detail mapping and understanding transactional inventory process flows
- Desire to get into details and problem solve for issues, many times with high levels of data
- Ability to present results to the business partners
- Perform special year end audit reports for external auditor document review
- Support and provide auditors with costing documents for annual audit
- Proven track record to drive and implement process improvements and maintain compliance on key business processes
- Undertake a review of common transactions flowing through the system and define the most effective way to process transactions (ensuring correct sales, inventory dollar and unit reporting)
- Work closely with IT to resolve daily sales interface issues
- Ensure daily sales are reconciled properly between E1 and AX
Qualifications for inventory accountant
- Ownership of a 45 location retail chain inventory
- Minimum of 5 - 7 years of experience in a retail, manufacturing, or consumer products environment
- For this position, ideal candidate should possess excellent communications skills and be able to demonstrate problem-solving and follow through capabilities
- Detail-oriented in a high volume environment
- Highly motivated self-starter with the ability to work with sense of urgency, accuracy, teamwork and cooperation
- Must be willing to work extended hours during peak periods
5
Inventory Accountant Job Description
Job Description Example
Our growing company is searching for experienced candidates for the position of inventory accountant. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for inventory accountant
- Compliance review of brokerage documents and preparation of post entry amendment to Customs import entries, as necessary
- Merchandise freight cost allocation
- Foreign import expense, domestic freight, off-premise inventory, and other general ledger account reconciliation
- Monthly and annual year-end closing activities
- Weekly Inventory Accounting
- Account Analysis- balance sheet and P&L accounts
- Calculating Inventory Valuation Reserves
- Tracking, booking and reporting inventory results
- Review of negative margin, correction of COGS and resolution
- Assist with review and reconciliation of perpetual inventory roll forwards
Qualifications for inventory accountant
- At least one year experience in functions directly related to the duties and responsibilities specified
- Four-year degree or knowledge of accounting procedures and principles with 2-3 years of experience in a financial capacity
- Ability to devise and implement an efficient process with minimal supervision
- Experience with iSeries and Oracle including data retrieval and data manipulation preferred
- Flexibility to handle a range of tasks
- Month end posting and reporting