Inventory Accounting Job Description
Inventory accounting
provides analytical support to Canadian sales team utilizing Excel and other enterprise software to create reports and dashboards.
Inventory Accounting Duties & Responsibilities
To write an effective inventory accounting job description, begin by listing detailed duties, responsibilities and expectations. We have included inventory accounting job description templates that you can modify and use.
Sample responsibilities for this position include:
Monthly rent and risk management accounting
Manage rent process including payables processing and straight-line accounting
Manage prepaid and accrued insurance accounting
Review all new material contracts, leases and amended lease agreements and determine accounting treatment according to GAAP
Review SAP and ACI inventory adjustments monthly
Prepare and review various inventory cost accounting entries and account reconciliations
Lead, supervise, train, and provide management oversight to the inventory cost accounting team
Issue reports to POC vendors on a weekly basis
Complete assigned monthly account reconciliations and journal entries to support monthly close
Ensure adequate safeguards and controls are maintained on all areas for which this person is responsible and perform assigned internal control reporting
Inventory Accounting Qualifications
Qualifications for a job description may include education, certification, and experience.
Licensing or Certifications for Inventory Accounting
List any licenses or certifications required by the position: CPA, CMA, MBA
Education for Inventory Accounting
Typically a job would require a certain level of education.
Employers hiring for the inventory accounting job most commonly would prefer for their future employee to have a relevant degree such as Bachelor's and University Degree in Accounting, Finance, Business, Education, MBA, Business/Administration, Management, Economics, Taxation, Associates
Skills for Inventory Accounting
Desired skills for inventory accounting include:
Microsoft Office software
Accounting
MS Excel
Payables and receivables transactions
Excel
Internal control concepts
Purpose and ability to identify and resolve weaknesses
Sarbanes-Oxley controls and procedures
Various PC software and ability to quickly learn new software as
SAP
Desired experience for inventory accounting includes:
Self starter with the ability to work in a team and individually
Inventory and/or Freight experience
Above average proficiency with Microsoft Access
Familiar with PeopleSoft functionalities (query, nVision, general ledger)
Retek & Business Objects experience
Experience working in a medium to large corporate environment
Inventory Accounting Examples
1
Inventory Accounting Job Description
Job Description Example
Our innovative and growing company is searching for experienced candidates for the position of inventory accounting. To join our growing team, please review the list of responsibilities and qualifications.
Responsibilities for inventory accounting
- Understand the impact of Inventory Accounting operations on the multiple businesses depending on the transactions and information
- The Manager, Product & Inventory Accounting role is responsible for the financial analysis and control of product revenue and COGS, inventory and corresponding provision
- Work closely with various business teams on major projects ad hoc initiatives, by providing financial process and control requirements, mapping the accounting flow of existing and proposed processes, reviewing solution design and performing user acceptance testing
- Review journal entries, variance analytics, balance sheet account reconciliations, and control requirements
- Be able to cover for staff for close activities
- Review PBC schedules for both internal SEC reporting team and external auditors ad hoc reports requested from our Financial Leaders
- Active membership in the core capital redesign team to re-implement Oracle modules to improve the processes, tracking and reporting of fixed assets and inventory
- Provide support to team to ensure deadlines are met (with high level of accuracy) in regards to Monthly close and all related processes, Control Compliance and SEC/Audit requests
- Actively evaluate employee performance, work/life balance, and career aspirations to ensure employee stability and satisfaction
- Position requires work beyond a standard 8 hour day during the financial close and on other occasions as necessary
Qualifications for inventory accounting
- Must have 3+ years of General Ledger experience with a concentration on Inventory Control
- Large Company Experience (High Volume Transactions) Retail Experience preferred
- Strong technical skills – Proficiency in US GAAP/IFRS
- Self-motivated with the ability to manage multiple deliverables
- Strong understanding of inventory in a retail environment
- Proficiency and experience with financial reporting systems, preferably SAP, FI, and CO
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Inventory Accounting Job Description
Job Description Example
Our company is growing rapidly and is searching for experienced candidates for the position of inventory accounting. We appreciate you taking the time to review the list of qualifications and to apply for the position. If you don’t fill all of the qualifications, you may still be considered depending on your level of experience.
Responsibilities for inventory accounting
- Prepare and maintain the product and component cost accounting system
- Work with cost accounting and operations systems, inventory cycle count activities, and periodic inventory cost analysis
- Preparing and maintaining internal corporate cost accounting procedures manuals documenting all significant or complex procedures
- Reconciling and monitoring inventory subsystems to the general ledger and explain monthly variances to inventory balances and prepare related journal entries
- Spare level, obsolescence and excess inventory
- Purchased parts accruals
- Accumulated depreciation and allowance for obsolescence
- Interfacing transactions from inventory subsystem to general ledger
- Joint venture activities
- Meeting all deadlines related to the Analyst’s areas of responsibilities and assisting the Director with meeting departmental deadlines
Qualifications for inventory accounting
- Experience interacting with IT department regarding accounting requirements
- Must have a Bachelor’s degree in Accounting, Finance or a similar field
- Intermediate to advance Microsoft Excel proficiency
- Ability to handle multiple tasks and to prioritize workflow
- Ensure cost accuracy of all categories of inventory
- Report inventory variances monthly for purchase price, invoice price, freight, duty, standard cost and manual
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Inventory Accounting Job Description
Job Description Example
Our innovative and growing company is hiring for an inventory accounting. Please review the list of responsibilities and qualifications. While this is our ideal list, we will consider candidates that do not necessarily have all of the qualifications, but have sufficient experience and talent.
Responsibilities for inventory accounting
- Perform month end closing manufacturing and services cost accounting entries
- Perform inventory financial valuation and month end closing inventory accounting entries
- Provide inventory accounting activities support for assigned business units
- Initiate and record inventory accounting transactions and standardize journal entries for accuracy and completeness
- Be able to cover for staff for close activities and prepare reports for internal financial reporting
- Prepare and / or Review PBC schedules for both internal SEC reporting team and external auditors ad hoc reports requested from our Financial Leaders
- Work closely with Data Center Inventory and Office Fixed asset business managers to understand business transactions and ensure they are processed and accounted for timely and accurately
- Actively review related processes and procedures for consistency and improvement and if necessary collaborate with other impacted teams to implement
- Annual inventory plan
- LIFO calculation
Qualifications for inventory accounting
- Above average experience with Microsoft Excel
- Proficient computer knowledge in a Windows environment, specifically Excel (intermediate)
- 2+ years of relevant experience in warehousing, inventory, required
- The position may require occasional travel to various Shire locations
- Intercompany Profit Elimination calculation
- Mill Obsolescence Reserve calculation
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Inventory Accounting Job Description
Job Description Example
Our company is growing rapidly and is looking for an inventory accounting. To join our growing team, please review the list of responsibilities and qualifications.
Responsibilities for inventory accounting
- Knowledge of the Sarbanes-Oxley controls and procedures
- Provide support on inventory issues to the Tax Department
- Respond to requests from internal/external audit
- Assist, review, analyze and investigate cycle count variance and physical inventory variance for both wholesale and retail warehouse
- Manage the monthly, quarterly and annual financial closing process for the inventory cost modules and ensure accuracy of various systems and manually generated transactions/entries
- Provide fluctuation analysis explanations for standard cost and other adjustments
- Analyze various inventory balance sheet and income statement accounts
- Provide accurate and timely reporting to the Operations and Finance teams in order to support the company’s continuous improvement approach
- Interact with internal/external auditors and provide various analyses and audit schedules
- Ensure compliance with Sarbanes-Oxley financial reporting requirements with respect to monthly duties
Qualifications for inventory accounting
- 2-3 years experience in a Reporting and Analysis Accounting role
- Manage and coordinate the activities of the inventory team (10 FTE’s) oversee the professional development of the team to maintain high levels of morale, motivation and productivity
- Excellent computer skills including advanced MS Excel and MS Word experience
- Excellent written and verbal communication skills and ability to communicate with a variety of other functional areas
- Minimum of 2-3 years of hands-on management experience, including overseeing and supervising cost accountants
- Island Pacific and/or Oracle E-Business Suite (EBS) and Hyperion software experience a plus
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Inventory Accounting Job Description
Job Description Example
Our innovative and growing company is hiring for an inventory accounting. We appreciate you taking the time to review the list of qualifications and to apply for the position. If you don’t fill all of the qualifications, you may still be considered depending on your level of experience.
Responsibilities for inventory accounting
- Responsible for IFRS 15 implementation for Wireless Inventory Controllers Team including inventory accounting and analysis of related transactions
- Responsible for setting up the accounting, reporting, forecasting, and analysis of inventory activities
- Use accounting concepts and internal company policies to assure internal controls
- Assist in Retail Method of Inventory Accounting (RMIA) budgeting process
- Assist Manager of Inventory Accounting in period end closing and store margin related issues
- Provide back-up assistance for selected tasks within the Inventory Accounting department
- Assist the Project Team Lead in establishing the new Shared Service Center
- Interact with business unit financials, operations management, and warehouse management to help create business value for customers, the business units and the corporation
- Support the team leader and team members to maintain High Performance Work Teams
- Support team lead and the team members in process improvement methodologies to facilitate cost savings and process effectiveness and accuracy
Qualifications for inventory accounting
- Retail Industry a plus
- Strong IT skills including knowledge of an ERP system
- Experience in a Share Service Center and/ or Inventory accounting environment
- Good IT skills including Microsoft Office suite, especially in Excel and exposure to an ERP system
- Participate on the annual inventory standard cost
- Maintain process and procedures manuals for the team