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Job Description

Inventory Accounting Responsibilities

Prepare and review journal entries related to inventory movements (receipts, issues, transfers, returns).

Monitor Cost of Goods Sold (COGS) and ensure accurate inventory valuation in the accounting records.

Perform monthly and annual inventory account reconciliations to ensure alignment between book balances and physical counts.

Assist in the preparation of financial reports related to inventory, such as physical and financial inventory statements.

Collaborate with internal and external auditors on inventory-related operations and accounting matters.

Inventory Costing Responsibilities

Calculate and analyze costs of raw materials, work-in-progress (WIP), and finished goods.

Identify and analyze inventory variances (e.g., price differences, quantity discrepancies, damages, and obsolete items).

Monitor and follow up on inventory holding costs, including storage, insurance, and obsolescence costs.

Inventory Analysis & Optimization

Analyze inventory levels to identify excess or slow-moving stock and propose disposal or optimization actions.

Support the development and improvement of inventory management and stocktaking policies and procedures.

Work closely with the supply chain department to identify opportunities to enhance inventory efficiency and reduce costs.

Stocktaking & Accuracy Control

Participate in and coordinate physical inventory counts (weekly, quarterly).

Analyze stocktaking results and compare them with accounting records to identify discrepancies and root causes.

Implement corrective actions to ensure the accuracy of physical and book inventory data.

Apply strict internal controls on inventory movements to minimize losses and shrinkage.

Reporting Responsibilities

Prepare detailed reports on inventory valuation, COGS, stock variances, and obsolete inventory.

Provide insights and recommendations based on inventory financial analysis to support management decision-making.

Contribute to the preparation of inventory-related budgets and cost forecasts.

Job Requirements

• Bachelor’s degree in Accounting, Finance, or a related field.
• Minimum of 2 years of experience in accounting, with a focus on inventory accounting and costing.
• Proven experience in inventory analysis and data monitoring.
• Excellent proficiency in Microsoft Excel, including advanced functions, data analysis, and Pivot Tables.
• Hands-on experience with ERP systems or similar platforms, particularly in inventory and accounting modules.
• Excellent analytical and quantitative skills, with the ability to interpret large data sets.
• High attention to detail and accuracy in work deliverables.
• Strong problem-solving and critical thinking skills.