JOB DETAILS:

Inventory Accountant

About NeCo EDC

Job Purpose

We are seeking a highly skilled and results-driven Inventory Accountant to join our finance team. The Inventory Accountant is responsible for overseeing and managing all inventory-related financial operations. This includes ensuring accurate inventory records, implementing robust inventory control measures, and mitigating inventory-related risks. This role requires close collaboration with cross-functional teams to optimize inventory processes, enhance data accuracy, and ensure full compliance with accounting standards.

Key Roles

1. Inventory Accounting & Reporting

• Maintain Accurate Records: Ensure all inventory transactions are accurately documented, reflecting precise balances, costs, and movements.
• Perform Reconciliations: Conduct regular and thorough inventory reconciliations, promptly identifying and resolving discrepancies between physical stock and system records.
• Ensure Compliance: Adhere strictly to industry accounting standards (e.g., IFRS) and internal company policies to maintain impeccable inventory accounting.
• Generate Reports: Prepare comprehensive and timely inventory reports, including valuation, aging, and movement analyses.

2. Inventory Control & Optimization

• Collaborate with Stores: Work closely with the Stores department to ensure accurate inventory receipt, efficient storage, and precise issuance processes.
• Implement Control Procedures: Develop, implement, and enforce robust inventory control procedures, including cycle counting, periodic audits, and other best practices to enhance inventory accuracy and operational efficiency.
• Process Improvement: Continuously identify areas for process improvement, developing and implementing innovative solutions to optimize inventory operations and reduce costs.

3. Risk Management

• Identify Risks: Proactively monitor and identify potential inventory-related risks such as obsolescence, damage, theft, and other issues that could impact inventory levels and financial value.
• Mitigate Risks: Develop and implement strategies to mitigate identified risks through improved inventory processes, staff training, and strict adherence to best practices.

Competency Requirements

Knowledge and Experience

• Education: Bachelor's degree in Accounting, Finance, Business Administration, or a closely related field.
• Experience: A minimum of 5 years of progressive experience in inventory control or management, preferably within a manufacturing or retail environment.
• Technical Skills:
  • Strong understanding of inventory control procedures, including cycle counting, valuation methods, and risk management.
  • Advanced proficiency in Microsoft Excel is required.
  • Demonstrated experience with inventory management software (ERP systems preferred).
  • In-depth knowledge of accounting standards (e.g., IFRS) specifically related to inventory.

Personal Characteristics

• Analytical Skills: Exceptional analytical and strong numeracy skills with a keen eye for detail.
• Problem-Solving: Excellent problem-solving abilities and a proactive approach to identifying and resolving issues.
• Collaboration: Proven ability to collaborate effectively and build strong relationships with cross-functional teams.
• Communication: Strong verbal and written communication skills, with a focus on clear and concise reporting.
• Work Ethics: Proactive, self-motivated, organized, and capable of working effectively under pressure and meeting tight deadlines.

Key Performance Indicators (KPIs)

Additional Expectations

The Inventory Accountant may be required to undertake occasional travel to other company locations, including warehouses or supplier sites, to conduct inventory checks and assessments.