Inventory Accountant

The Inventory Accountant is responsible for the accuracy of inventory transactions, costings, and stock management within the ERP system.

JOB SUMMARY

The Inventory Accountant is responsible for the accuracy of inventory transactions, costings, and stock management within the ERP system. This role oversees a team of inventory staff and ensures compliance with inventory policies, manages reconciliations and supports ERP-based tracking and reporting. The Inventory Accountant is also responsible for strategic inventory analysis to drive cost efficiency and process improvement.

PRINCIPAL DUTIES 

Inventory Accounting Operations

• Transaction Management & Costing Adjustments:

• Ensure all inventory transactions, including purchases, transfers, adjustments, and disposals, are accurately recorded in the ERP system within the correct accounting period.
• Manage inventory assistants in verifying goods received against invoices for discrepancies in quantities, damages, or incorrect costings, and ensure required adjustments are processed accurately.
• Oversee controls for tracking inventory movements across locations, verifying that each transaction is complete and properly documented to support financial integrity. 

• Inventory Reconciliations:

• Lead monthly and quarterly inventory reconciliations by comparing physical counts to recorded balances, investigating and resolving variances.
• Guide inventory assistants in the preparation of inventory schedules, analyses, and adjustments to ensure accurate reporting for month-end and year-end financial reviews.
• Verify inventory reconciliations against general ledger entries and provide clear documentation to support financial audits. 

• Customs Duty & Credit Processing:

• Supervise receipt and adjustment of Duty Paid Entries from customs, validating the accuracy of duty costs and ensuring updates to account or cost prices as needed.
• Ensure that all credit notes are correctly processed with the correct warehouse allocation, type of credit, and corresponding ERP entries.
• Conduct regular audits of customs and credit note entries to confirm compliance with accounting standards and alignment with inventory records. 

Strategic Inventory Analysis & Process Improvement

• Inventory Optimization & SKU Management:

• Conduct in-depth analyses of inventory turnover, sales trends, and SKU performance to assist in SKU rationalization and optimize inventory levels.
• Use inventory consumption data to identify trends, excess stock, and potential shortages, and recommend adjustments to purchasing and stocking strategies.
• Collaborate with the procurement team on strategies to optimize inventory levels based on seasonal demand forecasts, product lifecycle stages, and historical sales performance.
• Regularly assess inventory for items approaching slow-moving, near expired or identified as damaged, generating reports on stock requiring action. Collaborate with commercial and warehouse teams to recommend optimal solutions for these items, such as provisioning, discounts/specials, bundling with other products, transfers to Staff Shop or disposal.
• Maintain records of damaged and expired inventory by location, providing monthly and quarterly reports that include trends and action plans. 

• Loss Prevention & Process Compliance:

• Develop and monitor controls to mitigate stock losses, including oversight of virtual stock locations and implementation of preventive processes.
• Review and refine inventory management workflows and system configurations, working closely with inventory assistants to ensure SOP compliance and process efficiency.

 Resource Management & Compliance

• Departmental Operations:
  • Oversee the daily activities of the Finance Department, ensuring that all team members have clear roles and targets.
  • Delegate tasks, set daily, weekly, and monthly goals, and monitor team performance against those objectives.
  • Support staff through coaching, mentoring, and providing development opportunities aligned with department needs. 

• Resource Optimization:
  • Ensure that all departmental resources, both human and asset-based, are managed effectively.
  • Lead recruitment, training, and retention efforts to ensure that the team operates at full capacity with a high level of competence.
  • Oversee resource planning to optimize departmental productivity and cost-effectiveness. 

• Policy Compliance:
  • Manage compliance with all relevant Standard Operating Procedures (SOPs) and internal policies. Conduct periodic reviews to ensure SOPs are up-to-date, and lead initiatives to improve or update policies as needed.
  • Educate team members on compliance requirements and promote a culture of accountability within the department. 

• Data Integrity & ERP Systems Management:
  • Maintain, update, and improve financial data management systems, ensuring data integrity through robust internal controls.
  • Conduct regular system audits and collaborate with IT to implement system enhancements, troubleshoot issues, and roll out upgrades. 

Qualifications & Experience

• Education: BSc in Account or ACCA Level 2 qualifications.  
• Experience: Minimum of 7-10 years of progressive inventory experience, with at least 3 years in a managerial role within the food, beverage, or distribution industry.
• Technical Skills: Proficient in financial software and ERP systems. Advanced skills in Excel
• Leadership Skills: Proven ability to lead and develop high-performing teams.
• Analytical Skills: Strong analytical and problem-solving skills with a strategic mindset.
• Communication Skills: Excellent verbal and written communication skills, with the ability to present complex financial information clearly and concisely.

Personal Attributes

• Strategic Thinker: Ability to think long-term and align financial strategies with company goals.
• Detail-Oriented: Meticulous attention to detail and accuracy.
• Proactive: Self-starter with the ability to take initiative and drive results.
• Ethical: High integrity and commitment to ethical standards.
• Collaborator: Partner with the internal stakeholders to provide strategic and tactical guidance, building synergies and assisting with sound decision-making.