Department: Finance

Reports To: Finance Manager

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 Responsibilities

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 Ethic: Proactive, self-motivated, organized, and capable of working effectively under pressure and meeting tight deadlines.

Inventory Accuracy

• Ensure up-to-date and accurate inventory records
• 98% accuracy in inventory records (system vs. physical count)

Inventory Reconciliation

• Ensure timely and accurate monthly reconciliations
• Monthly reconciliation reports submitted by the 5th working day

Cycle Count Accuracy

• Perform regular cycle counts to verify inventory
• 95% accuracy in cycle count results

Risk Mitigation

• Identify and minimize inventory-related risks
• Less than 2% of inventory value written off due to damage, theft, or obsolescence

Inventory Movement Monitoring

• Monitor stock movements and mitigate discrepancies
• Weekly inventory movement reports with zero discrepancies

Compliance with Accounting Standards

• Ensure adherence to IFRS and company policies
• 100% adherence to internal and external accounting standards for inventory

Collaboration with Stores

• Ensure smooth coordination with the Stores team
• 100% compliance with inventory control procedures and storage guidelines

Audit Implementation

• Ensure periodic audits are conducted and issues resolved
• Conduct at least one audit per quarter, with all discrepancies resolved within 30 days

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.