Inventory Manager-Finance

Key Responsibilities:

1. Inventory Valuation and Financial Reporting:
   
   • Work closely with the finance and accounting teams to ensure accurate inventory valuation in line with accounting standards (e.g., GAAP, IFRS).
     
   • Oversee the application of inventory costing methods (e.g., FIFO, LIFO, or weighted average) for financial reporting purposes.
     
   • Ensure proper documentation and reporting of inventory adjustments (e.g., write-offs, obsolescence, or shrinkage).
     
   • Prepare and provide regular inventory-related financial reports, including the cost of goods sold (COGS), inventory turnover ratio, and gross margin analysis.
     
   • Inventory Costing and Control:
     
     • Collaborate with the production, procurement, and finance teams to track and analyze inventory costs, including raw materials, work-in-progress (WIP), and finished goods.
       
     • Ensure that inventory costs are recorded correctly and efficiently in the companys financial systems.
       
     • Conduct regular financial analysis to identify areas of cost reduction or efficiency improvement in inventory management.
       
     • Monitor inventory levels and ensure that excessive stock is avoided to optimize cash flow and reduce carrying costs.
       
     • Reconciliation and Inventory Audits:
       
       • Perform periodic reconciliations between physical inventory counts and financial records, resolving discrepancies promptly.
         
       • Lead year-end or quarterly inventory audits and assist external auditors with required documentation and explanations related to inventory.
         
       • Ensure proper documentation of inventory transactions, including receipt, transfer, and write-off processes.
         
       • Internal Controls and Compliance:
         
         • Develop and implement internal controls to ensure the accuracy and integrity of inventory-related financial data.
           
         • Work with the finance and internal audit teams to ensure compliance with relevant regulations and accounting standards regarding inventory management.
           
         • Monitor and prevent inventory fraud, theft, and discrepancies, ensuring all inventory transactions are properly documented.
           
         • Inventory Forecasting and Budgeting:
           
           • Collaborate with procurement, sales, and production teams to forecast future inventory needs based on projected demand and sales forecasts.
             
           • Assist in creating and managing inventory budgets, ensuring that financial objectives related to inventory management are met.
             
           • Analyze inventory trends and make recommendations for improving cash flow and reducing unnecessary stock accumulation.
             
           • Collaboration and Communication:
             
             • Serve as the point of contact for inventory-related financial data and issues, collaborating with supply chain, procurement, and production teams.
               
             • Work closely with senior finance and operations leadership to optimize inventory strategy and financial performance.
               
             • Communicate financial implications of inventory decisions to management, helping to drive informed decision-making across the organization.
               
             • System Integration and Process Improvement:
               
               • Utilize Enterprise Resource Planning (ERP) or other financial software to track, manage, and report on inventory levels and costs.
                 
               • Continuously seek improvements to inventory management processes that align with financial objectives and improve operational efficiency.
                 
               • Assist with the integration of inventory management systems with financial systems to ensure seamless data flow and accurate reporting.
                 
               • Training and Development:
                 
                 • Train and guide finance and inventory team members on best practices for managing inventory data in accordance with financial policies and regulations.
                   
                 • Stay up-to-date with industry trends, financial reporting changes, and inventory management best practices.
                   
                   
                   

                   Qualifications and Skills:
                   

                   • Masterdegree in Finance, Accounting, Business Administration or a related field.
                     
                   • Minimum of 5 years of experience in inventory management, finance, or accounting, preferably in an electronics manufacturing environment.
                     
                   • Strong understanding of inventory costing methods (e.g., FIFO, LIFO, weighted average) and their impact on financial statements.
                     
                   • Proficiency in ERP or inventory management software (e.g., SAP, Oracle, Microsoft Dynamics).
                     
                   • Knowledge of accounting principles, including GAAP or IFRS, as they relate to inventory management and financial reporting.
                     
                   • Excellent analytical skills with the ability to interpret complex data and generate insights.
                     
                   • Strong organizational skills and attention to detail.
                     
                   • Ability to communicate financial information effectively to non-financial stakeholders.
                     
                   • Strong problem-solving abilities and the capacity to identify and implement improvements in inventory processes.