Inventory Cost Accountant at A Seed Company June, 2020

A Seed Company

Job Purpose

The incumbent will be responsible for all inventory accounting functions. He will ensure that all aspects relating to inventory movement tracking, inventory valuation, finished goods inventory sales pricing and margins etc are managed to maximise value out of all inventory.

He will be responsible for liaison with the Sales and Marketing and Production function to ensure inventory redundancy is minimised. He will also coordinate out-grower scheme account management to ensure complete and accurate accounts are maintained for all out grower scheme clients in the purchases ledger.

Key Job Responsibilities

  • Managing out-grower farmer accounts to ensure that all seed issued to the farmers, all returns of seed from farmer is correctly and fully accounted in the supplier ledger.
  • Posting inventory transactions to the general ledger
  • Provide daily analysis of margin and inventory reports for one each product category of the company
  • Developing inventory weekly and monthly analysis reports and analysing variances
  • Assisting in the improvement in internal controls related to inventory
  • Verifying accurate standard costs where applicable
  • Monitoring inventory transactions
  • Reconciling inventory accounts to the general ledger and ensuring that all inventory records (physical bin cards and on the accounting system) are updated in real-time. Inventory records
  • Preparing daily, weekly and monthly journal entries as needed
  • Review and resolve issues with inventory transfer orders between locations
  • Provide inventory support and guidance to other internal stakeholders as needed
  • Ensure procedures are documented and updated regularly.
  • Conduct spot counts of inventory, manage the perpetual inventory system
  • Assist in collection and preparation of documentation requested for the annual statutory audit.
  • Perform additional responsibilities within the department as assigned.

Key performance measures for the Job

The following are three important KPIs that will help your function operate optimally

1. Inventory accuracy: Reduced stock differences between actual and theoretical
stock balances in quantity

Reduced average stock differences to no more than 0.05% of the stock balance both
overall and on each inventory line

2. Farmer account accuracy: Achieve 80% accuracy in out grower farmer records
as pertains to cash towards inputs, input advanced to farmers and seed collected
from farmers.

Accurate accounts for growers will ensure that the business pays out only that which is
rightly due to the farmers and will ensure resources are maximized.

3. Receiving efficiency: Ensuring that all inventory movements are captured fully,
accurately and timely in the accounting reporting system.

Accurate inventory records minimizes instances of stock write offs, damages and other
inventory losses. This will ensure the company optimizes the utilization of inventory.

Planning and decision making

Problem solving

Your key responsibility key of inventory accounting is to minimise inventory holding and the costs of holding stocks, while ensuring that Stewards Globe Limited has sufficient stocks to meet customer needs.

Planning

  • Understanding stock and stock control
  • Controlling and recording the process and movement of stock
  • Stock documentation
  • Controlling of returns and back orders
  • Effective record keeping of documentation relating to inventory and out-grower farmers
  • Handling damaged stock
  • Procedures in stock taking
  • Good housekeeping – safety and security issues
  • Standards and ethics in stores
  • Stock control management systems
  • Stock pilferage
  • Time management

Decision making

Help stakeholders make better business decisions by providing them with financial information relating to inventory. As the process of measuring and summarizing business activities, interpreting financial information, and communicating the results to management and other decision makers.

Knowledge, experience and personal competencies

Experience

  • Proven work experience as an Inventory Accountant or similar role. Working knowledge of inventory management software,

Qualifications

  • Bachelor’s degree in Accounting and Final ACCA or equivalent.
  • Member of ZICA
  • Proven experience as an Inventory Accountant, Stores accountant, or similar role
  • An understanding of GAAP in relation to inventory.
  • Working knowledge of supply chain procedures
  • A good understanding of inventory management programs particularly Sage Pastel / Evolution experience.
  • Excellent negotiation and communication skills
  • Personal competencies
  • Is flexible and able to work as part of a team.
  • Proficient in MS Excel.

To apply for this job email your details to [email protected]

Only candidates can apply for this job.

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