Inventory Accountant

Summary of the job role:
As an Inventory Accountant, your primary responsibility will be to support the finance and inventory management functions of the company. You will work closely with the finance and operations teams to ensure accurate tracking, recording, and reporting of inventory-related transactions. Your role will involve managing inventory data, reconciling inventory records, conducting audits, and assisting with financial analysis related to inventory management.

Inventory Responsibilities:

1. Inventory Control Management:
   • Conduct regular physical inventory counts and reconcile discrepancies between physical counts and system records
   • Implement and maintain effective inventory control procedure to minimize stock variance and losses.
   • Monitor stock level, identify potential stock shortage or excesses and make recommendations for re-ordering or disposal.
   • Maintain accurate and up to date records of all stock transactions. including purchase, sales, transfer and adjustment.
   • Monitor inventory levels and collaborate with the operations team to ensure optimal stock levels are maintained.
   • Assist in the implementation and improvement of inventory management systems and procedures.
2. Financial Reporting and Analysis
   • Prepare monthly, quarterly and annual reports on stock level, valuation and movement review.
   • Conduct regular analysis of inventory turnover, aging and obsolescence to optimize stock holding and minimize carrying cost
   • Collaborate with finance team to ensure accurate stock valuation and cost allocation in accordance with accounting principle.
   • Assist in the preparation of financial statements and reports related to inventory
3. Reconciliation and Auditing
   • Perform regular reconciliations of stock records with the general ledger and resolve any discrepancies
   • Assist with internal and external audits by providing supporting documents, explanation and audit trails for stock transaction.
   • Ensure compliance with accounting regulations, company policies and industry standards related to stock accounting and inventory management.
4. Cross-Functional Collaboration
   • Collaborate with various departments, such as operations, procurement, and sales, to coordinate inventory-related activities and address any issues or concerns.
   • Assist in ad-hoc projects and tasks related to finance and inventory management as assigned
5. Process Improvement and System Enhancement
   • Identify opportunities to stream line stock accounting processes and enhance efficiency, accuracy and date integrity

Finance Responsibilities:

1. Reconciliation
   • Ensure bank reconciliations are accurate/timely.
2. Payment processing
   • Receive, confirm and verify payments, ensuring all contractual and LPO based payments are processed promptly & accurately and that appropriate procedures and approvals have been complied with before processing any payment
   • Give attention to detail while processing payments to ensure accuracy of financial data
   • Ensure accruals of expenses are accurately processed before end of month.
   • All invoices are checked for validity before payment is made. This may involve liaison with ordering staff to ensure that the goods or services invoiced have been received and are of an appropriate standard.
3. Record keeping
   • Ensure accurate and safe archiving of all relevant documents and vouchers in the department
4. Cash flow management
   • Check all the bank statements regularly for any receipts and notify your supervisor accordingly
5. Statutory deductions remittance
   • Ensure that PAYE, NSSF and NHIF is remitted by the 9th of the following month.
   • Any other duties assigned by the supervisor.

Essential Skills/Competence:

•  Excellent attention to detail and accuracy.
• Strong organizational and time management skills.
• Effective communication and interpersonal skills.
• Must be conversant with QuickBooks and Accounting package.
• IT proficiency ERP skills.
• Analytical skills.
• Knowledge of principles and standard practices of accounting.
• Knowledge of budget preparation and control process.
• Numerical skills.
• Interpersonal skills.
• Accuracy.
• Attentive to details.
• Knowledge of office management systems and procedures.
• Working knowledge of office equipment, like printers and fax machines.
• Proficiency in MS Office (MS Excel and MS PowerPoint, in particular).
• Excellent time management skills and the ability to prioritize work.
• Attention to detail and problem-solving skills.
• Excellent written and verbal communication skills.
• Strong organizational skills with the ability to multi-task.

Education Qualifications and Work Experience:

• Bachelor’s degree in finance, accounting, business administration, or a related field
• Strong analytical skills with the ability to interpret and analyze financial and inventory data
• Minimum CPA Section IV or equivalentPrevious relevant work experience required.
  • At least 2 -3 years of experience.

APPLICATION PROCESS
If you would like to join this dynamic team, please submit your application to hr@cms.co.ke , quoting “Inventory Accountant” in the email subject matter, by 27th July, 2023. Each application should include the following:

• An updated CV; and
• An application letter which should include remuneration requirements and contact information for three work-related referees.

Applications not including all of the above information will not be reviewed. Only short-listed candidates will be contacted. CMS is an equal opportunity employer.