Cost Accountant

Primary Functions: The Cost Accountant will be responsible for ensuring accurate inventory valuation, identifying risks, and maintaining controls in accordance with generally accepted accounting principles.

Key Responsibilities:

• Monitor inventory transactions for discrepancies and investigate any outliers.
• Assess inventory for obsolete and slow-moving parts, ensuring adequate reserves.
• Reconcile inventory reports from the ERP to the general ledger on a monthly basis.
• Calculate and prepare monthly journal entries for scrap material.
• Review inventory held at suppliers for reasonableness each month.
• Address negative quantities in perpetual inventory reports.
• Perform inventory price testing to ensure accurate valuations.
• Review and update standard costs in the ERP system.
• Calculate the full absorption ratio monthly and compare it to the general ledger, preparing adjusting journal entries as needed.
• Other duties as assigned.

Reporting:

• Provide financial analysis as needed and assist with the preparation of monthly and annual financial statements.
• Recommend benchmarks for measuring company performance.

Compliance:

• Ensure adherence to accounting policies related to inventory and recommend changes as necessary.
• Monitor daily cycle counts and participate in counts if needed.
• Assist with annual financial audits and physical inventory counts.

Scope and Purpose: In a small business setting, the Cost Accountant may be required to perform additional duties beyond traditional cost accounting responsibilities.