Job Summary: The Inventory Costing Supervisor is responsible for overseeing and managing the inventory costing processes within the company. They play a crucial role in accurately determining the value of inventory and ensuring compliance with accounting principles and company policies. The main duties of the Inventory Costing Supervisor include developing and implementing inventory costing strategies, analyzing inventory variances, conducting audits, maintaining inventory cost tracking systems, training and supervising staff, and staying updated on industry best practices and accounting regulations. Strong analytical skills, knowledge of inventory costing methodologies, proficiency in using inventory costing software and ERP systems, and a background in accounting or finance are essential for this role. The Inventory Costing Supervisor collaborates with cross-functional teams and contributes to budgeting and forecasting activities. Overall, they ensure the accurate valuation of inventory and drive process improvements to maximize efficiency and control.
Responsibilities:
- Develop and implement inventory costing strategies and methodologies to accurately determine the value of inventory in accordance with accounting principles and company policies.
- Collaborate with cross-functional teams, including purchasing, finance, and operations, to ensure accurate and timely recording of inventory costs.
- Monitor and analyze inventory variances, investigate any discrepancies, and recommend corrective actions to optimize inventory valuation and control.
- Conduct regular inventory audits to ensure compliance with inventory costing procedures and identify opportunities for process improvement.
- Develop and maintain inventory cost tracking systems, reports, and dashboards to provide timely and accurate information for decision-making.
- Assist in the preparation of budgets and forecasts related to inventory costs.
- Train and supervise a team of inventory costing professionals, providing guidance, performance evaluation, and fostering a positive work environment.
- Stay updated on industry best practices and changes in accounting regulations related to inventory costing methodologies.
Requirements:
- Bachelor’s degree in accounting, finance, or a related field.
- Proven experience as an Inventory Costing Supervisor or in a similar role, preferably in a manufacturing or distribution environment.
- In-depth knowledge of inventory costing methodologies, such as standard cost, weighted average, and actual cost.
- Strong analytical skills with the ability to interpret complex financial data and make informed decisions.
- Proficiency in using inventory costing software such as ERP systems.
- Excellent communication and interpersonal skills, with the ability to effectively collaborate with cross-functional teams.
- Detail-oriented and able to work under pressure to meet tight deadlines.
- Knowledge of accounting principles and regulations, such as GAAP and IFRS, related to inventory costing.
