Inventory Manager-Finance
Inventory Manager-Finance
Posted on :
28-12-2024
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1 Vacancy
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Job Description
Position: Inventory Manager Finance
Organization: Cyient DLM Limited
Work Location: Mysore Karnataka (India)
Job Overview: The Inventory Manager is responsible for managing inventory from a financial perspective. This includes overseeing inventory valuation cost control reporting and ensuring compliance with accounting standards. The role bridges the gap between inventory management and financial reporting requiring strong knowledge of both inventory systems and financial practices to optimize the companys profitability reduce financial risks and ensure accurate financial records.
Key Responsibilities:
- 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. writeoffs obsolescence or shrinkage).
- Prepare and provide regular inventoryrelated 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 workinprogress (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 yearend 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 writeoff processes.
- Internal Controls and Compliance:
- Develop and implement internal controls to ensure the accuracy and integrity of inventoryrelated 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 inventoryrelated 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 decisionmaking 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 uptodate with industry trends financial reporting changes and inventory management best practices.
Qualifications and Skills:
- Master s degree 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 nonfinancial stakeholders.
- Strong problemsolving abilities and the capacity to identify and implement improvements in inventory processes.
Employment Type
Full Time
Key Skills
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