Inventory Cost Accountant

Africology • Other • Randburg, Gauteng, South Africa • $200 - $300 / year • 3h ago

ABOUT US

Africology's journey is one of resilience, family values, and a commitment to natural healing. Founded by Renchia Droganis during a time of personal adversity, Africology began with a passion for harnessing the power of botanical therapies. What started as a single mother's effort to create meaningful, chemical-free skincare has grown into a family-run business present in leading hotels and spas worldwide. Guided by a deep respect for nature, every product is crafted with care, reflecting Africology's dedication to authentic beauty and environmental preservation.

DUTIES & RESPONSIBILITIES

KEY PERFORMANCE INDICATORS : but not limited to

Inventory Costing and Valuation:

Develop and maintain accurate product cost structures, including raw materials, work-in-progress (WIP), finished goods, and overhead allocations. Ensure that all costs associated with production, packaging, and distribution are properly accounted for and integrated into the costing system.
Calculate and reconcile COGS on a regular basis. Ensure that variances between budgeted and actual COGS are accurately identified, analysed, and explained.
Conduct regular inventory revaluations, updating standard costs as necessary, to reflect changes in supplier prices, production costs, and other market factors. Ensure compliance with accounting standards (e.g., IFRS) for inventory accounting and costing methodologies.

Inventory Management and Reconciliation:

Conduct periodic physical inventory counts and cycle counts to reconcile with system records. Investigate discrepancies between physical counts and system inventory, reporting findings and taking corrective actions as needed.
Manage inventory write-offs, ensuring that obsolete, slow-moving, or damaged goods are accurately identified, valued, and removed from the inventory system.
Monitor inventory movements, including purchases, sales, transfers, and adjustments. Ensure that all transactions are properly recorded and reconciled in real time.

Financial Reporting & Analysis:

Prepare detailed inventory cost reports for management, including variance analysis, inventory turnover, and gross margin performance. Provide insights and recommendations based on the data to help management improve inventory control and cost-efficiency.
Conduct margin analysis and profitability assessments, focusing on the impact of inventory costs on overall financial performance. Provide detailed reports that highlight cost-saving opportunities or areas of concern.
Assist in developing inventory cost forecasts and budgets, working closely with purchasing, sales, and production teams to anticipate future inventory needs and associated costs.

System Integration & Optimization:

Utilize DEAR, Shopify, Xero, and Warehouse Manager systems to maintain accurate and up-to-date inventory data. Ensure that inventory transactions (such as sales, returns, and adjustments) are processed and reflected accurately in the accounting system.
Work with the IT team to resolve any issues related to system integration between DEAR, Xero, and Warehouse Manager. Identify and implement solutions to enhance data flow and accuracy between systems.
Identify opportunities for automating inventory costing and reporting processes to improve efficiency and reduce manual errors. Implement changes to streamline workflows and reporting cycles.

Compliance and Internal Controls:

Ensure that inventory costing processes are compliant with all relevant accounting standards and company policies. Keep up to date with any changes in regulatory requirements related to inventory and cost accounting.
Develop and maintain internal controls to safeguard inventory assets and ensure the accuracy of inventory records. Work with the internal audit team to conduct periodic reviews of inventory management practices and controls.

Collaboration & Cross-Functional Support:

Work closely with purchasing, production, sales, and warehouse teams to ensure seamless communication regarding inventory levels, costs, and production schedules.
Provide training to junior finance staff and other departments as necessary on inventory costing principles, best practices, and system usage. Serve as a subject matter expert for inventory-related questions.
Assist other departments with inventory-related issues, such as discrepancies, stockouts, or overstocking, and work collaboratively to resolve them efficiently.

QUALIFICATION AND EXPERIENCE

QUALIFICATIONS:

· Bachelor’s degree in accounting, finance, or a related field.

· Professional accounting qualification (e.g., CA(SA), ACCA, CIMA) is a plus.

EXPERIENCE:

· 4-6 years of experience in cost accounting, with a focus on inventory management, ideally within a manufacturing, retail, or distribution environment.

· Hands-on experience with inventory management systems (DEAR, Shopify, Xero, and Warehouse Manager) is essential.

· Proven track record of managing and optimizing inventory costing systems, processes, and reporting.

· Advanced proficiency in Microsoft Excel (pivot tables, VLOOKUP, advanced formulas, and financial modelling).

· Strong working knowledge of ERP/Accounting software, particularly Xero.

· Familiarity with inventory management systems, with the ability to troubleshoot and optimize system integrations (DEAR, Shopify, and Warehouse Manager).

· Ability to generate reports, analyse data, and present findings to senior management.

KEY SKILLS AND ATTRIBUTES

· Cost Accounting

· Inventory Management

· Financial Reporting

· System Expertise

· Technical Proficiency

· Compliance

· Analytical Skills

· Communication

· Attention to Detail

· Personal Attributes

REMUNERATION / BENEFITS

SALARY: R 25 000 – R 30 000 per month (Depending on Experience)

WHY JOIN US

· Competitive compensation package.

· Opportunities for career growth and advancement.

· A dynamic and collaborative work environment.

· Commitment to quality, safety, and environmental responsibility.

If you are ready to embrace a challenging and rewarding role within the natural skincare and wellness industry and possess the required skills and experience, we encourage you to apply. Africology is an equal opportunity employer, welcoming applications from individuals with diverse backgrounds and experiences. We are excited to welcome a passionate team member who shares our commitment to crafting authentic beauty products rooted in nature and holistic wellness.

Duties and responsibilities are not limited to the above job specifications, and additional requirements and instructions must be adhered to and complied with as needed and within legal limits. Duties, responsibilities, requirements, and/or instructions may change at any time in accordance with business or operational needs.

Job Type: Full-time

Pay: R25000,00 - R30000,00 per month

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