Stock Accountant - Dubai, United Arab Emirates - EMP GoWIN Global

Description

Job Description

A stock accountant, also known as Inventory Accountant, is responsible for managing and accounting for an organization's inventory. This includes monitoring stock levels, reconciling discrepancies, and

ensuring accurate financial reporting related to inventory transactions.

Duties And Responsibilities

• Inventory Management:
  
  

Monitor stock levels and ensure sufficient inventory is available to meet customer demand.

Coordinate with procurement and sales teams to maintain optimal stock levels while minimizing excess or obsolete inventory.

• Recording inventory transactions:
  
  

Record and document all inventory transactions, including purchases, sales, returns, and adjustments.

Code inventory items appropriately in the accounting system and maintain accurate records of stock

movements.

• Reconciliation and Valuation:
  
  

Reconcile physical stock counts with system records, and investigate and resolve discrepancies.

Calculate the cost of goods sold (COGS) and inventory valuation using appropriate methods (e.g., FIFO, LIFO, weighted average).

• Financial Reporting:
  
  

Prepare regular inventory reports, including stock levels, turnover ratios, and aging analysis.

Provide accurate and timely data to the finance team for financial reporting and analysis purposes.

• Inventory Control:
  
  

Implement and maintain internal control procedures to safeguard inventory from theft, damage, or

unauthorized use.

Monitor and report on slow-moving or obsolete inventory, and work with the sales team to minimize losses.

• Vendor and Supplier Management:
  
  

Communicate with suppliers to resolve issues related to deliveries, quality, and pricing.

Negotiate favorable terms with suppliers, including discounts and favorable payment schedules.

• Compliance and documentation:
  
  

Ensure compliance with accounting standards and regulations related to inventory valuation and reporting.

Maintain organized and up-to-date documentation for all inventory-related transactions and agreements.

• Process Improvement:
  
  

Identify inefficiencies in inventory management processes and propose improvements.

Streamline workflows and implement best practices to optimize inventory control and accuracy.

• Auditing and Reconciliation:
  
  

Assist auditors by providing necessary documentation and explanations related to inventory transactions

during internal and external audits.

Reconcile inventory accounts and resolve discrepancies in a timely manner.

• Forecasting and Analysis:
  
  

Collaborate with sales and demand planning teams to forecast inventory needs based on market trends and customer demand.

Analyze inventory data to identify trends, stock movement patterns, and opportunities for cost savings.

Qualifications

• Bachelor's degree in accounting, finance, or a related field.
• Proven experience in inventory management or a similar role.
• Familiarity with inventory management software and accounting systems.
• Knowledge of inventory valuation methods and financial accounting principles.
• Strong analytical and problem-solving skills.
• Excellent communication and interpersonal skills.
• Attention to detail and the ability to work independently and collaboratively within a team.
  
  

A stock accountant plays a critical role in managing the organization's inventory efficiently, ensuring accurate financial reporting, and optimizing inventory-related costs. Their efforts contribute significantly to the company's financial stability and customer satisfaction.