Inventory Recording and Tracking:

• Record all inventory transactions, including purchases, sales, returns, and adjustments, in the accounting system.
• Monitor inventory levels and reconcile discrepancies between physical counts and recorded quantities.
• Implement and maintain systems for tracking inventory movement within warehouses or distribution centers.

Inventory Valuation:

• Determine the cost of inventory using appropriate valuation methods (e.g., FIFO, LIFO, weighted average).
• Calculate inventory reserves for potential obsolescence, shrinkage, or other risks.
• Perform periodic inventory audits to verify the accuracy of valuation and identify any discrepancies.

Financial Analysis:

• Analyze inventory-related financial data to identify trends, variances, and opportunities for improvement.
• Prepare inventory-related reports, such as inventory turnover, days on hand, and aging analysis, for management review.
• Provide insights and recommendations to optimize inventory levels, minimize carrying costs, and improve inventory management processes.

Compliance and Reporting:

• Ensure compliance with accounting standards (e.g., GAAP, IFRS) and internal control procedures related to inventory.
• Assist with the preparation of financial statements and disclosures related to inventory for external reporting purposes.
• Work with auditors during financial audits to provide supporting documentation and explanations for inventory-related transactions.

Cross-functional Collaboration:

• Collaborate with purchasing and procurement teams to optimize inventory replenishment processes and manage supplier relationships.
• Partner with warehouse and logistics teams to streamline inventory handling and minimize stockouts or overstock situations.
• Coordinate with sales and operations teams to forecast demand and align inventory levels with business objectives.