Summary of Position:
The North America Senior Cost Accountant will report into the Regional Cost & Inventory Accounting Manager and will perform the Standard Costing, Cost Accounting, Inventory Accounting, and variance management processes together with the rest of the regional and global/central team.
Cost & inventory accounting is defined as the finance process of assigning costs to Quaker Houghton (QH) products and services, as well as tracking and analyzing material, labor, and manufacturing overhead costs. It ensures accurate financial valuation of inventory and supports operations, procurement, supply chain, and commercial management evaluate profitability, cost efficiency, and cost saving opportunities.
Cost & Inventory Accounting processes serve as an input for both statutory and management reporting. It includes the costing of raw materials, intermediate products and finished products for all manufacturing including direct material costs. It includes branch(location) cost reporting, legal entity cost reporting, and group cost reporting (from raw material to finished goods across all legal entities) and requires close cooperation with the company’s procurement, operations, and supply chain teams.
To be successful, this role will collaborate with key finance and business stakeholders locally and regionally, including cost & inventory accounting professionals, accounting teams and controllers, supply chain and commercial teams to understand and support the business, perform the Cost & Inventory Accounting processes and realize future state process improvements.
What will you do?
- Work with the Americas Cost Accounting Manager to assist in and drive improving the Cost Accounting processes.
- Perform daily operations of the local/regional and global (central) Cost & Inventory Accounting, from standard cost setting to monthly variance analyses and reporting, month-end activities, inventory valuation, and cost reporting.
This includes:
- Adhere to the annual and monthly standard costing process for calculation, review, and update of standard costs.
- Adhere to global Cost & Inventory Accounting policies and procedures to establish a consistent approach for Cost & Inventory Accounting processes.
- Communicate with finance and supply chain stakeholders for raw material prices, landed cost data, production (master) data and questions related to cost variances and cost reporting.
- Handle costing issues that need resolution in an independent manner
- Reporting of product costs, cost variances and inventory valuation per SOX control and business control requirements
- Analyze and prepare monthly cost variance reporting for the analysis of purchase price and manufacturing variances.
- Prepare journal entries.
- Perform month-end and year-end cost & inventory accounting activities, including ensuring financial accuracy of postings and COGS object accounts and performing necessary account reconciliations.
- Support both internal and external audit teams by providing requested documents and approvals.
- Follow and communicate policies and procedures to establish a consistent approach across the organization for cost and inventory accounting processes.
- Provide support for transformation activities for the improvement of Cost & Inventory Accounting processes.
- Adhere to a culture of continuous improvement, automation, digitization, adherence, and proactively propose enhancement to Global Standards.
- Ensure application of the global process, governed by a set of clearly defined controls.
- Act as point of contact for operational Cost & Inventory Accounting for other finance and business stakeholders.
Education, Experience and Training:
Bachelor’s degree (BS) in accounting, finance, or related field required. CPA or equivalent a plus.
Required Skills and Competencies:
- 5-7 years finance experience, with minimum of 2 years in manufacturing sectors
- Experience with cost & inventory accounting
- Ability to professionally communicate with all levels of the organization
- Attention to detail and proven organizational skills
- Ability to solve problems and work in an autonomous manner
- Intermediate to advanced MS Excel skills
- Interest and proficiency with using technology, including ERP, business intelligence, reporting, and AI tools.
- Motivated by continuous learning and growth, with a mindset that challenges the status quo.