Senior Inventory Cost Analyst

Ascentek • Golden Valley, MN

14h • Hybrid

About The Position

The Senior Inventory Cost Analyst serves as a key financial partner to manufacturing and operations leadership, providing analysis and insights that improve cost performance, margins, budgeting, and operational decision-making. This Analyst plays a critical role in ensuring accurate inventory costing, analyzing variances, supporting financial reporting, and improving inventory control processes to enhance operational efficiency and profitability. This role is responsible for managing inventory costing processes, analyzing inventory transactions and variances, maintaining accurate standard costs, and supporting financial reporting and inventory control. This role includes cost analysis, inventory valuation, variance investigation, month-end close support, and collaboration with operations, supply chain, and accounting teams. The Senior Inventory Cost Analyst ensures the accuracy, integrity, and usability of inventory and product cost data. The role blends cost accounting, inventory control, and operational analysis to support profitability and operational performance.

Requirements

• 4-year bachelor’s degree in accounting/finance or related field.
• 4+ years of progressive experience in cost accounting, operations finance, manufacturing finance, or a related field.
• Demonstrated experience analyzing manufacturing variances, supporting operational budgets and forecasts, and communicating financial results to nonfinancial business partners is strongly preferred.
• Strong knowledge of cost accounting and inventory accounting principles.
• Experience with ERP systems and inventory modules.
• Advanced Excel and data analysis skills.
• Ability to investigate variances and explain cost drivers.
• Strong communication and cross-functional collaboration skills.
• 3+ years of experience in cost or inventory accounting.
• Strong organizational skills and attention to detail
• Ability to independently problem solve
• Proficiency in the Microsoft suite of tools (Word, Excel, PowerPoint, etc.).

Nice To Haves

• JD Edwards accounting software and advance Excel and database management experience preferred.

Responsibilities

• Manage and oversee inventory costing processes, including standard costing and inventory valuation.
• Develop, maintain, and update standard costs for materials, labor, and overhead.
• Review and maintain overhead rates and ensure accurate cost allocation.
• Evaluate the reasonableness of standard costs by comparing standards to actual material consumption, labor performance, production activity, purchasing trends, and expected operating conditions.
• Analyze inventory transactions, discrepancies, and adjustments to ensure accuracy.
• Oversight of cycle counts and support year-end physical inventories.
• Monitor inventory levels, aging, slow-moving items, and valuation.
• Strengthen internal controls over inventory movement and reporting.
• Develop and maintain regular inventory-related financial reports and analysis of manufacturing costs, operational performance, and key financial metrics.
• Analyze material, labor, and overhead variances regularly.
• Investigate significant variances and partner with operations to resolve issues.
• Collaborate with supply chain and operations teams to improve inventory accuracy and costing.
• Coordinate and reconcile physical inventory counts with financial records.
• Conduct time studies to validate labor and machine standards.
• Analyze monthly manufacturing performance and investigate significant variances to determine their underlying operational and financial drivers.
• Partner with accounting and operations to communicate financial results, explain cost performance, and develop actionable plans to address unfavorable trends and improve operating results.
• Support month-end close by providing manufacturing cost analysis, explaining significant variances, and preparing a limited number of journal entries related to manufacturing.
• Support close activities related to inventory, WIP, and COGS.
• Support the annual budgeting and periodic forecasting processes for manufacturing operations, specifically for work center costs, labor rates, overhead spending and cost absorption.
• Develop and document SOPs for inventory control and costing processes.
• Implement improvements to enhance inventory accuracy and efficiency.
• Support special projects and other financial analysis requested by finance and business leadership.

Benefits

• Medical Plan options, including fertility coverage and free mental health and telehealth coverage
• Dental and Vision Insurance
• FSA/HSA options
• Paid parental leave
• Company-provided short-term disability, long-term disability, and life insurance
• Supplemental Insurances, including accident, critical illness, hospital, and supplemental life insurance
• 401(k) with a generous company match
• Pet Insurance Benefits
• Tuition reimbursement
• 21 Paid Days Off
• 7 Paid Holidays
• Short-Term Incentive Plan (STIP)
• Dress For Your Day (casual dress environment)
• Work Your Way (hybrid work)
• Paid comprehensive on-the-job training
• Company provided phone
• Company provided computer
• Career advancement opportunities

What This Job Offers

• Job Type: Full-time
• Career Level: Senior