DescriptionThe Senior Financial Analyst – Cost Accounting will provide financial planning, analysis, accounting, and cost accounting support for the Thermal Solutions Finance organization. Working in partnership with the Cost Accounting Manager, this role supports the daily cost accounting function to ensure the accuracy of the financials, including the annual standard cost update, the review and improvement of costing policies and procedures, and providing insight into cost impacts and the financial impact of business performance. The role also assists in ensuring the company’s financial plans and policies are implemented and followed, including supporting the annual operating plan (AOP), forecast, and long-range plan (LRP). The position partners closely with Operations, Supply Chain, Engineering, and global manufacturing teams and offers the opportunity to build broad expertise in manufacturing cost accounting and grow into increased responsibility over time.
Primary Duties & Responsibilities
Cost Accounting
- Support the daily cost accounting function in partnership with the Cost Accounting Manager to ensure the accuracy of product costs, inventory, and cost of goods sold in the financials.
- Develop in-depth knowledge of the company’s costing processes, systems, and policies, and serve as backup for key cost accounting activities.
- Assist with the annual standard cost update and maintain standard costs for material, labor, and overhead in Oracle; review item costs, bills of material, and routings for accuracy.
- Contribute to the review and improvement of costing policies and procedures, costing methodology, and inventory controls.
- Provide insight into the cost impacts of operational, volume, pricing, and sourcing changes, and help leadership understand the financial impact of business performance.
- Assist with labor and overhead rate development; monitor overhead absorption and analyze under- and over-absorbed costs.
- Analyze and explain manufacturing variances, including purchase price, material usage, labor, overhead, yield, and scrap variances; communicate results and root causes to Operations and leadership.
- Prepare monthly inventory valuation, work-in-process, and cost of goods sold reporting; reconcile inventory subledgers to the general ledger.
- Prepare inventory reserve analysis, including excess and obsolete and lower of cost or net realizable value analysis.
- Support physical inventory, cycle count, and inventory reconciliation activities, including the year-end inventory audit.
- Partner with Operations, Supply Chain, and Engineering to identify cost drivers, track cost reduction initiatives, and improve the accuracy of costing d