Inventory Accounting Analyst

About Lubrizol  
The Lubrizol Corporation, a Berkshire Hathaway company, is a specialty chemical company whose science delivers sustainable solutions to advance mobility, improve wellbeing and enhance modern life. Founded in 1928, Lubrizol owns and operates more than 100 manufacturing facilities, sales, and technical offices around the world and has about 8,000 employees. For more information, visit www.Lubrizol.com.  

We value diversity in professional backgrounds and life experiences. By enabling a consistent, unbiased, and transparent recruitment process, Lubrizol seeks to create a positive experience for candidates so we can get to know them at their best. We recognise unique work and life situations and offer flexibility, ensuring our employees feel engaged and fulfilled in every aspect of life. 

Summary of the Role:
The Inventory Accounting Analyst is responsible for conducting comprehensive reviews of 3rd Party warehouses, terminals, and tollers’ inventory to ensure accuracy of inventory records, ensuring data integrity and reliability. This role plays a crucial part in identifying inventory discrepancies and losses to maintain the company’s financial health. Initially, this role will cover North America with anticipated expansion globally. This role requires a detail-oriented individual with strong analytical skills, a solid understanding of inventory management principles, and the ability to lead and improve inventory practices within the organization.

Responsibilities / Accountabilities:  

• Assist with the standardization and centralization of inventory reconciliation processes and controls, including accounting and finance-related responsibilities.
• Monitor and maintain accurate inventory records, ensuring completeness and accuracy.
• Obtain inventory reports from Lubrizol’s system, complete reconciliations using reports from third-party locations, and work with Supply Chain to investigate identified discrepancies. 
• Document the reconciliation results and actions taken, update the system and maintain accurate accounting records.
• Report the reconciliation status and issues to the relevant stakeholders, including accounting and finance teams.
• Review adjustments per policy thresholds, ensuring accuracy and compliance. Ensure approved adjustments are entered in the system in a timely manner.
• Remotely coordinate routine annual site visits for inventory count observations.
• Identify and investigate discrepancies between physical counts and system records, implementing corrective actions.
• Maintain a live Failure Mode and Effects Analysis of controls affecting inventory movements in third party warehouses.
• Support implementation of inventory control best practices in collaboration with staff at the third-party locations.
• Track and maintain key performance indicators to measure inventory accuracy and efficiency, with a focus on accounting and finance metrics.
• Conduct audits of third-party warehouse operations to ensure compliance with contractual agreements, including financial controls.
• Assist in developing and updating internal audit procedures and controls, specifically related to inventory management.
• Define the Reconciliation Process in cases of new sites, ensuring accounting and finance requirements are met.
• Coordinate communications with warehouses and Supply Chain, including inventory reports from third-party locations.
• Analyze period end inventory balances to identify inventory locations in-scope for control procedures, particularly from an accounting and finance perspective.
• Perform root cause analysis on material variances, considering the impact on financial statements.
• Investigate and resolve adhoc adjustments throughout the period, following accounting and finance policies.
• Generate reports and provide analysis on inventory trends, aging, and obsolescence.
• Assist in the preparation of financial reports related to inventory.
• Perform cost analysis and support budgeting processes, as needed.
• Identify opportunities for cost savings and process improvements in inventory management at third-party locations.

Requirements (education, experience, competencies, and specific job requirements):

Education / Certification: 

• Bachelor's degree in finance, accounting, or related field.

Experience and Skills:  

• Bachelor's degree in finance, accounting, or related field.
• 3 – 5 years of experience.
• Proven experience in inventory controlling or auditing, preferably in a warehouse or logistics environment.
• Strong understanding of inventory management practices and systems.
• Excellent analytical and problem-solving skills.
• Strong attention to detail and accuracy.
• Effective communication and interpersonal skills.
• Ability to work independently and as part of a team.
• Proficiency in Microsoft Office Suite and inventory management software
• SAP proficiency a plus.

Ready for your next career step? Apply today and let's shape the future together!

It’s an exciting time to be part of Lubrizol. Lubrizol is not staying put. We are continually learning and evolving. Our passion delivers our success — not only for Lubrizol but for those who count on us every day: our employees, customers and communities.

We work with a relentless commitment to operate safely and responsibly, keeping safety, sustainability, ethics, and compliance at the forefront of everything we do. The well-being of our employees, customers and communities is paramount to our culture and in the way we approach our work.

As a diverse, global team, we work together to solve some of the world’s most pressing challenges. We impact everyday lives through science only Lubrizol can deliver, and we never stop pushing to do it better.

One of the founding principles of The Lubrizol Corporation more than 90 years ago was treating every employee with dignity and respect. That same commitment is only stronger today. 

More than that, we are committed to providing an environment where every employee can be the best they can be, no matter their ethnic origin, religion, sex, national origin, sexual orientation, gender identity, disability or any other characteristic.