Senior Cost Accountant

Job Description

Senior Cost Accountant

Location: Rochester, NY (On-Site)

Department: Finance & Accounting

Reports To: VP of Finance

Position Summary

The Company is seeking a highly analytical and detail-oriented Cost Accountant to support our manufacturing and supply chain operations in Rochester, New York. This role is responsible for maintaining accurate product costing, inventory accounting, manufacturing variance analysis, and financial reporting for a dynamic biotechnology manufacturing environment.

The Cost Accountant will partner closely with Operations, Supply Chain, Manufacturing, Procurement, and Finance to ensure accurate inventory valuation, support cost control initiatives, and provide meaningful financial insights that drive operational decision-making.

Key Responsibilities

Cost Accounting & Inventory Management

• Maintain and update standard costs for raw materials, work-in-process, and finished goods.
• Analyze manufacturing costs and monitor inventory valuation accuracy.
• Perform monthly inventory reconciliations and prepare supporting schedules.
• Monitor inventory reserves, excess and obsolete inventory, and cycle count adjustments.
• Review inventory transactions for accuracy and compliance with company policies.
• Assist with physical inventory counts and cycle count programs.

Manufacturing Financial Analysis

• Analyze manufacturing variances including:
• Material usage variances
• Purchase price variances
• Labor variances
• Production yield variances
• Overhead absorption variances
• Investigate significant variances and provide recommendations to management.
• Partner with Manufacturing leaders to identify opportunities for cost savings and process improvements.
• Develop and maintain cost reports, KPIs, and operational metrics.

Financial Close and Reporting

• Prepare monthly journal entries related to inventory, manufacturing costs, and accruals.
• Assist with month-end, quarter-end, and year-end close activities.
• Reconcile inventory and manufacturing-related balance sheet accounts.
• Support internal and external audit requests.
• Prepare schedules supporting financial statement disclosures and audit requirements.

Budgeting and Forecasting

• Support annual budgeting and periodic forecasting processes.
• Assist in developing manufacturing cost models and production forecasts.
• Analyze actual performance against budget and forecast expectations.
• Prepare management reports summarizing manufacturing financial performance.

Systems and Process Improvement

• Maintain accurate costing data within Dynamics 365 Finance (D365) or other ERP systems.
• Support improvements to costing methodologies, inventory controls, and reporting processes.
• Assist in ERP system enhancements, testing, and implementation projects.
• Document cost accounting procedures and internal controls.

Fixed Asset Accounting and Administration

• Maintain the company's fixed asset subledger and ensure accuracy and completeness of fixed asset records across all locations.
• Review and account for capital expenditures in accordance with U.S. GAAP and company capitalization policies.
• Evaluate expenditures for capitalization versus expense treatment and prepare supporting documentation.
• Record additions, transfers, retirements, disposals, and sales of fixed assets.
• Calculate and record monthly depreciation and amortization entries.
• Reconcile fixed asset subledger balances to the general ledger on a monthly basis.
• Monitor construction-in-progress (CIP) projects and coordinate timely placement into service.
• Perform periodic reviews for indicators of asset impairment and assist with impairment analyses when required.
• Prepare accounting analyses and journal entries associated with asset sales, disposals, abandonments, and impairments.

Insurance and Property Reporting

• Maintain fixed asset records and support schedules used for insurance reporting purposes.
• Coordinate annual updates of property insurance schedules, including replacement cost and Schedule of Values (SOV) reporting.
• Work with Operations, Facilities, Engineering, and external insurance brokers to validate insured asset values.
• Prepare fixed asset reports and supporting analyses required for property tax filings and personal property tax assessments.
• Support state and local property tax audits and information requests.
• Maintain detailed records supporting insured values, asset locations, classifications, and useful lives.

Internal Controls and Compliance

• Ensure compliance with company fixed asset policies and internal controls.
• Support internal and external audit requests related to inventory and fixed assets.
• Prepare documentation supporting capitalization decisions, depreciation calculations, asset disposals, and impairment analyses.
• Assist in the development and documentation of procedures and controls related to fixed asset accounting and inventory management.

Qualifications

Required

• Bachelor's degree in Accounting, Finance, or related field.
• 3+ years of cost accounting experience in a manufacturing environment.
• Strong understanding of:
• Standard costing
• Inventory accounting
• Manufacturing variances
• Accrual accounting
• U.S. GAAP
• Advanced Excel skills including pivot tables, lookups, and financial modeling.
• Experience with ERP systems.

Preferred

• Experience in biotechnology, life sciences, chemical manufacturing, agriculture, or pharmaceutical manufacturing.
• Experience with Dynamics 365 Finance.
• CPA, CMA, or progress toward certification.
• Familiarity with inventory controls, physical counts, and SOX-style internal controls.

Knowledge, Skills & Abilities

• Strong analytical and problem-solving capabilities.
• Ability to translate complex operational data into actionable financial insights.
• Excellent organizational and project management skills.
• Strong communication skills and ability to work cross-functionally.
• Ability to manage multiple priorities in a fast-paced environment.
• High degree of accuracy and attention to detail.

Key Performance Indicators

• Accuracy of inventory valuation and standard costing.
• Timely completion of month-end close activities.
• Timely variance analysis and reporting.
• Accuracy of inventory reconciliations.
• Support of audit requests with minimal adjustment findings.
• Identification and implementation of cost-saving opportunities.