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Purpose Statement: Responsible for the financial reporting for the LAB & FIELD INSTRUMENTS (LFI) inventory valuation including ensuring compliance with Teledyne Finance methodologies. Also, provides timely information on impacts of variances to product standards and other inventory variances. Provides insights and guidance on the financial integration in the ERP system on Cost of Goods Sold (COGS) financial reporting.
1. Properly, accurately, and efficiently prepares the costing and financial information necessary for monthly, quarterly and annual internal and external reporting purposes. This includes calculating and activating standard labor and overhead rates, generating and activating mass standard cost rolls and ensuring that the appropriate workpaper documentation exists to support external reporting.
2. Ensures the standard manufactured direct costs are reasonably accurate and representative by: 1) reviewing new item revision codes and populating Accounting’s fields; 2) performing selective cost roll; 3) reviewing and identifying the standard lot sizes are updated; 4) performing analysis on new standard cost rolls for quarterly activation.
3. Performs monthly cost accounting requirements including: 1) inventory management, journal entries, reporting inventory received and not invoiced 2) inventory reserves’ calculations; 3) reclassifications and accrual journal entries; 4) cycle counts information extraction and monitoring; 5) analyzing variance and expense accounts.
4. Analyzes production orders actuals compared to standards, requests corrections, closes orders.
5. Monthly processing and posting of manual and automated journal entries, closing of interim periods and year ends, the appropriate updating of all necessary cost allocations between cost centers as it relates to inventory valuation, reported variances and COGS financial reporting. These responsibilities require adherence to time schedules.
6. Assists the LFI Group Controller in responding to Directors, Managers, and Supervisors questions related to expense variances in a timely manner.
7. Prepares recurring and ad-hoc requests for cost and financial analyses and documentation as assigned by the LFI Group Controller in support of internal and external reporting needs.
8. Assists in controlling auditing costs for Teledyne Isco by performing responsibilities as assigned, such as the preparation of work papers for the external auditors as needed.
9. Assists in the preparation of the annual budget for LFI business units by assisting the LFI Group Controller in preparation of the annual budget by collecting, assembling, and analyzing data.
10. As it relates to Teledyne LFI, ensures that the LFI Group Controller is kept informed by discussing: 1) all anticipated changes to existing reports and data, any new requested reports and data, as requested by company personnel before requests are implemented; 2) any major problems that have occurred in dealing with other departments of the company or personnel within the accounting department; 3) any proposed changes to the operating systems before changes are made; and 4) any internal control weaknesses or situations within the company that may develop into potential problems along with suggestions of possible solutions.
11. Assists in achieving the goals of LFI by performing other duties as assigned.
1. Bachelor’s degree from an accredited University/College with an emphasis in accounting; or equivalent combination of education and experience.
2. Minimum of five years of experience working in a cost accounting position that resulted in the ability to perform moderately-complex tasks related to the cost and financial accounting areas. Such tasks would include familiarity with detail costs and variances analysis, account analysis, and the overall balance sheet and income statement reporting concepts and related inventory transactions.
3. Requires the ability to plan short-term (three months or less) activities, anticipate changes to the plans, adjust the plans as needed, and actively communicate the changes to the necessary individuals.
4. Requires the ability to analyze data; communicate financial information to non-financial individuals.
5. Minimum of two years experience utilizing personal computers with experience with the applications of Excel, and Microsoft Word or similar applications. Pivot Table experience is required
6. Work is typically sedentary and requires frequent reaching, fingering, grasping, talking, and hearing. Requires occasional standing and walking.