Inventory Accountant

Bradfield Consulting

Inventory Accountant

• Job Type Full Time
• Qualification BA/BSc/HND
• Experience 4 - 5 years
• Location Lagos
• Job Field Finance / Accounting / Audit

Job Purpose

• To ensure the accurate recording, monitoring, reconciliation, valuation, and reporting of the hospital’s inventory in accordance with applicable accounting standards and internal policies.
• The Inventory Accountant is responsible for ensuring that inventory transactions are accurately reflected in the accounting system, inventory balances are reconciled with physical stock records, and appropriate controls are maintained over inventory movements, consumption, wastage, and stock valuation.
• The role works closely with Stores, Pharmacy, Procurement, Clinical Departments, and Finance to ensure inventory accuracy, cost control, and reliable financial reporting.

Key Responsibilities

• Inventory Accounting and Transaction Recording
• Record and review inventory transactions, including purchases, receipts, transfers, issues, returns, and adjustments.
• Ensure inventory transactions are accurately coded to the appropriate inventory accounts, cost centres, and general ledger accounts.
• Verify that inventory receipts and issues are supported by approved documentation.
• Ensure inventory costs are correctly recorded and allocated in accordance with the hospital’s accounting policies.
• Review inventory postings for accuracy, completeness, and correct accounting treatment.
• Ensure timely recognition of inventory purchases, consumption, and related expenses in the appropriate reporting period.
• Investigate unusual inventory movements, negative stock balances, and unexplained adjustments.
• Inventory Reconciliation and Stock Control
• Reconcile inventory balances in the accounting system with the inventory subledger and stock records maintained by Stores and Pharmacy.
• Coordinate periodic physical stock counts and ensure count results are properly documented.
• Investigate and reconcile variances between physical stock and system balances.
• Ensure approved stock adjustments are properly supported, authorised, and recorded.
• Monitor inventory transfers between stores, pharmacies, theatres, laboratories, and other departments.
• Review stock movements to identify unusual consumption patterns, potential losses, and control weaknesses.
• Maintain a schedule of inventory balances and reconciliation items for management review.
• Inventory Valuation and Cost Management
• Ensure inventory is valued in accordance with applicable accounting standards and the hospital’s approved inventory valuation policy.
• Verify purchase costs, applicable landed costs, discounts, rebates, and supplier credit notes where relevant.
• Review inventory costing methods configured in the accounting or inventory system.
• Monitor the valuation of drugs, medical consumables, surgical supplies, laboratory reagents, and other inventory categories.
• Identify slow-moving, obsolete, expired, damaged, and near-expiry stock and assess the need for write-downs or provisions.
• Ensure inventory write-offs are properly supported, approved, and recorded.
• Support the accurate calculation of cost of sales and inventory consumption for management reporting.
• Inventory Consumption and Cost of Sales
• Reconcile inventory issued to clinical and operational departments with recorded consumption and related charges.
• Work with Billing and relevant departments to identify potential gaps between items consumed and items billed to patients.
• Investigate differences between inventory usage, patient billing records, and cost of sales.
• Monitor the cost of drugs and consumables as a percentage of revenue and investigate significant variances.
• Review inventory consumption trends and highlight unusual movements, wastage, and potential revenue leakage.
• Support the Finance team in analysing inventory-related margins and departmental operating costs.
• Expiry, Obsolescence, and Inventory Loss Management
• Obtain and review periodic reports on expired, near-expiry, damaged, and obsolete inventory.
• Work with Stores, Pharmacy, Procurement, and clinical departments to monitor stock shelf life and reduce avoidable losses.
• Ensure expired, damaged, or unusable inventory is identified, segregated where appropriate, and properly documented.
• Review inventory loss reports and ensure write-offs are approved before accounting entries are posted.
• Maintain records of inventory write-offs, shortages, damages, and other stock losses.
• Escalate material inventory losses and recurring control weaknesses to the Financial Controller.
• Month-End and Financial Reporting
• Reconcile inventory subledger balances to the general ledger monthly.
• Prepare inventory valuation, stock movement, consumption, and reconciliation schedules.
• Review inventory cut-off to ensure purchases, goods received, stock issues, and consumption are recorded in the correct accounting period.
• Identify unrecorded receipts, unprocessed invoices, and other inventory-related accruals in collaboration with Accounts Payable.
• Prepare monthly reports on inventory balances, consumption, stock variances, expiry exposure, and write-offs.
• Provide supporting schedules and explanations for inventory-related movements and variances in the monthly management report.
• •
• Support month-end and year-end financial close and external audit requirements.
• Internal Controls and Process Compliance
• Ensure complian