Our client in the petroleum industry is looking to hire a Stocks Accountant. The purpose of this position is to ensure timely, complete and accurate capturing of stocks into the system, costing of the stocks and monitoring movement by maintaining accurate reconciliations for all stock storage locations. To avoid any stocks losses to the company arising from inaccuracies of stocks reports in both own and 3rd party locations. This category of business has high exposure and requires attention to detail, high level of vigilance and strict adherence to controls.
Background and Scope
Stocks include, Fuels, Lubricants, Liquefied petroleum gas (LPG) and any other trading stocks that the company deals in. The scope includes receiving, costing and constantly monitoring the stocks movement by carrying out reconciliation between the stocks in the system and physical quantities on the ground. The position further requires accurate valuation of stocks by capturing all costs incurred and ensuring that the product cost communicated to sales team is always accurate which then translates to maximizing the company’s profitability. On an expanded scope the role is involved in cost analysis, advising cost reduction, competitor analysis, variance analysis, tender review, strategic planning, long and medium-term planning and project appraisal.
1. Moving stock balances from one storage location to another; ensuring correct batch balances and deliveries made from the right batches.
2. Preparing daily, weekly and monthly stock report as well as valuation of the same as per management accounts (at month end)
3. Daily sales and stocks reconciliations for all 3rd party locations Mombasa ( Tecaflex), Nairobi (Oilcom) & hospitality locations) and KPC
4. Analyzing and posting monthly operational gains and losses and analyzing unusual gains / losses
5. Reconciling KPC monthly statements with NetSuite stock position statement and following up on reconciling items / adjustments required
6. Reconciliation of KPC/KPRL losses/adjustments and write offs/ons of approved losses/gains on monthly basis.
7. Cost Sheet for imports by product, input cost into NetSuite & settle the same batch – wise
8. Posting batch landed cost build up in System, clearing and analysis of cost provision account – like plats prices and product changes accruals.
9. Average costing check on weekly basis or as necessary
10. Preparing and monitoring weekly and monthly stock ageing report
11. Check and validating system stock movement in liaison with supply manager
12. Circulating daily stock position for reconciliation with supply department
13. Posting of stock gain and losses on weekly or monthly basis
14. Maintaining accurate and complete stock records to support the entries in the stock movement report.
15. Ensure that system cost units are closely monitored in all Locations and any system inaccuracies adjusted promptly.
16. Ensure Accurate receipt of stocks (Quantity, Conversion Factor and Value) is done as and when the product is purchased.
17. Maintaining a weekly and monthly stock movement report further ensuring that physical movement of stocks should match system movement (temperature differences should be effected appropriately)
18. Ensure that the system inventory value(subledger) matches the TB and all variances are explained.
19. Ensure system unit costs are closely monitored and any system inaccuracies adjusted promptly
• A minimum of 3 years’ experience in a similar position preferably in the petroleum industry
• Bachelors’ degree in Finance, Accounting or related field
• CPA Qualified.