Job Description

Job Description

Job Description

Position Summary

The Financial Analyst for Peninsula Iron Works will be responsible for directing and overseeing the operational finance activities of the Company including financial plans and policies, accounting practices and reporting, cost accounting, financial forecasting and analysis and due diligence activities. The individual will require the necessary technical knowledge to ensure compliance with generally accepted accounting principles, corporate policies, and external audits. The successful candidate will be expected to implement and enforce internal control for safeguarding of company assets. Additionally, they must have strong accounting knowledge to keep division management informed with accurate information in decision making. The position will be responsible for leading and improving department functions, as well as meeting completion dates and interpreting and ensuring consistent application of organizational policies. The ideal candidate will be leading the tactical business, but also demonstrate the desire and ability for driving change, identifying business needs, areas of improvement and objectives through research and data-backed decision making that will empower them to make recommendations on appropriate business initiatives.

Essential Duties and Responsibilities

• Cost Analysis and Reporting:
  • Prepare comprehensive cost reports, including direct materials, labor, and overhead, to identify cost trends and variances against budget.
  • Responsibility and Analysis of Raw Material Inventory, Work in Process, and Finished Goods Inventory. To include accounting for properly but also physical inventory counts.
  • Analyze cost drivers and perform in-depth cost variance analysis to pinpoint areas for cost reduction.
  • Develop and maintain standard costs for products and services, ensuring accuracy and alignment with financial goals.
  • Prepare and Maintain Percentage of Complete revenue recognition calculations and reconciliations.

• Budgeting and Forecasting:
  • Collaborate with operational teams to develop detailed cost budgets and forecasts.
  • Monitor actual costs against budget and identify potential cost overruns
  • Provide timely updates and insights to management on budget performance
• Cost Control Measures:
  • Implement and monitor cost control procedures to optimize operational efficiency
  • Identify cost-saving opportunities and recommend process improvements
  • Analyze manufacturing equipment utilization and identify areas for improvement

• Cross-Functional Collaboration:
  • Work closely with production, procurement, and sales teams to understand cost drivers and identify cost reduction opportunities
  • Provide financial analysis and support for strategic decision-making

• Month-End and Year-End Closing:
  • Participate in the month-end and year-end closing process, including variance analysis and reconciliations
  • Ensure accurate cost accounting records and compliance with accounting standards

• Mentorship and Development:
  • Provide guidance and training to junior accounting staff on cost accounting principles and practices
  • Lead and develop new process to correspond with the transition to JDE ERP.

Required Skills and Qualifications:

• Bachelor's degree in Accounting or Finance
• Strong analytical and problem-solving skills
• Proficiency in cost accounting principles and practices
• Excellent communication and presentation skills to effectively convey financial insights to management
• Advanced proficiency in spreadsheet software (Excel) and JDE ERP systems
• Experience in manufacturing or other cost-intensive industries is beneficial.
• 10% Travel to St Louis or other TerraSource locations.

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