Lead Accountant, Inventory and Cost Accounting (1099-679)

Rockville, Maryland, United States
May 11, 2018
Jun 05, 2018
Full Time

Summary of the Position:

Lead Accountant, Inventory and Cost Accounting serves as a key member of the Accounting team within the Global Finance division. This individual is directly responsible for USP’s day to day inventory accounting including monitoring daily transactions, enforcement of policy and procedures and system configuration and workflow. The Lead Inventory/Cost Accountant reports directly to the Assistant Controller, with regular interaction with the CFO, Corporate Controller and Global Finance Leadership Team.

Roles and Responsibilities:

Inventory Financial Reporting:

  • Responsible for inventory month end close processing activities such as: calculating and preparing journal entries, uploading and posting journal entries into USP ERP system.
  • Calculates standard cost of products according to defined procedures and in accordance with US GAAP; includes refinements to standard cost calculation procedures as needed.
  • Responsible for daily inventory accounting activities related to raw material receipts, (purchased and donated), standard cost updates, WIP and finished goods for all USP products.
  • Responsible for updating the bulk raw material donated valuation table semiannually according to defined procedures
  • Monitor and track all statement of activities accounts/transactions related to cost of goods sold, disposals/write-offs, complimentaries and PPV; research variances and recommend solutions to corrections in a timely manner.
  • Responsible for development and maintenance of USP’s inventory reserve calculation on a quarterly basis as well as maintenance of assumptions to methodology including documentation.
  • Ensures USP reports its inventory in accordance with ASC 605 ( FAS 116 & 117)
  • Ensure inventory balance sheet verification process is complete as defined and accounts are maintained, analyzed, and reconciled per established guidelines with all issues reviewed and resolved in a timely manner.
  • Responsible for completing external audit PBC items and related footnote disclosures and schedules on an annual basis.
  • Leads year-end physical inventory count including internal preparation meetings with impacted staff/teams, summarizing reports for auditor sample selection/ count sheets and review for potential final inventory adjustments.
  • Perform other duties as assigned and/or ad hoc financial reporting and analysis.

ERP Systems, Policy and Procedure:

  • Acts as lead and primary point of contact on all ERP projects, UAT testing and system design that impact inventory and inventory related modules.
  • Work on cross functional teams across the organization on topics impacting the accounting operations related to inventory process whether existing or new business scenarios.
  • Recommend and implement system and procedural improvements and participates in cost savings and cost improvement teams related to inventory..
  • Consults with appropriate resources, both internal and external, to ensure that new accounting issues, transactions, agreements, etc. related to inventory are analyzed and understood from an accounting perspective and in accordance with US GAAP.
  • Collaborate with Business and Financial Controls team on technical accounting and non-recurring transactions; maintain accounting an issues list; document key estimates, assumptions and accounting rationale to support key accounting decisions

Basic Qualifications:

  • Bachelor’s Degree in Accounting, Economics or Finance
  • At least 5 years of cost accounting experience with manufacturing operation experience, particularly in standard costing of a product.

Preferred Qualifications: 

  • Master’s degree preferred
  • Demonstrate and promote core values and desired culture.
  • Able to represent Global Finance well internally and externally
  • Strong leadership and team management skills are required
  • Able to demonstrate and apply strong business acumen
  • Must be organized, detail-oriented, motivated and able to multi-task in a fast-paced environment
  • Demonstrated ability to manage and execute against multiple priorities
  • Strong written and oral communication skills
  • Advanced proficiency with Oracle, MS Excel, Word and PowerPoint


Supervisory Responsibilities:



USP offers an impressive benefits package, including:

  • Generous paid time off – 13 paid holidays, 10 sick days and 15 vacation days per year to start
  • An annual 401(k) contribution, beginning after 1 year of service, of 10% of pay (base and bonus) every pay period that vests immediately
  • Comprehensive individual and family healthcare plans with affordable premiums and low annual deductibles ($250/individual or $500/family)

The U.S. Pharmacopeial Convention (USP) is a scientific nonprofit organization that sets standards for the identity, strength, quality, and purity of medicines, food ingredients, and dietary supplements manufactured, distributed and consumed worldwide. USP’s drug standards are enforceable in the United States by the Food and Drug Administration, and these standards are used in more than 140 countries.

Being a part of USP means belonging to a diverse culture made up of more than 1,000 talented professionals working together at five international locations. We share our expertise in science, IT, human resources, quality assurance, communications, administrative management, and more...all to support an overall mission dedicated to making a difference by providing standards and programs that help improve the quality of medicines, dietary supplements, and foods worldwide.

USP is proud to be an equal employment opportunity employer (EEOE) and affirmative action employer. Employment selection and related decisions are made without regard to sex, race, age, disability, religion, national origin, color, veteran status, sexual orientation, gender identity or any other protected class. We are committed to working with and providing reasonable accommodation to individuals with disabilities.

USP does not accept unsolicited resumes from 3rd party recruitment agencies and is not responsible for fees from recruiters or other agencies except under specific written agreement with USP. 

Job Location Rockville, Maryland, United States Position Type Full-Time/Regular