Cost Accountant III

at  Thermo Fisher Scientific

Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue exceeding $42 billion! Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving sophisticated analytical challenges, improving patient diagnostics and therapies or growing efficiency in their laboratories, we are here to support them. Our distributed team of more than 120,000 colleagues delivers an outstanding combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services and Patheon! Thermo Fisher Scientific is an equal opportunity employer. For more information, please visit www.thermofisher.com.
As part of the Global Microbiology Costing team, you will be responsible for all cost accounting and inventory activities for the NA manufacturing sites. Working closely with the regional controller and site operations finance leads, this role will drive global best practices and standardize processes across all NA manufacturing sites.

• Standard Costing:
• For the NA region, lead all aspects of the annual standard cost update.
• Work with the supply chain and sourcing functions to establish accurate materials costs.
• Determine the direct labor and overhead rates for the forecasted year by working with the site finance leader and applying a standardized methodology across all sites.
• Oversee the annual update in the SAP ERP system and compute the inventory revaluation adjustment.
• Prepare an analysis of year over year variances for both material and labor/overhead costs.
• Communicate updated standard costs by SKU to the commercial group for use in timely updates to product pricing.
• Prepare and roll standard costs for new items as needed in a timely manner.
• Support new product introduction (NPI) efforts by performing cost modeling of proposed new products.
• Monthly Closing:
• Oversee the month end inventory detail report generation out of the SAP EPR system.
• Calculate excess and obsolescence reserve adjustments
• Calculate the accrual and reserves for inventory at risk such as blocked stock and expiry.
• Prepare monthly journal entries for the capitalization of purchase price, material usage, and net absorption variances.
• Reconcile the cost of sales transactions between material transactions and general ledger.
• Prepare monthly production volumes reporting (standard hour and units produced).
• Other:
• Support the annual physical inventories and cycle count programs at each site.
• Support periodic audits of bills of materials.
• Drive standardized daily/weekly metrics reporting for inventory scrap, materials usage, and purchase price variances.
• Generate daily production volumes reports (standard hours/units).