Retail Finance Specialist

Job Description

Position Summary:

The Retail Accountant is responsible for managing financial transactions, tracking inventory, and ensuring accurate financial reporting within a retail business. This role plays a crucial part in maintaining smooth cash flow, reconciling sales, and ensuring tax compliance. The ideal candidate has a strong understanding of retail financial metrics and accounting principles.

Key Responsibilities:

Inventory Management:

• Maintain accurate inventory records, track stock levels, and assess cost of goods sold (COGS).
• Ensure proper accounting for inventory purchases, adjustments, and shrinkage.

Sales Reconciliation:

• Reconcile daily sales from physical stores and online platforms.
• Verify that all transactions are accurately recorded and address any discrepancies.

Accounts Payable & Receivable:

• Process invoices, manage vendor payments, and ensure timely settlement of dues.
• Monitor outstanding customer payments and follow up as needed to maintain positive cash flow.

Financial Reporting:

• Generate monthly financial reports with retail-specific KPIs (e.g., gross margin, sales per square foot, store profitability).
• Provide insights on financial trends and support decision-making.

Tax Compliance:

• Handle tax filings, ensuring adherence to local retail tax regulations.
• Maintain proper documentation for audits and regulatory compliance.

Sales Performance Reports

Retail accountants generate detailed reports analyzing product category profitability. These reports help businesses understand:

• Which products and categories generate the most revenue.
• Seasonal trends and fluctuations in sales.
• Data-driven insights for adjusting pricing, promotions, and inventory strategies.

Inventory Turnover Analysis

By evaluating how quickly inventory sells, accountants can:

• Identify slow-moving stock that may require discounts or marketing adjustments.
• Highlight best-selling items to optimize restocking and production.
• Improve cash flow management by reducing excess stock and avoiding over-purchasing.

Profit Margins by Category

Retail accountants assess profit margins across different product categories, providing:

• A clear breakdown of which categories generate the highest profits.
• Insights into pricing strategies and cost control.
• Guidance on which product lines to expand or discontinue based on profitability.

These financial insights help retail businesses optimize sales strategies, manage inventory efficiently, and focus on the most profitable product lines.

Qualifications & Skills:

• Bachelor's degree in Accounting, Finance, or a related field.
• Experience in retail accounting or financial management.
• Proficiency in accounting software and ERP systems.
• Strong analytical skills and attention to detail.
• Knowledge of tax regulations and compliance for retail businesses.
• Ability to work with cross-functional teams, including sales and operations.

Job Requirements

Qualifications & Experience: • Bachelor’s degree in accounting, Finance, or a related field. • 3+ years of experience in accounting, preferably in retail or e-commerce. with at least 1 year in a senior or lead role. • Strong knowledge of accounting principles, financial regulations, and tax compliance. • Experience in cash and stock auditing is a plus. • Proficiency in accounting software and ERP systems. • Excellent analytical and problem-solving skills. • Strong attention to detail and ability to meet deadlines. • Good communication and teamwork skills.