Sr. Cost Accountant – CDR

Work Schedule

Environmental Conditions

Job Description

As part of the Thermo Fisher Scientific team, you’ll discover meaningful work that makes a positive impact on a global scale. Join our colleagues in bringing our Mission to life every single day to enable our customers to make the world healthier, cleaner and safer. We provide our global teams with the resources needed to achieve individual career goals while helping to take science a step beyond by developing solutions for some of the world’s toughest challenges, like protecting the environment, making sure our food is safe or helping find cures for cancer.

Principal Responsibilities:

As part of the Global Clinical Diagnostics Costing team, you will be responsible for all cost accounting and inventory activities for the CDR manufacturing sites located at Middletown, US & Suzhou, CN.  Working closely with the Sr. Cost Accounting Manager & operations finance leads, this role will drive global best practices and standardize processes across all CDR manufacturing sites.

How will you make an impact?

You will work to build a world class cost accounting organization by developing and deploying consistent methods of establishing standard costs, variance analysis and reporting. You will be an integral part of the global cost accounting organization, partnering with supply chain, sourcing, site operations, and operational improvement leaders to drive critical metrics.

Standard Costing:

Support all aspects of the annual standard cost update in the SAP ERP system:

• Work closely with the procurement function to establish accurate material costs.
• Calculate the direct labor and overhead rates for the upcoming fiscal year; ensure the standardized methodology is applied across all sites within scope and ensure that Regional Controllers and Site Finance Leaders are onboard.
• Assist in the analysis of year-over-year variances for both material and labor/overhead costs.
• Consolidate updated standard costs by SKU for communication to the commercial group for use in timely updates to product pricing.
• Prepare and roll out 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.
• Ensure the inventory revaluation adjustment is in line with expectations, analyze and communicate any deviation.

Monthly Closing:

• Calculate excess and obsolescence expiry and blocked reserves; work closely with site teams (Operations, Supply Chain, and Finance) to ensure all business decisions are included in the calculation and the risks are communicated by leading the monthly call review for the assigned sites.
• Prepare monthly journal entries such as capitalization of material variances, purchase price variance reclassification, labor, overhead and freight absorption reclassification (if needed), rebates accruals, and any ad hoc journal entries as needed.
• Consolidate monthly production volumes for the region (standard hours, units produced, and absorption).
• Prepare the procurement monthly “Net Savings” report, review manual project calculations, and actively participate in the monthly reviews to ensure the reported numbers are aligned.
• Adhoc analysis.

Other:

• Support the cycle count programs for the assigned sites and, if needed, support annual physical inventories where the cycle count efficiency was not met.
• Roll out/activate new parts for the assigned sites.
• Generate weekly production volumes (standard hours/units) and procurement reports for the region.
• Support periodic audits of bills of materials.
• Drive process standardization across the assigned sites and ensure best business practices are implemented in all assigned sites.
• Support inquiries about cost accounting coming from the sites.
• Participate in active projects for the region (e.g., cost roll implementation, production transfers, etc.).

REQUIREMENTS:
• Advanced Degree plus 6 years of experience, or Bachelor's Degree plus 8 years of experience in manufacturing cost accounting or finance
• Preferred Fields of Study: Accounting, Finance, or related discipline
• MBA, CPA, or CMA certification preferred
• Strong proficiency in ERP systems (SAP, JD Edwards E1, or Oracle R12)
• Advanced Excel skills and experience with financial reporting tools
• Demonstrated expertise in standard cost accounting, variance analysis, and inventory management
• Experience with monthly/quarterly close processes and journal entries
• Ability to perform cost modeling and analysis for business cases, NPIs, and make-vs-buy decisions
• Strong knowledge of GAAP and SOX compliance requirements
• Experience supporting internal and external audits
• Excellent analytical and problem-solving capabilities
• Strong written and verbal communication skills
• Ability to work effectively in a structured, matrix environment
• Process improvement mindset
• Experience with Bill of Materials (BOM) and production routing analysis
• Ability to build effective partnerships across operations, planning, procurement, and finance teams

Compensation and Benefits

This position may also be eligible to receive a variable annual bonus based on company, team, and/or individual performance results in accordance with company policy. We offer a comprehensive Total Rewards package that our U.S. colleagues and their families can count on, which includes:

• A choice of national medical and dental plans, and a national vision plan, including health incentive programs

• Employee assistance and family support programs, including commuter benefits and tuition reimbursement

• At least 120 hours paid time off (PTO), 10 paid holidays annually, paid parental leave (3 weeks for bonding and 8 weeks for caregiver leave), accident and life insurance, and short- and long-term disability in accordance with company policy

• Retirement and savings programs, such as our competitive 401(k) U.S. retirement savings plan

• Employees’ Stock Purchase Plan (ESPP) offers eligible colleagues the opportunity to purchase company stock at a discount

For more information on our benefits, please visit: https://jobs.thermofisher.com/global/en/total-rewards