Director, Cost Accounting

Job Description

Job Description

Element Science, Inc. is a medical device and digital health company focused on developing solutions at the intersection of clinical-grade wearables, machine learning algorithms, and lifesaving therapies in order to address leading causes of death and hospitalization in patients with heart disease, primarily as they transition from the hospital-to-home. By putting the needs of patients and physicians first, our personalized digital devices, which are designed for function, comfort, and ease-of-use, aim to redefine the paradigm of care for these patients. Our first product, a wearable patch defibrillator, is initially targeted at treating the more than 500,000 patients in the US with an elevated temporary risk of potentially experiencing a lethal heart rhythm. Headquartered in San Francisco, our funders include Third Rock Ventures, Google Ventures, Deerfield Healthcare, Qiming Venture Partners USA, Cormorant Asset Management, and Invus Opportunities.

SUMMARY OF ROLE:

This role offers a unique opportunity to play a pivotal role within the Finance & Accounting team as we prepare for the commercial launch of a first-of-its-kind wearable cardiac defibrillator, poised to transform the medical device landscape. The Director, Cost Accounting will join the Finance & Accounting team working closely with our manufacturing, operations, supply chain management, and facilities teams. Responsibilities will focus on developing processes and systems in areas of inventory, standard costing, and cost of goods.  This is a hybrid role based in our Redwood City office.

RESPONSIBILITIES:

• Build out and maintain standard costs for all raw materials, WIP, semi-finished, and finished goods processes, demonstrating a digitize everywhere possible approach to ensure accuracy and efficiency in our cost accounting processes and systems.
• Review current product costing methodology and process and identify improvement opportunities, applying a question convention mindset to enhance our cost management practices.
• Maintain a standard cost system to ensure the accuracy of inventory valuation and support annual manufacturing cost standard updates
• Monitor transactions and processes including inventory movement, scrap, cycle counts, and cost of goods to ensure accuracy and compliance with corporate policies, showcasing our behave like owner's ethos.
• Assist in month-end closing, prepare journal entries as necessary for inventory and cost of goods, and prepare general ledger reconciliations for all inventory and cost of goods accounts, embodying a push past possible attitude towards financial management.
• Coordinate with Operations, Supply Chain Management and Manufacturing departments to discuss and resolve issues in areas such as production, purchasing, accounts payable, receiving, shipping, and other, fostering a collaborative environment for smoother operational flow.
• Prepare and verify product costs in support of all cost-based pricing contracts, gross-margin analysis, and shipping valuations, demonstrating ability to act with dynamic range to balance strategic analysis and day-to-day operations effectively.
• Analyze and report purchasing and manufacturing variances, employing a pivot fearlessly approach to quickly adapt strategies based on financial insights.
• Calculate Excess & Obsolescence reserves and develop and maintain controls related to costing and inventory, ensuring robust financial controls and compliance.
• Oversee annual physical inventory and prepare for and participate in internal and external reviews and audits, upholding a high standard of accuracy and transparency.
• Support in the preparation of annual budgets and short-term forecasts, contributing strategically to financial planning and forecasting.
• Assist with day-to-day accounting activities where needed and work on special projects as required, demonstrating flexibility and a relentless pursuit of excellence.

QUALIFICATIONS:

• 7-10+ years of progressive experience in cost accounting ideally in a medical device manufacturing environment.
• Bachelor's degree in Accounting or Finance preferred.
• QAD, SAP, NetSuite or Oracle ERP implementation experience.
• Experience in a process manufacturing environment and a general understanding of discrete manufacturing involving the assembly of components and sub-assemblies into final products.
• Public company experience a plus, with a working knowledge of cGMP.
  
• Knowledge of U.S. Generally Accepted Accounting Principles (GAAP).
  
• Strong communication skills, ability to present financial information in a meaningful understandable way.
  
• Self-motivated and ability to work independently and collaboratively and strong organizational skills are essential.
  
• Excellent computer skills, including Microsoft Office suite and related tools.
• A desire to be part of a high-growth, transformational company that is standing up its cost accounting function, processes and systems.
• Good critical thinking, analytical, and problem-solving abilities. Demonstrated ability to thrive under pressure.

BENEFITS:

Element Science offers a very competitive salary and benefits package including, but not limited to:

• Stock Options
• 90% employer-paid medical, dental, and vision insurance
• Company-paid Basic Life Insurance
• 401(k) retirement plan (Traditional and Roth)
• Competitive Paid Time Off
• Paid Holidays
• FSA (Flexible Spending Accounts)
• HSA (Health Savings Account)
• Employee Assistance Program through PEO

The salary for this exempt-level position will be based on experience and qualifications within an established pay range.

• Pay range: $205,000 - $220,000

Element Science is an Equal Opportunity Employer. All candidates will be evaluated on the basis of their qualifications for the job in question. We do not base our employment decision on an employee's or applicant's race, color, religion, sex (including pregnancy, gender identity, and sexual orientation), parental status, national origin, age, disability, genetic information (including family medical history), political affiliation, military service, or other non-merit-based factors prohibited by local, state, or federal law.

In compliance with federal law, all persons hired will be required to verify identity and eligibility to work in the United States and to complete the required employment eligibility verification form upon hire. We are not able to sponsor individuals for employment visas for this job.

At this time, we are unable to offer relocation assistance at Element Science.