Inventory Accounting Manager, Oura
$108-157k
Salary dependent on location + Equity packages
More information about location
Health monitoring smart ring
Open for applications
Health monitoring smart ring
501-1000 employees
Open for applications
$108-157k
Salary dependent on location + Equity packages
More information about location
501-1000 employees
Company mission
Oura's mission is to make health a daily practice.
Role
Who you are
- The ideal candidate will have a strong background in inventory accounting, financial controls, and process optimization to support Oura’s continued growth and operational excellence
- Extensive experience with inventory and cost of goods sold accounting
- The ability to clearly articulate key findings from inventory and cost of goods sold analysis in order to drive change
- Experience partnering with accounting leadership to implement internal controls over physical inventory and inventory reporting
- Understanding of US GAAP inventory reporting requirements
- A biased to action, positive attitude
- The ability to achieve deadlines and juggle multiple competing priorities while managing expectations
What the job involves
- We are looking for an Inventory Accounting Manager to join our Global Finance team, overseeing the accounting and financial reporting of inventory across Oura’s global operations
- This role will ensure accurate inventory valuation, compliance with US GAAP standards, and seamless coordination with supply chain, operations, and audit teams
- Perform monthly cost accounting close, including review of journal entries, reconciliation of sub ledgers to general ledger, account balance review, analysis and reconciliation, etc to support accurate and timely submission of financial statements
- Perform actual COGS month on month variances and margin analysis. Work closely with FP&A team on actual and forecast analysis
- Lead COGS analytics with a strong finance focus; develop and maintain detailed COGS variance analysis
- Manage monthly E&O review meetings and partner with Operations and Supply Chain to analyze inventory for potential excess and obsolete reserves and make related entries in accordance with the company’s policies
- Plan, collect, and analyze data to drive the standard cost revaluation processes; implement cost update periodically with inputs from Supply Chain; provide impact analysis for review and approval; investigate/resolve significant variances in between updates
- Develop and maintain methodology for calculating and applying material costs, labor costs and overhead rates as required by generally accepted accounting principles
- Assist in developing processes and utilizing systems enhancements to ensure inventory control and the accuracy of inventory data, implement changes as needed
- Owner of COGS allocation process during month-end close, actively working with different cost teams across the organization to assign COGS per company’s ASC 705 Cost of Sales and Services policy. Actively participate in modifying and updating ASC 705 policy to reflect the company's changing needs
- Owner of inventory capitalization process during month-end close, closely working with supply chain and logistics team to correctly align capitalization of expenses with inventory movement
- Develop a BOM cost analysis model from scratch to identify cost variances on component sourcing costs, finished goods assembly costs, kitting labor costs, fulfillment costs, inventory in-stock cost (with and without intercompany mark-up). Provided key insights to BOM cost variations
- Validate system FIFO/LIFO/Average costing flow, from raw materials, BOM assemblies, Finished Goods, to COGS, and vice versa, tracing COGS backwards to component sourcing costs. Create various reports in NetSuite for future investigation and validation needs
- Prepare monthly/quarterly reporting related to costing and inventory, other ad hoc analysis/reporting and project as needed
Our take
As smart watches with health and wellbeing monitoring functions are now an everyday norm, Oura is offering similar wearable technology with its series of rings. It’s one of a number of companies gaining serious traction in the market, along with the likes of Circular and Movano.
The company gained an early profile after its collaboration with Gucci which created mainstream publicity and may have given it a leg up on the competition. With the smart ring market forecast to keep growing, Oura certainly finds itself in a promising position as it moves to build out its operations and refine the product.
The bottom line for Oura will be customer satisfaction and demand, which does make its mixed reviews so far a little troubling. That said, the announcement of its new "Circles" social feature, on top of an integration with InsideTracker and acquisition of "wave to pay" company Proxy, all look set to increase the functionality of the ring and could well win more consumers over.
Kirsty
Company Specialist at Welcome to the Jungle
Insights
9% employee growth in 12 months
Company
Funding (last 2 of 10 rounds)
Dec 2024
$125m
SERIES D
Nov 2024
$75m
SERIES D
Total funding: $354.2m
Company benefits
- Beautiful workspaces in San Francisco by Pier 31, Oulu and Helsinki (Finland)
- Amazing culture of collaborative and passionate coworkers
- Wellness benefits
- An Oura Ring of your own
- Personal learning & development budget of 750 USD/EUR
- Unlimited course offerings from Coursera
- Five (5) total days of work time to devote to employee development training
- Equity
- Health, dental, and vision insurance
- 20 days of PTO
Company HQ
Linnanmaa, Oulu
Leadership
Tom Hale
(CEO, Not Founder)Seasoned senior board member and advisor at multiple high growth companies including Cars.com, Volara, and HomeAway.
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