Staff Accountant – Cost Accounting in Albert Lea, Minnesota at Innovance

Innovance, Inc.

Innovance is the holding company for a family of five, 100% employee-owned, Midwest-based manufacturing companies (Lou-Rich, ALMCO, Panels Plus, Mass Finishing, Jorgensen). Our mission is to lead, nurture, and grow a team of industrial manufacturing companies committed to making our OEM customers’ products better.

About Lou-Rich

Lou-Rich is a fully integrated contract manufacturer specializing in complex projects. We provide precision machining, metal fabrication, assembly, and sourcing solutions to a variety of industries, including some of North America’s largest OEMs. Companies of all sizes from Fortune 500 companies to small, fast-growing operations trust Lou-Rich with their most vital and complex manufacturing projects.

Position Description:

The Staff Accountant – Cost Accounting is responsible for maintaining accurate product costing, inventory valuation, and manufacturing financial reporting. This role partners closely with operations leadership to analyze production costs, monitor inventory accuracy, support budgeting and forecasting activities, and provide actionable financial insights that drive operational performance and profitability. The position also assists with month-end close, financial audits, and continuous improvement initiatives across manufacturing and accounting processes.

Essential Functions:

· Analyze and maintain product costing, including standard costs, inventory valuation, and manufacturing variances.

· Prepare and review journal entries, account reconciliations, and financial reports to support accurate month-end and year-end close processes.

· Monitor inventory transactions, support physical inventory counts, and ensure inventory accuracy and compliance with company policies.

· Partner with operations, production, and supply chain teams to analyze manufacturing performance, identify cost-saving opportunities, and improve profitability.

· Assist with budgeting, forecasting, and financial planning activities by providing cost analysis and variance reporting.

· Support internal and external audits and maintain compliance with accounting standards and internal controls.

· Develop and improve accounting processes, reporting tools, and ERP system utilization to enhance efficiency and data accuracy.

· Perform other accounting and financial analysis duties as assigned.

Other Duties

Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this job. Duties, responsibilities, and activities may change at any time with or without notice.

· Bachelor's degree in Accounting, Finance, or related field.

· 3–7+ years of accounting experience, preferably in manufacturing.

· Experience with cost accounting, inventory accounting, and financial analysis.

· Strong proficiency in Excel and ERP systems.

· Knowledge of GAAP and manufacturing cost principles.

· CPA, CMA, or progress toward certification is often preferred.

These descriptions reflect the principal functions of the job for the purpose of job evaluation. It should not be construed as a detailed description of all work requirements of the job nor shall be construed as giving exclusive responsibility for every function described.

Physical Demands:

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. While performing the duties of this job, the employee is regularly required to use hands or fingers and talk and hear.

Work Environment:

The work environment characteristics described here are representative of those and employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Americans With Disabilities Act:

If you are a qualified individual with a disability, you have a right to request that the Authority make reasonable accommodations in order to help you accomplish your work, which must still be performed in all essential functions.