Finance Analyst – Procurement Full Time NEW

Key Purpose Statement

The Finance Analyst- Procurement is responsible for providing financial support and business partnering to the procurement function. The role ensures effective cost management, procurement spend visibility, budget control, savings tracking, financial analysis, and decision support to optimize procurement performance and deliver value to the business.

Key Responsibilities

Landed Cost vs. Standard Cost Analysis

• Perform detailed variance analysis between actual landed costs and standard costs for purchased materials and products.
• Identify, quantify, and explain key cost drivers, including supplier price changes, freight, duties, exchange rate fluctuations, and other procurement-related costs.
• Provide actionable insights to Procurement, Supply Chain, and Finance teams to minimize unfavorable variances and improve cost efficiency.
• Monitor and report cost variances on a daily, weekly, and monthly basis, highlighting risks and opportunities to management.
• Partner with procurement teams to develop corrective actions and cost optimization initiatives.
• Support the review and update of standard costs to ensure alignment with current market conditions and business realities.
• Analyze the financial impact of sourcing decisions, supplier changes, and logistics strategies on landed cost performance.
• Develop dashboards and reporting tools that provide visibility into material cost trends and variance drivers.

Financial Planning & Analysis

• Support annual budgeting and periodic forecasting processes.
• Conduct variance analysis and provide actionable insights to management.

Procurement Performance Management

• Track procurement savings, cost avoidance initiatives, and vendor performance.
• Monitor key procurement KPIs and communicate performance results.
• Provide timely and accurate reporting to support business decision-making.

Business Partnering

• Partner with procurement and supply chain teams to evaluate sourcing decisions.
• Support contract negotiations with financial analysis and scenario modeling.
• Assess financial implications of supplier selection and procurement strategies.
• Challenge and validate business cases for procurement initiatives.

Cost Control & Governance

• Ensure compliance with procurement policies and financial controls.
• Review purchase requisitions and purchase orders for budget compliance.
• Support monthly closing activities related to procurement spend.
• Identify and mitigate financial risks within procurement operations.

Skills and Experience

• Bachelor’s degree in finance, Accounting, Economics, Supply Chain Management, or related field.
• 3-5 years of experience in Finance, Procurement Finance, Supply Chain Finance
• Experience working with ERP systems (SAP, Microsoft Dynamics 365, etc.).
• Strong analytical and financial modeling skills.
• Advanced Excel and Power BI reporting skills.
• Strong knowledge of standard costing and landed cost methodologies.
• Advanced variance analysis and root cause investigation skills.
• Strong analytical capabilities using Excel, Power BI, and ERP systems (Dynamics 365,.).
• Ability to translate financial variances into operational and procurement actions.

Key Competencies

• Financial analysis and business acumen.
• Procurement and supply chain knowledge.
• Cost management and savings tracking.
• Data analytics and reporting.
• Stakeholder management and business partnering.
• Problem-solving and decision-making skills.
• Strong communication and presentation skills.
• Attention to detail and accuracy.