Description
The Manger of Financial Reporting and Technical Accounting prepares the company's financial statements and reports, ensuring compliance with financial regulations and standards. This role involves managing technical accounting issues, supporting the internal and external audit process and accounting for lease accounting.
The ideal candidate will possess a deep understanding of accounting standards, financial reporting and auditing practices in the United States and related regulatory environments. This role requires a strong ability to collaborate across finance and at times, other functions, lead processes to timely meet deadlines, and support and manage change as new regulations are enacted.
This position reports directly to the Director of Financial Reporting & Acquisition Accounting of Applied Industrial Technologies (Applied), a U.S.-based public company traded on the NYSE.
Key Responsibilities:
1. Financial Reporting:
- Preparation of quarterly and annual financial statements and reports.
- Ensure all financial reporting complies with generally accepted accounting standards in the United States (US GAAP), U.S. Securities and Exchange Commission (SEC), and other regulatory requirements.
- Support the internal and external auditors for annual audit processes.
- Analyze financial data to identify discrepancies, trends, and financial performance to ensure financial reporting is correct.
- Support the monthly internal financial reporting, including preparation, accumulation, review and publication of the monthly financial statement package.
- Support communication with regulatory agencies and external stakeholders regarding financial reporting matters.
2. Technical Accounting Research, Policy and Deployment:
- Monitor accounting standards by keeping updated on new accounting standards and regulations and assessing their impact on the company.
- Provide technical support through offering technical assistance on complex accounting issues, including, but not limited to, revenue recognition, disclosure matters, financial reporting, and regulatory compliance.
- Create and implement accounting policies and procedures in line with industry practices and regulatory requirements.
- Support the implementation of new or updated accounting standards within the organization.
- Collaborate with teams in other functional areas, departments and business units to address technical accounting questions and projects.
- Lead or assist with special projects related to technical accounting, such as implementing new standards or resolving complex accounting issues.
3. Accounting Services:
- Collaboration with Other Departments: Actively collaborate with other departments, such as finance, operations, legal, and human resources, to gather necessary data, align on processes, and ensure seamless communication related to performing accounting services.
- Serve as the subject matter for lease accounting across the company including:
o Identify and Classify Leases: Determine whether leases are operating or finance (capital) leases based on criteria set by relevant accounting standards (e.g., ASC 842 for U.S. GAAP).
o Calculate Lease Assets and Obligations: Assess lease terms and calculate the present value of lease payments to recognize lease liabilities and related right-of-use assets (ROU).
o Recognize Lease Assets and Liabilities and Expense Recognition: Coordinate with the accounting services teams to ensure the ROU assets and lease liabilities are recorded accurately on the balance sheet, as well as the proper amount of lease amortization and interest expense.
o Disclosure Requirements: Ensure compliance with disclosure requirements, including information about lease terms, amounts recognized in financial statements, and judgments made in applying lease accounting standards.
o Liaise with external auditors and assist in preparing technical accounting documentation for audit reviews.
- Assist with annual goodwill impairment testing
- Assist with stock award/equity compensation valuation and accounting for the company
- Assist with due diligence and oversight related to mergers and acquisitions
Qualifications:
Education:
- Bachelor's degree in accounting, finance, or related field; MBA or advanced degree preferred.
- CPA or equivalent professional financial designation highly desirable.
Experience:
- At least 6 years of progressive experience in finance and accounting, preferably in a large public accounting firm and in financial reporting, technical accounting, or a related field.
- Experience working with or in a U.S.-listed public company.
- Strong experience working with U.S. GAAP.
- Demonstrated experience overseeing financial operations in a multi-legal entity environment, preferably within manufacturing, retail, or multinational organizations.
- Experience managing financial teams across multiple locations or managing cross-border teams and in a matrix organization preferred.
Skills & Competencies:
- Strong financial analytical skills, with the ability to identify trends and accuracy in financial data and turn them into actionable insights.
- Proficiency in financial systems (e.g., lease accounting systems, stock compensation systems, financial reporting systems); experience in broad ERPs (e.g. SAP, Oracle, Microsoft Excel) and business intelligence tools a plus.
- Excellent written and verbal communication and interpersonal skills, with the ability to influence and collaborate effectively across all levels of the organization.
- Ability to develop detailed project plans, set goals, define tasks and allocate resources efficiently to ensure that deadlines are met to maintain compliance with reporting deadlines or proactively manage change with new standards or regulations.
- Solid decision-making skills to guide projects toward successful completion.
- Identify, assess, and mitigate potential risks that could impact a project's success, timely and successful financial reporting, and develop contingency plans to address unforeseen issues.
- Ability to implement change in an organization in support of new business or financial reporting requirements.
- Strong organizational skills to manage multiple tasks, deadlines, and stakeholders simultaneously.
- Flexibility to adapt to changing project requirements, stakeholder needs, and external factors.
- Strong leadership and team management abilities, with a proven track record of developing talent and building cohesive teams.
- Inspire and motivate team members, delegate tasks effectively, and create a positive team culture.
Founded in 1923, Applied Industrial Technologies (NYSE: AIT) is a leading value-added distributor and technical solutions provider of industrial motion, fluid power, flow control, automation technologies, and related maintenance supplies. Our leading brands, specialized services, and comprehensive knowledge serve MRO and OEM end users in virtually all industrial markets through our multi-channel capabilities that provide choice, convenience, and expertise.
Applied Industrial Technologies is built on a philosophy that puts people first. We are an equal opportunity employer, and we are committed to a workforce in which we enforce fair treatment and provide growth opportunities for everyone. All qualified applicants will receive consideration for employment regardless of age, race, color, national origin, genetics, religion, gender, marital status, physical or mental disability, or any other characteristic protected by applicable laws, regulations, and ordinances.
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