Global Accounting Operations Senior Associate
State Street
Global Accounting Operations Senior Associate
State Street
Holds assets for institutions and runs index funds
Basic Purpose of Job::
The Revenue, AR, BU Accounting SME will be responsible for all aspects of revenue recognition, US GAAP, and day-to-day management of a team of experienced Accounting professionals that provide support to Global Revenue Accounting group. This individual will provide subject matter expertise in the area of accounting related to Revenue Accounting which include:
o Project management skills
o Revenue Accruals under GAAP/IFRS revenue recognition principles
o • Fee Reserve Analysis
o • Revenue Adjustments and Intercompany Revenue
o • Account Reconciliations & Certifications
o • Accounts Receivable; Billed and Unbilled (including aging’s)
o • Monitoring & Processing of Client Concessions / Revenue Reversals
o • SOX Controls
o • Cash Applications
In addition to Business As Usual (BAU) responsibilities as described above, this role will lead the process re-engineering, standardization, and automation efforts.
Responsibilities & Tasks Include:
o • Performing managerial reasonableness reviews and discussing reporting & analytics deliverables prepared by the team to ensure results make sense, that messaging is on point for the audience and ensuring the core objective of the deliverable is met
o • Provide support to key stakeholders of the team to present analytical results, findings
o • First point of escalation within the local reporting line for dealing with issues (people/process/technology) and ensuring that compliance requirements are adhered to (e.g. company policies surrounding standard of conduct, information security, employment regulations)
o • May be required to participate in or conduct a wide range of accounting and financial analyses on critical and complex issues which may include variance analysis and accounting transactions.
o • May serve as a subject matter expert on particular accounting transactions. Coordinate with onshore team / Accounting Policy to determine appropriate accounting treatment for complex transactions
o • Coaches the team and works with onshore leadership to establish the team member goals and gather feedback for performance appraisals.
o • Participate in or manage function specific projects as needed
o • Ensure completion of deliverables within the committed timeframe including assistance with development of deliverable plans, attending deliverable specific or recurring meetings between the team and the onshore team. Team deliverables revolve around
o • Collaborate with Revenue Operations (Billing) teams on initiatives, errors, new contracts, etc.
Oversight of Revenue team performing the following Accounting activities:
Daily:
o • Monitor General Ledger activity for accuracy based on US GAAP rules
o • Preparation of manual journal entries for accrual and adjustment revenue activities
o • Cash application of receivables
o • Follow up with the Business on aged billed and unbilled items
Monthly:
o • Maintain accuracy of revenue accrual process
o • Coordinate month-end close including preparation / oversight of manual journal entries Oversight of account reconciliations and certifications
o • Perform SOX controls
Quarterly:
o • Prepare Regulatory and Internal reporting
o • Perform SOX control testing
o • Fee Reserve Analysis
Ad-Hoc:
o • Prepare and update process narratives/procedures and flow charts
o • Response to internal and external requests including variance analysis and inquires
o • Participate in Ad Hoc projects and new transactions
o • Perform user access reviews & certifications
List of Accounting systems:
RMS (Revenue Management System)
SLCM (Securities Lending Credit Management)
Oracle
VMW
CBS
MCH
Badger Information Classification: Limited Access
Cash Manager or Instruct
Salesforce
STARS
Essbase
Discoverer Viewer
Oracle Finapps
Process Re-Engineering, Standardization, and Automation:
o • Lead the process Re-Engineering, Standardization, Automation
o • Responsibility for ongoing process improvements
o • Responsibility for execution of right-placement strategy
o • Implementation support of the GAO process re-engineering and automation efforts
Job Requirements:
Education and Experience:
o • Master’s Degree in Accounting, Chartered Accountant (CA) or Certified Public Accountant (CPA)/PMP/MBA-Finance with 12-14 years of progressive experience in R2R areas with major financial institutions
o • Extensive practical experience and knowledge of the US GAAP and IFRS accounting standards
o • In-depth knowledge of the supported products.
o • Understanding of international regulatory landscape, experience with statutory accounting/reporting groups across several major international geographies.
o • Experience of building and maintaining strong control environment (risk excellence, experience with SOX, RCSA controls, etc.), establishing policies, procedures and strong internal controls.
o • Demonstrated leadership in improving/building-out the above process groups for multiple geographies and business areas
o • Extensive experience of managing teams performing day-to-day accounting operations, month-end and quarter-end activities for the above areas of accounting
o • Experience of leading re-engineering of R2R (record-to-report) processes and driving similar centralization of the end-to-end activities for the major financial institutions
Skills required :
o • Proficiency in Microsoft Office suite (Excel, Access, PowerPoint, Word, Visio), advance levels of Excel (pivot tables, formulas, excel workbook maintenance best practices)
o • Knowledge of Hyperion Essbase ,Oracle Financials
o • Knowledge of Spotfire, Tableau, Cognos data analytics and visualization (or similar) a plus
o • Conceptual understanding of company-wide financial architecture (GL, sub-GL technology, specialized tools) applicable to the above process groups of processes
o • Senior-level communication skills, presentation skills, prior experience of interacting with multiple stakeholders (Legal Entity and Geography controllers) in NA, EMEA, APAC
o • First or second level management expertise required
o • Independent decision-making capabilities, demonstrated thought leadership
o • Pride of ownership with the ability to deliver high quality results timely
o • Self-motivated, self-assured, and self-managed
o • Strong analytical and ability to analyze and summarize complex financial transactions
o • Strong attention to details
o • Problem solving skill
o • Highly organized with ability to multi-task and work under high pressure deadlines
o • Must be able to work in a fast paced environment
Responsible for accurate documentation of Requirements for GAO for the Client Cash process. Role requires working with CSO BA to document, and taking the new process through IT releases and Client conversions. Also provide support to the Production process as required. Assist tech writers with the required SOP's. Good understanding of AR and Revenue related process. Projects handled in the past with regards to process/system migration and new process/system set up will be advantage.
o • Prepare and update process narratives/procedures and flow charts
o • Response to internal and external requests and inquires on AR and revenue process
o • Participate in Ad Hoc projects and new transactions
o • Perform user access reviews & certifications and UAT
Across the globe, institutional investors rely on us to help them manage risk, respond to challenges, and drive performance and profitability. We keep our clients at the heart of everything we do, and smart, engaged employees are essential to our continued success.
We are committed to fostering an environment where every employee feels valued and empowered to reach their full potential. As an essential partner in our shared success, you’ll benefit from inclusive development opportunities, flexible work-life support, paid volunteer days, and vibrant employee networks that keep you connected to what matters most. Join us in shaping the future.
As an Equal Opportunity Employer, we consider all qualified applicants for all positions without regard to race, creed, color, religion, national origin, ancestry, ethnicity, age, disability, genetic information, sex, sexual orientation, gender identity or expression, citizenship, marital status, domestic partnership or civil union status, familial status, military and veteran status, and other characteristics protected by applicable law.
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Holds assets for institutions and runs index funds
State Street holds and services investments for pension funds, insurers, fund companies, and other large institutions, and it also runs index funds through State Street Investment Management. It launched the first US-listed exchange-traded fund, the SPDR S&P 500 ETF Trust, in 1993, and in 1924 it became custodian of the first US mutual fund. As a custody bank, it safekeeps clients' stocks and bonds, completes their trades, calculates what their funds are worth, and lends their securities to other investors. It earns fees on the assets it services and manages, plus income from currency trading and from interest on client cash. State Street traces its roots to a bank chartered in 1792 and is based in Boston, Massachusetts.
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