Accountant

Accountant

State Street

State Street

Bangalore, India

Experience :

Manager

Closes on :

Jul 26, 2024

Job Description

Job Description

Functional Job Title: Balance Sheet Substantiation – Team Lead

Reports to: Balance Sheet Substantiation - Manager/Senior Manager

Department/Division: Controllers/Finance

Background:

Driven by the State Street Beacon initiative, functionalization of corporate functions, and re-alignment of the Finance operating model, State Street established Global Accounting Operations (GAO) in 2017. GAO is a process-driven function responsible for all record-to-report (R2R) processes within Controllers including:

- Integrated close and intercompany

- Revenue accounting

- Expense accounting

- Specialized product accounting

- Cash and deposit governance

- Project accounting

- Balance sheet substantiation and system to system reconciliations

- Transfer pricing

- Management allocations

- Financial Systems Support

Each global process is managed by a Global Process Owner (GPO) who owns all aspects of BAU production work, process re-engineering, and automation. The majority of GAO capacity (circa 80%) is concentrated in 2 Global and 2 Regional GAO Hubs where activities are organized by process.

Goal of the position:

The Team Lead in this role will be responsible for supporting the preparation of monthly balance sheet reconciliations. Additional responsibilities include:

- Partnering with Line Manager to drive process and controls improvements and process automation

- Ensuring successful delivery of Balance Sheet Substantiation projects/initiatives by partnering with internal and onshore teams

Key Responsibilities:

Business as Usual (BAU) Activities:

- Perform monthly balance sheet reconciliations for various assigned accounts on a timely basis to a high standard.

- Perform self-review and identify key risks and opportunities for improvement.

- Take full ownership of the timeliness and quality of output.

- Ensure that accounting processes and procedures support key business objectives.

- Prepare reconciliations in line with the Balance Sheet Reconciliation Policy.

- Record and clear open items on reconciliations in a timely manner.

- Adhere to proper reconciliation controls at all times.

- Identify and remediate process deficiencies.

- Assist in the development of additional controls and preventative measures.

- Support requirements gathering, gap analysis, and facilitate testing.

- Work closely with IT, vendor, and project team to improve the reconciliation process.

- Update procedures according to BSS Policy.

- Maintain SLA requirements and high Balanced Scorecard ratings.

- Escalate issues to line manager to avoid any unfavorable impact.

- Complete all requirements of the GAO Control Hub.

- Deliver monthly reporting activities assigned.

- Establish and manage key stakeholder relationships.

Process Re-Engineering, Automation, and Change Management:

- Partner with GPO, FRIBS, and Technology to drive process re-engineering and automation.

- Continuously improve processes leveraging GAO ideation and issue tracking frameworks.

- Collaborate with the transition management team and donor entities to ensure effective transitions into the Hub.

- Support the Line Manager in projects/initiatives of the Balance Sheet Substantiation Team.

Job Requirements:

Education and Experience:

- Bachelor/Master Degree in Finance or MBA

- 5-7 years of progressive business analysis experience in Balance Sheet Reconciliation and Substantiation, Accounting Operations, Controllers, Business Controls, Finance & Risk Assurance

- Experience working with offshore support model

- Understanding of Oracle - Sub Ledger Accounting

- Practical experience and knowledge of US GAAP and IFRS accounting standards

- Technical experience in system design/interfaces and data flow into ERP system is a plus

Skills required:

- Proficiency in Microsoft Office suite (Excel, Access, PowerPoint, Word, Visio), with advanced Excel skills

- Knowledge of current technological platforms introduced by Oracle

- Understanding of company-wide financial architecture (GL, sub-GL technology)

- Strong attention to detail

- Problem-solving skills

- Organizational skills with the ability to multi-task and work under high-pressure deadlines

- Ability to work in a fast-paced environment

For further information, and to apply, please visit our website via the “Apply” button below.

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