Job Description

Functional Job Title : Revenue, BU Accounting SME

Reports to : Revenue, BU Accounting CoE Lead - AVP

Department/ Division : Corporate Finance CoE, Bangalore Background:

Driven by the Beacon initiatives, functionalization of the corporate functions and re-alignment of the Finance Operating Model, State Street has established the Global Accounting Operations (GAO) organization in 2017. GAO is a process-focused organization responsible for the majority of the record-to-report (R2R) activities performed at State Street. Organizationally, it combines all groups performing these activities Globally and also includes Accounting Centers residing in State Street Shared Service locations in Poland, India and China. GAO organization is established on principles of Global Process Ownership and process excellence, owning all aspects of business-as-usual activities within R2R areas and driving process improvements and automation Globally.

To achieve this objective, GAO has been structured into several distinct global units each is responsible for all aspects of selected major groups of R2R activities, such as Close & Consolidations, Revenue/Expense Accounting, Payroll Accouting, Intercompany Transactions, Specialized/Producting Accounting, Cash/Deposit governance and others. Each global unit will be responsibe for all aspects of business-as-usual activities within their group of processes, as well as process re-engineering and automation activities – this includes leading process assessments; driving process design and process re-engineering work; co-owning technology initiatives bringing automation to GAO organization, working in close collaboration with the teams in Finance Technology, Finance Re-Engineering, Data Management, and other partnership organizations.

Basic Purpose of Job::

Responsibilities

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:

Revenue Accruals under GAAP/IFRS revenue recognition principles
Fee Reserve Analysis
Revenue Adjustments and Intercompany Revenue
Account Reconciliations & Certifications
Accounts Receivable; Billed and Unbilled (including aging's)
Monitoring & Processing of Client Concessions / Revenue Reversals
SOX Controls
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

Business As Usual (BAU) Activities:

Collaborate closely with the onshore team to understand expectations and deliverable timelines and ensure that deliverables of the team are load balanced as compared to team staffing.
Develop the team to adopt owner's mind set, work independently, and effectively manage timelines
Manage resources to assist with ad-hoc projects and new transactions to support the GAO Accounting controller group
Lead the day to day activities of an accounting team that is performing Revenue Accounting.
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
Provide support to key stakeholders of the team to present analytical results, findings
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)
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.
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
Coaches the team and works with onshore leadership to establish the team member goals and gather feedback for performance appraisals.
Participate in or manage function specific projects as needed
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
Collaborate with Revenue Operations (Billing) teams on initiatives, errors, new contracts, etc.

Daily

Oversight of Revenue team performing the following Accounting activities:

Monitor General Ledger activity for accuracy based on US GAAP rules
Preparation of manual journal entries for accrual and adjustment revenue activities
Cash application of receivables
Follow up with the Business on aged billed and unbilled items

Monthly

Maintain accuracy of revenue accrual process
Coordinate month-end close including preparation / oversight of manual journal entries Oversight of account reconciliations and certifications
Perform SOX controls

Quarterly

Prepare Regulatory and Internal reporting
Perform SOX control testing
Fee Reserve Analysis

Ad-Hoc

Prepare and update process narratives/procedures and flow charts
Response to internal and external requests including variance analysis and inquires
Participate in Ad Hoc projects and new transactions
Perform user access reviews & certifications

List Of Accounting Systems

Oracle

VMW

CBS

MCH

Badger

Cash Manager or Instruct

Salesforce

STARS

Essbase

Discoverer Viewer

Oracle Finapps

Process Re-Engineering, Standardization, And Automation

Lead the process Re-Engineering, Standardization, Automation
Responsibility for ongoing process improvements
Responsibility for execution of right-placement strategy
Implementation support of the GAO process re-engineering and automation efforts

Job Requirements

Education and Experience:

Master's Degree in Accounting, Chartered Accountant (CA) or Certified Public Accountant (CPA)/MBA-Finance with 6
8+ years of progressive experience in R2R areas with major financial institutions
Extensive practical experience and knowledge of the US GAAP and IFRS accounting standards
In-depth knowledge of the supported products.
Understanding of international regulatory landscape, experience with statutory accounting/reporting groups across several major international geographies.
Experience of building and maintaining strong control environment (risk excellence, experience with SOX, RCSA controls, etc.), establishing policies, procedures and strong internal controls.
Demonstrated leadership in improving/building-out the above process groups for multiple geographies and business areas
Extensive experience of managing teams performing day-to-day accounting operations, month-end and quarter-end activities for the above areas of accounting
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

Proficiency in Microsoft Office suite (Excel, Access, PowerPoint, Word, Visio), advance levels of Excel (pivot tables, formulas, excel workbook maintenance best practices)
Knowledge of Hyperion Essbase ,Oracle Financials
Knowledge of Spotfire, Tableau, Cognos data analytics and visualization (or similar) a plus
Conceptual understanding of company-wide financial architecture (GL, sub-GL technology, specialized tools) applicable to the above process groups of processes
Senior-level communication skills, presentation skills, prior experience of interacting with multiple stakeholders (Legal Entity and Geography controllers) in NA, EMEA, APAC
First or second level management expertise required
Independent decision-making capabilities, demonstrated thought leadership
Pride of ownership with the ability to deliver high quality results timely
Self-motivated, self-assured, and self-managed
Strong analytical and ability to analyze and summarize complex financial transactions
Strong attention to details
Problem solving skill
Highly organized with ability to multi-task and work under high pressure deadlines
Must be able to work in a fast paced environment

About State Street

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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Job ID: R-793705

Revenue Accounting - Manager