Manager, Financial Reporting and Technical Accounting

Financial Reporting And Technical Accounting Manager

The Manager 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 :

• 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.
• 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.
• 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 :
• 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).
• 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).
• 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.
• 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.