The Manager, Revenue Accounting is responsible for supporting the sales team in customer contract evaluation and managing revenue recognition accounting process as products and services are delivered. This role manages total annual revenue of approximately $250 million and a team of four that supports operations, finance, and ensures the integrity of the financial statements in accordance with US GAAP. This role is part of the Controllership function and will be viewed along with their team as the subject matter experts regarding revenue and costs associated with customer contracts and serve as a thought leader to evaluate new products and contract structures, assess best practices, and generate continuous improvement ideas to enhance efficiency and effectiveness. This role will also actively participate in the budgeting, forecasting, and analysis process with Finance through providing insights on backlogs and ongoing projects and working with project managers to ensure that revenue is recognized in timely manner. The individual will also be a partner to the quality team to understand and support regulatory compliance and its impact on revenue recognition.
ESSENTIAL DUTIES AND RESPONSIBILITIES:
- Effectively manage the team by setting expectations, developing goals and initiatives to improve efficiency and effectiveness, supporting broader business initiatives and projects, and coaching and developing team members.
- Manage month-end close responsibilities, including the calculation of key estimates, review of journal entries and reconciliations, and review of schedules to support SEC disclosures.
- Ensure controls processes are performed and documented properly in alignment with policies and the internal control framework for financial reporting. Support the internal and external audit processes by participating in process and control walkthroughs and providing requested documentation for testing.
- Maintain revenue recognition accounting policies that align with applicable guidance under US GAAP and business practices/workflows for the products and services offered at Hillrom. Create and maintain memos related to new or unique contract structures that require evaluation under the applicable policies and develop training programs to educate the broader organization on these policies and their impact on revenue recognition.
- Oversee the review of customer contracts to ensure the evaluation of performance obligations and contract price allocation are clear within the contract and that there is alignment related to the amount and timing of revenue to be recognized as Hillrom performs under the contract. As part of this review, the timing for invoicing and triggers for revenue recognition must be clearly identified, and contract renewal information should also be documented for tracking purposes.
- Partners directly with multiple functions (i.e., business development, order management, credit/AR, contracts, product marketing, R&D, Sales, Service, and FP&A) in development of new revenue recognition practices, process workflows, revenue models, and all QTC (quote to contract) effects to support new product launches/extensions and potential business acquisitions.
- Ensure customer contracting meets Hillrom requirements, with influence over sales, service, contracting, and legal to ensure requirements are met in an appropriate fashion. Role will also deal directly with customers to collaboratively resolve technical or business requirements for both parties. Educate new sales associates on Hillrom accepted language within maintenance and service agreements and statements of work that directly impacts revenue recognition to provide them with guidance to use in negotiations with customers.
EDUCATION AND EXPERIENCE:
- Requires a bachelor’s degree in Finance or Accounting, with demonstrated experience in evaluating complex customer contracts under the revenue recognition accounting guidance (ASC 606 & ASC 808) technicalities. CPA preferred.
- 7-10 years of experience, with demonstrated progression in managing teams and complex working environments. Preferred mix of public accounting and industry experience, specifically with operational accounting experience that included responsibilities related to forecasting and analysis.
- Experience providing work direction to others as supervisor, peer coach, team lead, etc.
QUALIFICATIONS AND SKILLS:
- Strong working experience related to applying revenue recognition accounting principles to a variety of customer contracts with an understanding of the operational and business impacts.
- Ability to align tactical department functions to broader Hillrom strategies, and effectively communicate the connection to the team to drive behavior and team development.
- Effectively develop a team, with appropriate individual performance metrics and development plans.
- Strong communication skills in order to manage multiple stakeholders and priorities effectively. Strong written communication skills in order to create policies, trainings, technical memos, and other forms of documentation that are clear, concise, and effective.
- Strong analytical skills and attention to detail, with the ability to manipulate, organize, and evaluate large data sets for budgeting and forecasting purposes.
- Effective time management skills with the skill to manage multiple priorities, including day to day responsibilities and other projects within the business.