Illinois Tool Works (ITW) is seeking a high-performing, detail-oriented
Senior Analyst, Corporate Accounting, to join our Corporate Accounting organization. This role plays a critical part in ensuring the accurate accounting, reporting, and compliance for ITW's U.S. managed employee health and welfare benefit plans, including medical, prescription drug, dental, vision, life, disability, HSA, and flexible spending arrangements.
This position offers hands-on ownership of complex accounting processes, significant interaction with internal business partners and external service providers, and exposure to SEC reporting and benefit plan audits. The Senior Analyst reports to the Senior Manager, Corporate Accounting, and collaborates closely with Human Resources, External Reporting, Tax, Treasury, and internal and external auditors.
Key Responsibilities:Accounting & Close Responsibilities- Own the monthly, quarterly, and annual accounting and close processes for U.S. employee health and welfare benefit plans, ensuring compliance with U.S. GAAP.
- Prepare, review, and post journal entries; perform account reconciliations; analyze variances; and investigate and resolve reconciling items.
- Ensure accurate recognition of benefit costs, liabilities, reserves, and settlements, including claims incurred but not reported (IBNR).
Budgeting, Forecasting & Analysis- Support the annual budgeting and periodic forecasting processes for assigned benefit programs.
- Analyze actual results versus budget and forecast, identify key drivers, and provide clear explanations to management.
- Develop and maintain supporting models and analytical schedules related to benefit plan costs and obligations.
Vendor, Actuarial & Cross-Functional Coordination- Work with third-party administrators, insurers, and other vendors to interpret data from multiple systems and formats and translate it into accurate accounting and reporting.
- Partner with plan actuaries to ensure appropriate measurement and recording of retiree health and welfare benefit obligations.
- Collaborate with Human Resources to understand plan design changes, new programs, and emerging trends and assess accounting implications.
Financial Reporting & Compliance- Assist in the preparation and review of quarterly and annual financial reporting deliverables, including disclosures for Forms 10-Q and 10-K related to employee benefits.
- Support the preparation of benefit plan financial statements and related schedules used in Forms 5500 and 990 filings.
- Serve as a key point of contact for external auditors, internal audit, and benefit plan auditors; coordinate audit requests and ensure timely, accurate responses.
Process Improvement & Controls- Identify opportunities to streamline accounting processes, improve controls, enhance documentation, and leverage system capabilities.
- Assist with the design, implementation, and monitoring of internal controls related to benefit plan accounting.
- Contribute to special projects, systems enhancements, and ad hoc analytics as the benefits landscape and regulatory environment evolve.
Qualifications:Required- Bachelor's degree in Accounting or Finance.
- 2-4 years of progressive accounting or finance experience in a corporate environment, public accounting, or a combination of both.
- Strong understanding of US GAAP and the financial close process.
- Advanced Excel skills and strong analytical capabilities.
- Ability to manage multiple priorities, work independently, and meet deadlines in a complex environment.
- Excellent written and verbal communication skills, with the ability to explain complex topics clearly and concisely.
Preferred- CPA or progress toward CPA certification; advanced degree a plus.
- Prior experience with accounting or reporting for employee benefit plans.
- Experience with ERP and consolidation systems such as D365 Business Central and Oracle HFM.
- Exposure to SEC reporting, external audits, and/or benefit plan regulatory filings.
* ITW's Corporate Accounting Team is not currently hiring individuals for this position who now or in the future require sponsorship for employment visa status.
Compensation Information:The compensation package for the role offers a competitive base salary ranging from $82k - $92k annually.
ITW considers various factors when extending an offer, including but not limited to the scope and responsibilities of the position, the candidate's work experience, education and training, geographic location, key skills, as well as market and business considerations.
In addition to a competitive salary, ITW employees in the U.S. are eligible for a comprehensive benefits package. This package includes medical, dental, vision, disability and life insurance programs. We also provide a 401k plan with both a company match and additional employer contribution, Flexible Spending Accounts, Health Savings Accounts, Employee Assistance Program, Commuter benefits, Adoption Assistance
