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 & Consolidation, Revenue/Expense Accounting, Payroll Accounting, Intercompany Transactions, Specialized/Product Accounting, Cash/Deposit governance and others. Each global unit will be responsible 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::

The Officer will be responsible for the review and preparation of accounting revenue accrual entries and reporting under US GAAP. This individual should possess extensive operational knowledge and should be subject matter expert in the area of accounting related to ASC 606 Revenue recognition which will include

Booking of Revenue accruals for SF for Investment Services in LedgerKnowledge on AR and Revenue Transactions.Managing disputes.Unbilled reportingEnsuring month end closure

Apart from the above requirement the candidate should have a complete overview of the Revenue process and should be readily in involved In RAW implementation for project reengineering.

Responsibilities & Tasks Include:

Business As Usual (BAU) Activities:

Should have “owner’s mind set”, work independently, and effectively manage timelines May be required to provide accounting analyses or research on critical and complex issues which may include variance analysis of accounting transactions related to billed and unbilled revenueDevelop subject matter expertise in all aspects of the products under responsibility including operational aspects of a particular accounting transaction.Participate in or manage function specific projects as neededEnsure high quality and completion of deliverables within the committed timeframe.  Team deliverables revolve around.

Daily:

Monitor Revenue ActivityMonitor P/L movement for RevenueJustify PPA adjustmentsGet clarifications from GBO and Controllers

Monthly:

Coordinate month-end close including prepare / review manual journal entries and export accounting system reportsPrepare account reconciliations and certificationProcess Misc adjustments related to RAW and ORMBPrepare Regulatory Reporting.Prepare SEC reporting

Quarterly:

Prepare Regulatory, SEC, and Internal reportingPerform Accrual Pack for IS RevenuePerform SOX control testingInternal Audit support

Annual:

Response Audit queries and submissions of reports to Auditors and Tax Team.

Ad-Hoc:

Prepare and update process narratives/procedures and flow chartsResponse to internal and external requests including variance analysis and inquiresParticipate in Ad Hoc projects and new transactionsGeneral ledger account requestsAccounting systems maintenance and upgradePerform user access reviews & certificationsPerform analysis to support intercompany transfers, prepare automated transfer processing file, validate transfers, and prepare manual journal entries

Process Re-Engineering, Standardization, and Automation:

Responsibility for ongoing process improvementsAssist in implementation of the GAO process re-engineering and automation efforts

Job Requirements:Education and Experience:Master’s Degree in Accounting, Chartered Accountant (CA) and Certified Public Accountant (CPA)/MBA-Finance with 10-12 years of progressive experience in R2R areas with major financial institutionsExtensive practical experience and knowledge of the US GAAP and IFRS accounting standards for the above areas, experience with other accounting standards (German, etc.) is a plusIn depth knowledge of Accounting for Certain Investments in Debt and Equity Securities ASC 320 former FAS115.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, procedures and strong internal controls.Experience working with multi-geographical processes processExtensive experience performing day-to-day accounting operations, month-end and quarter-end activities for the above areas of accountingExperience with  R2R (record-to-report) centralized processesSkills required :Proficiency in Microsoft Office suite (Excel, Access, PowerPoint, Word), advance levels of Excel (pivot tables, formulas, excel workbook maintenance best practices)Knowledge of Hyperion Essbase ,Oracle Financials.Knowledge of Spotfire, Cognos data analytics and visualization (or similar) a plusConceptual understanding of company-wide financial architecture (GL, sub-GL technology, specialized tools) applicable to the above process groups of processesExcellent communication skills, prior experience of interacting with multiple stakeholders (Legal Entity and Geography controllers) in NA, EMEA, APACIndependent decision-making capabilitiesPride of ownership with the ability to deliver high quality results timelySelf-motivated, self-assured, and self-managedStrong analytical ability to analyze and summarize financial transactions related to the products supportedStrong attention to detailsProblem solving skillHighly organized with ability to multi-task and work under high pressure deadlinesMust be able to work in a fast paced environment

About State Street

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