Our client, an industry leader in automotive parts distribution, is seeking a Senior Manager – Financial Reporting and Revenue to join their team. As a Senior Manager you will be part of the Finance Department supporting the overall financial integrity of the organization. The ideal candidate will have strong analytical skills, excellent communication abilities, and a collaborative spirit which will align successfully in the organization. **Job Title:** Senior Manager – Financial Reporting and Revenue **Location:** Oak Brook, Illinois **Pay Range:** $100,000 - $170,000/Direct Hire **Key Responsibilities:** **Sr Manager – Inventory/Revenue:** **Revenue Accounting:** + Lead the implementation and ongoing compliance with ASC 606 revenue recognition standards across the company, ensuring all revenue transactions are properly recognized and classified according to the standard. + Work with Director of Accounting to develop, implement, and maintain policies and procedures for revenue recognition in compliance with ASC 606, ensuring accurate review and interpretation of contracts. + Ensure proper classification of revenue streams, especially for complex arrangements involving product sales, services, and subscription-based revenue. + Oversee the preparation of journal entries related to revenue recognition, ensuring proper accounting for deferred revenue, accrued revenue, and revenue adjustments using Oracle and IBS (AS400) systems. + Ensure that revenue entries are processed accurately during the month-end close, reviewing and reconciling accounts to ensure completeness and accuracy. **Inventory Accounting:** + Oversee the inventory accounting process for our clients, ensuring the accurate valuation of inventory and the management of costing methodologies (e.g., FIFO, LIFO, or weighted average) in alignment with GAAP and company policy. + Ensure that inventory transactions (e.g., goods receipts, transfers, and adjustments) are properly recorded in both Oracle and IBS (AS400) systems, and reconcile inventory accounts during month-end close. + Work closely with supply chain and operations teams to ensure accurate inventory data tracking and reporting, including provisions for excess, obsolescence and shrinkage. **Reconciliation and Cut-Off Processes Between IBS and Oracle:** + Manage the reconciliation process between IBS (AS400) and Oracle GL, ensuring that revenue and inventory data are accurately transferred between the systems, especially during month-end close. + Ensure proper cut-off procedures are followed to ensure transactions are recorded in the correct accounting period in both systems. + Collaborate with IT and operations teams to troubleshoot and resolve discrepancies between IBS and Oracle, ensuring accurate financial reporting. + Continuously assess and improve revenue recognition and inventory accounting processes, identifying opportunities for greater efficiency, accuracy, and alignment between IBS (AS400) and Oracle systems. + Define and implement key controls between the two systems to ensure smooth data flow, accurate reporting, and regulatory compliance. + Drive automation initiatives for revenue and inventory accounting in both IBS (AS400) and Oracle, reducing manual effort, enhancing accuracy, and streamlining reporting across financial systems. **Audit Coordination and Compliance:** + Manage both internal and external audit requests related to revenue and inventory accounting, ensuring that all supporting documentation is complete, accurate, and compliant with auditing standards. + Lead the documentation and preparation of audit schedules for revenue and inventory transactions and ensure all necessary information is readily available for auditors. + Lead internal control audits, ensuring compliance with Sarbanes-Oxley (SOX) regulations and identifying areas for improvement in revenue and inventory controls. **Revenue-Related Financial Statement Disclosures:** + Oversee the preparation and review of financial statements, ensuring all revenue and inventory disclosures are accurate and comply with ASC 606 and GAAP. + Ensure appropriate presentation of deferred revenue, contract liabilities, and inventory-related balances on the balance sheet and proper revenue recognition in the P&L. + Ensure that all required ASC 606 footnote disclosures related to revenue and inventory are accurately prepared. **Cross-functional Collaboration and Process Improvements:** + Assist with the preparation of revenue and Cogs forecasts and collaborate with FP&A to improve month-end close processes. + Collaborate with FP&A and as needed with sales and operations teams to align business strategy with accounting policies for revenue and inventory. + Provide ongoing support for business unit leaders, advising on revenue recognition and inventory accounting matters related to new projects, contracts, or product lines. + Collaborate with the Credit and Collection team to ensure compliance with CECL standards and the proper maintenance of the allowance for bad debt. + Regularly assess and review credit risk, collaborating with the Credit and Collection team to ensure bad debt reserves are accurate and reflective of current economic conditions. **Leadership and Staff Development:** + Lead and mentor the revenue and inventory accounting team, ensuring they have the knowledge and tools to effectively manage revenue recognition and inventory accounting processes. + Provide guidance and training to staff on complex revenue recognition and inventory accounting issues, ensuring the team remains up-to-date on accounting standards and best practices. **QUALIFICATIONS:** + Bachelor’s degree in accounting, Finance, or a related field. Preferred CPA or equivalent certification. + 7+ years of accounting experience with a focus on revenue recognition, inventory management, and cost accounting. + Expertise in ASC 606 and revenue recognition standards, with a deep understanding of inventory accounting and costing methods (e.g. FIFO, LIFO, weighted average). + Experience working with financial systems, particularly Oracle GL and IBS (AS400) subledger systems. + Strong ability to resolve system discrepancies and manage complex reconciliations, especially cut-off issues. + Proven leadership skills with experience managing teams and driving process improvements. + Excellent communication and collaboration skills, with the ability to work cross-functionally across departments. + Full-time position based at the corporate headquarters. + Occasional travel may be required for site visits, cross-functional meetings, or audit coordination. **Upon completion of waiting period consultants are eligible for:** + Medical and Prescription Drug Plans + Dental Plan + Vision Plan + Health Savings Account + Health Flexible Spending Account + Dependent Care Flexible Spending Account + Supplemental Life Insurance + Short Term and Long Term Disability Insurance + Business Travel Insurance + 401(k), Plus Match + Weekly Pay If this is a role that interests you and you'd like to learn more, click apply now and a recruiter will be in touch with you to discuss this great opportunity. 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