Financial Reporting and Technical Accounting Manager

Applied Industrial Technologies; Cleveland (OH); On-site; USD 120,000 - 180,000; Full time

Job summary

Applied Industrial Technologies seeks a Manager of Financial Reporting and Technical Accounting to prepare the company’s financial statements and reports, ensuring compliance with US GAAP, SEC, and regulatory standards. The role oversees lease accounting and supports internal and external audits while addressing complex accounting issues.

The ideal candidate will have strong expertise in financial reporting, technical accounting, and accounting policy deployment, with prior experience in a

Qualifications

• Bachelor's degree in accounting, finance, or related field.
• MBA or advanced degree preferred.
• CPA or equivalent designation highly desirable.

Responsibilities

• Prepare quarterly and annual financial statements and reports in accordance with US GAAP and SEC rules.
• Support internal and external audit processes and regulatory compliance.
• Manage lease accounting including recognition of lease assets and liabilities and disclosures.

Skills

US GAAP

Financial reporting

Technical accounting

Auditing

Cross-functional collaboration

Public company experience

Education

Bachelor's degree in accounting or related field

MBA or advanced degree

CPA

Tools

ASC 842 lease accounting

Job description

The Manger 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

• 1. 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.
• 2. 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.
• 3. 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:
    • o 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).
    • o 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).
    • o 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.
    • o 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.
    • o Liaise with external auditors and assist in preparing technical accounting documentation for audit reviews.
  • - Assist with annual goodwill impairment testing
  • - Assist with stock award/equity compensation valuation and accounting for the company
  • - Assist with due diligence and oversight related to mergers and acquisitions

Qualifications

• - Bachelor's degree in accounting, finance, or related field; MBA or advanced degree preferred.
• - CPA or equivalent professional financial designation highly desirable.
• - At least 6 years of progressive experience in finance and accounting, preferably in a large public accounting firm and in financial reporting, technical accounting, or a related field.
• - Experience working with or in a U.S.-listed public company.
• - Strong experience working with U.S. GAAP.
• - Demonstrated experience overseeing financial operations in a multi-legal entity environment, preferably within manufacturing, retail, or multinational organizations.
• - Experience managing financial teams across multiple locations or managing cross-border teams and in a matrix organization preferred.

Founded in 1923, Applied Industrial Technologies (NYSE: AIT) is a leading value-added distributor and technical solutions provider of industrial motion, fluid power, flow control, automation technologies, and related maintenance supplies. Our leading brands, specialized services, and comprehensive knowledge serve MRO and OEM end users in virtually all industrial markets through our multi-channel capabilities that provide choice, convenience, and expertise.

Applied Industrial Technologies is built on a philosophy that puts people first. We are an equal opportunity employer, and we are committed to a workforce in which we enforce fair treatment and provide growth opportunities for everyone. All qualified applicants will receive consideration for employment regardless of age, race, color, national origin, genetics, religion, gender, marital status, physical or mental disability, or any other characteristic protected by applicable laws, regulations, and ordinances.