Director, Financial Reporting and Technical Accounting Job Listing at Applied Industrial Technologies in Cleveland, OH (Job ID JR102290)

Description

The Director of Financial Reporting and Technical Accounting oversees the preparation and integrity of the company's financial statements and reports, ensuring compliance with financial regulations and standards. This role involves managing technical accounting issues, coordinating with internal and external auditors, providing financial insights to senior management, and accounting for certain corporate areas including stock-based compensation, and lease accounting.  The incumbent oversees two (2) associates that assist in performing the responsibilities of this role. 

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 Chief Accounting Officer (CAO) of Applied Industrial Technologies (Applied), a U.S.-based public company traded on the NYSE.  The incumbent is also a key business partner to members of the senior management team and their direct reports to ensure there is sufficient understanding of accounting results and compliance with accounting standards. 

 Key Responsibilities:

Oversee Compliant Financial Reporting:

• Ensure the accuracy and timeliness 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.
• Coordinate with internal and external auditors for annual audit processes.
• Analyze financial data to identify discrepancies, trends, and financial performance to ensure financial reporting is correct.
• Responsible for 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.
• Support the integration of new acquisitions or the disposition of businesses to ensure that accounting for these transactions is appropriate. 

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.
• Serve as a primary contact for external auditors and assist in preparing technical accounting documentation for audit reviews.
• Create and implement accounting policies and procedures in line with industry practices and regulatory requirements.
• Facilitate the implementation of new or updated accounting standards within the organization.
• Develop and implement improved practices for financial reporting processes.
• Collaborate with teams in other functional areas, departments and business units to address technical accounting questions and projects.
• Offer proactive and consultative support to identify opportunities and/or maintain consistent treatment of accounting transactions across the organization.
• Lead or assist with special projects related to technical accounting, such as implementing new standards or resolving complex accounting issues.

Accounting Services:

• Subject Matter Expert: Serve in this capacity across the company as it relates to lease accounting, accounting for stock awards, post-retirement benefit plans, deferred compensation arrangements, and corporate-owned life insurance.
• 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.
• Lease Accounting: lead a central services function for lease accounting across the company including: 
  • 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).
  • 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).
  • 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.
  • 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.
  • Liaise with external auditors and assist in preparing technical accounting documentation for audit reviews.
• Lead a central function for stock award/equity compensation valuation and accounting for the company, including:
  • Award Valuation: Measure the fair value of stock awards at the grant date using appropriate valuation models (e.g., Black-Scholes-Merton model); ensure that assumptions used to determine the valuations are appropriate.
  • Expense Recognition: Record monthly journal entries for the recognition of compensation expense over the vesting period based on the fair value of the awards.
  • Modifications and Exchanges: Account for any modifications or exchanges of stock awards, ensuring compliance with relevant accounting standards.
  • Disclosure Requirements: Ensure compliance with the financial reporting standards by providing disclosures about stock-based compensation, including the nature and terms of awards, valuation methods, and the effect on financial statements.

Qualifications:

Education:

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

Experience:

• At least 10 years of progressive experience in finance and accounting, preferably a minimum of 5 years 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.