Flowserve Corporation Revenue Accountant in West Chicago, Illinois
Flowserve is the recognized world leader in supplying pumps, valves, seals, automation, and services to the power, oil, gas, chemical, and other industries. With more than 18,000 employees in more than 55 countries, we combine our global reach with a local presence.
The primary function of the Revenue Accountant Specialist is to provide financial support and assistance for Flowserve’s AMSS Platform. Implementation and compliance to the new revenue recognition standards set forth under ASC 606.
The Revenue Accountant will primarily be responsible for determining the Revenue Recognition Methodology, Cost of Goods Sold and various Balance Sheet accounts based on contractual analysis and conclusions required by the 5 Step Process of the new Revenue Recognition standards. The position will be responsible for accumulating costs, performing project reviews and explaining revenue results and forecasts. The 5 Step Process is as follows:
1- Identify the contract with the customer
2- Identify the separate performance obligations in the contract
3- Determine the transaction price
4- Allocate the transaction price to the separate performance obligations
5- Recognize revenue when (or as) each performance obligation is satisfied
Business acumen and ability to read and understand contractual language will be needed to determine the appropriate method for revenue recognition for various contracts that fall under scope of ASC 606. There will be other responsibilities of the position as we move towards implementation of the new Revenue Recognition Standard.
Contract Review: Review, analyze, and determine revenue recognition methodology to apply to each contract deliverable. Final determinations must be well documented and presentable for all required approvers. All contracts meeting specific requirements will be entered into PolicyIQ for documentation, review and approval of contracts per the established matrix.
Revenue Recognition Review: Review and approve monthly revenue recognition reports to ensure adherence to documented methodology as outlined above.
Monthly reconciliations: Balance Sheet (contract asset, contract liability) and P&L (revenue by contract)
Bookings and Backlog monthly reporting: Review monthly bookings from local ERP and report to BPC in appropriate categories. Review and report proper net Backlog values to BPC on a monthly basis.
SOX Control/Audit participation: Participate in regular performance, monitoring and testing of SOX controls, as well as assist in External and Internal Audits.
Revenue accountants must possess the ability to work independently and make executive financial decisions with ease. Though many duties are performed independently, excellent communication skills are required as well as strategic and variable problem solving abilities. The occupation requires self-motivation, analytic aptitude and exceptional multitasking ability. The desire to work in a challenging environment is usually a prerequisite.
Project management capabilities
Good interpersonal, communication and presentation skills
Bachelor Degree in Accounting or Finance
3 – 5 years of project accounting experience within a large organization, manufacturing industry is highly desirable.
2 – 3 years of experience working with Percentage of Completion accounting
Extensive Excel 2010 knowledge including advanced functions with Excel required (Pivot tables, Vlook ups, etc) knowledge of Microsoft Access is valuable
Working knowledge of US GAAP and SOX regulations required, familiarity with new revenue standard ASC 606 is highly desirable.
Experience with Baan ERP, Oracle GL and SAP/BPC Reporting systems a plus
In addition to education and experience, it takes a keen sense of detail and exemplary organizational skills to succeed in the field.
Knowledge of sales, operations, and marketing contributions to revenue are also required
Primary Posting Location:
West Chicago, Illinois US
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Job Posting Category:
Finance & Accounting
United States of America
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