Cash Management Associate, Finance

4 months ago

Toronto, Canada Foresters Financial Services, Inc. Full time

Career Opportunity

Role Title

Cash Management Associate, Finance

Purpose of role

The Cash Management Associate, Finance is responsible for managing the flow of funds into and out of the company. This requires day-to-day handling of bank transactions to ensure all accounts are in good standing and that sufficient funds are available to meet operational cash flow needs. In addition, this role requires that all transactions are recorded accurately, accounts are monitored for any irregularities to prevent errors and fraud and policies and guidelines are followed. This role will handle time sensitive and high value items daily such as payroll funding, investment transfers, payables cash flow and highly sensitive ad-hoc payments. This role also entails preparing a daily forecast of each day’s cash requirements, communicating these requirements to Foresters Investments Dept., and completing the necessary wire and account transfers to ensure that Foresters’ financial obligations are met. This role has administrative rights with the various bank institutions and their corresponding online platforms. Additionally, they are responsible for communicating with the bank representatives to handle inquiries, complaints, and requests. As well, this role is responsible for preparing the monthly reconciliations of the various bank accounts under the care of the Finance Dept. by reconciling to the general ledger.

This position requires a knowledge of general accounting principles and the workings of banking systems, as well as experience with complex bank to ledger reconciliations.

**Job Description**:
Key Responsibilities

Daily monitoring and reconciliation of the various operating, chequing, and collection accounts
- Enter wire and account transfers, includes time sensitive and high dollar value items e.g., payroll funding, investment transfers, cash flow requirements, board of director payments (Over $2 billion annually)
- Record all bank transactions on a daily basis
- Review paid and outstanding cheque reports
- Review, investigate and resolve any fraudulent activity
- Complete stop payments, void cheques, recalls/reversals and bank deposits
- Record and communicate all bank related fees, service charges and interest gained with the various operating areas
- Engage with bank contacts/representatives for any bank related matters
- Administrative access to online bank sites

Daily forecast of cash requirements
- Review bank balances each morning to calculate amount of funds required to cover daily financial obligations
- Communicate requirements to Foresters Investment Dept.
- Complete wire and account transfers timely and accurately ($1M-$15M daily)

Monthly reconciliations of the various bank accounts under the care of the Finance Dept.
- Prepare 13-15 bank reconciliations on a monthly basis, with balances ranging from $10K and up to $30M, with large volume of transactions and high complexity
- Investigate and resolve problem items, bring problem items to the attention of the manager on a timely basis
- Communicate and follow-up with other operating areas to ensure timely clearing of their items
- Keep reconciliation records clean and organized for audit purposes

Miscellaneous
- Maintain detailed procedure documentation
- Maintain required files, reports and data electronically
- Deal with internal and external auditors as necessary
- Keep up with system changes and adjust processes as necessary
- Provide ongoing training to the team to ensure cross training is up to date
- Adhere to guidelines and policies around the various cash processes i.e. signing authority and approval limits

Key Qualifications
- Education (minimum required): Post secondary degree in Accounting preferred and/or working towards CPA or CFA
- Experience (minimum required): 1-5 years of accounting and reconciliation experience within a financial institution
- Knowledge of accounting principles
- Strong working knowledge of Microsoft Excel
- High attention to detail and accuracy
- Strong analytical and problem solving skills
- Able to establish priorities and meet tight deadlines

LI-Hybrid

Equal Opportunity Employment and Inclusion - _at Foresters Financial, we are committed to sustaining an equal opportunity environment for all job applicants. We embrace Inclusion, Diversity and Equity (IDE) as a core strategic objective for building strong, innovative teams in which all our employees can show up wholly and authentically as themselves._
- in advance of your appointment._

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