Financial Reporting Specialist

2 weeks ago

Toronto, Ontario, Canada Facility Association Full time

About Facility Association

As a leading organization in the insurance industry, we pride ourselves on fostering an open and trusting environment where work-life balance, motivation, and career growth are valued. Our unique business model allows us to collaborate with multiple insurance companies across various provinces, providing a diverse and enriching professional experience. We strive to create an environment that prioritizes trust, openness, and motivation, ensuring every team member feels supported and inspired.

Position Summary

The Financial Reporting Specialist is a key member of our Finance team, responsible for assisting with the full cycle of the monthly close process in the preparation of month-end and year-end financial statements for assigned mechanisms. This includes managing accounts receivable (A/R) and accounts payable (A/P) transactions, investigating and resolving A/R and A/P issues, processing monthly reconciliations and journal entries, handling collections and payments, assisting with budgets and accruals, drafting the balance sheet, and providing financial support to the Underwriting, Claims, and Operations (UCO) team.

Key Responsibilities:

  • Perform monthly entries for the closing of the balance sheet, income statement, and any additional changes to the financial position for assigned mechanisms.
  • Prepare annual balance sheet, income statement entries, and assist with year-end disclosures and tables.
  • Ensure timely processing of monthly journal entries for prepaid expenses, provisions, and accruals, and worksheets.
  • Prepare monthly internal controls and upload for evidence gathering.
  • Prepare monthly balance sheet and income statement account reconciliations.
  • Compare general ledger balances to Member statements and follow up on differences.
  • Support external auditors for financial statement year-end work and CSAE control audits.
  • Assist in preparing financial statements and liaising with external auditors as required.
  • Track and manage accounts payable and accounts receivable on assigned accounts.
  • Monitor and record all cash disbursements, expenditures, and receipts, ensuring timely and accurate record keeping.
  • Prepare monthly internal controls and upload for evidence gathering.
  • Undertake monthly bank reconciliations and investigate/report any discrepancies found.
  • Provide financial support to the UCO team.
  • Support the Project Management Office by preparing, distributing, and coordinating the completion of the monthly variance analysis reporting for actual to budget relative to strategic initiatives.
  • Assist in operationalizing recommended improvements to system efficiencies.
  • Support implementation of new accounting requirements and standards on an ad hoc or as-needed basis.
  • Support special projects each year and work with cross-functional teams to deliver results as required.
  • Communicate financial information in a way that can be understood by non-financial personnel.

Qualifications and Experience:

  • Post-secondary diploma or degree.
  • Working towards CPA designation.
  • CPA designation preferred.
  • Three to five years of relevant accounting experience.
  • P&C experience considered an asset.
  • Advanced proficiency in MS Office suite and reporting tools, with ability to learn new tools.
  • Knowledge of and proficiency with accounting software programs.

Compensation:

We offer a competitive salary range of $70,000 - $90,000 per annum, depending on experience, plus benefits and opportunities for professional development and career advancement.

Benefits:

  • Collaborative Environment: Be part of a supportive team that values professionalism and collaboration.
  • Growth Opportunities: We offer avenues for professional development and career progression.
  • Work-Life Balance: We prioritize work-life balance, requiring attendance to the office only twice a month.

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