Navy Federal Credit Union - Winchester, VA

posted 2 months ago

Full-time
Winchester, VA
Credit Intermediation and Related Activities

About the position

The position involves executing Navy Federal's financial accounting processes by applying federal and industry regulations and standards. The role supports the accurate reconciliation and maintenance of the organization's financial statements and reports. The individual will work under minimal supervision and is expected to make recommendations based on their findings. The responsibilities include performing accounting activities such as reviewing and analyzing financial statements, ledgers, reconciliations, and associated accounts to ensure the accurate application of industry standards. Monthly close activities will also be part of the role, which includes reviewing and monitoring entries to the Trial Balance, Balance Sheet, and Income Statement accounts, as well as posting adjustments as necessary. In addition, the position requires performing account reconciliations, analytics, and variance analysis, providing sufficient supporting documentation for all financial activities. The individual will apply a basic to broad knowledge of Generally Accepted Accounting Principles (GAAP) and Accounting Standard Codification (ASC) in the preparation of Navy Federal Credit Union (NFCU) financial statements. Ensuring compliance with GAAP and ASC is crucial, as is identifying simplifying assumptions and accounting methods, as well as instances of incorrect application of GAAP/ASC. The individual will quantify the impact of such treatment and recommend solutions accordingly. The role also involves leading and guiding Accounting Technicians in the proper classification of transactions and funds, resolving misapplied funds or outstanding items, and conducting in-depth analysis to identify, isolate, and resolve discrepancies. The individual will contribute to quality control and process improvement initiatives, investigate and resolve complex discrepancies, and prepare and present recommendations for immediate action or proposals for policy changes to prevent losses. Furthermore, the position includes providing guidance with inquiries and problem resolution, performing research to assist with responses to inquiries from internal and external auditors, and generating reports that include associated justification for variance analysis. The individual will also identify and participate in process and automated improvement initiatives, assist with integration testing, and present recommendations for implementation. Mentoring and guiding Accounting Technicians with interface posting discrepancies and validating system-generated reports is also part of the role. The individual will ensure compliance with emerging accounting policies and updates, assist with the maintenance of the Accounting Policy Manual, and execute financial and operational controls as designed. The position requires resolving moderately complex escalated discrepancies, evaluating the impact of amended regulations, and recommending and implementing methods to ensure compliance. Participation in task/project groups across department lines, assisting with system design/development, and communicating accounting knowledge and business processes are also expected. Other duties may be assigned as necessary.

Responsibilities

  • Perform accounting activities including review and analysis of financial statements, ledgers, reconciliations, and associated accounts to ensure accurate application of industry standards.
  • Perform monthly close activities including reviewing and monitoring entries to the Trial Balance, Balance Sheet, and Income Statement accounts and posting of adjustments.
  • Conduct account reconciliation, analytics, and variance analysis, providing sufficient supporting documentation.
  • Apply knowledge of GAAP and ASC to the preparation of NFCU financial statements.
  • Ensure compliance with GAAP and ASC by applying accounting standards in the preparation of NFCR financial statements.
  • Identify simplifying assumptions and accounting methods and instances of incorrect application of GAAP/ASC; quantify the impact and recommend solutions.
  • Lead and guide Accounting Technicians with proper classification of transactions and funds, and resolve misapplied funds or outstanding items.
  • Conduct in-depth analysis to identify, isolate, and resolve discrepancies, contributing to quality control and process improvement.
  • Investigate, resolve, and/or escalate complex discrepancies, data entry errors, and out of balance situations; prepare and present recommendations for immediate action or proposals for policy changes.
  • Provide guidance with inquiries and problem resolution.
  • Perform research to assist with responses to inquiries from internal and external auditors.
  • Perform variance analysis and generate reports including associated justification.
  • Identify and participate in process and automated improvement initiatives; assist with integration testing and present recommendations for implementation.
  • Mentor and guide Accounting Technicians with interface posting discrepancies and validating system-generated reports.
  • Ensure compliance and keep abreast of emerging accounting policies/updates and assist with the maintenance of the Accounting Policy Manual.
  • Execute financial and operational controls as designed and according to the control descriptions.
  • Resolve moderately complex escalated discrepancies including guiding and/or negotiating with specialized internal and external contacts.
  • Evaluate the impact of amended regulations; recommend and implement methods to ensure compliance.
  • Participate in task/project groups across department lines; assist with system design/development and participate in integration testing; communicate accounting knowledge and business processes.
  • Perform other duties as assigned.

Requirements

  • Familiarity and understanding of the application of the rules of GAAP.
  • Familiarity and understanding of Sarbanes-Oxley (SOX) control environment and requirements.
  • Familiarity with PC applications including Microsoft Office, particularly Excel, Access, and PowerPoint.
  • Ability to work both independently and in a team environment, including mentoring/guiding teammates.
  • Ability to interact with external and internal contacts (e.g., auditors and other oversight groups) to provide requested information/data.
  • Previous experience with credit union financials and/or NCUA regulations.
  • Working knowledge of Navy Federal organizational structure, products, services, policies, and procedures.
  • Demonstrated intention to pursue or currently pursuing CPA certification.
  • CPA certification highly desired.
  • Advanced skill in handling multiple tasks simultaneously with a high degree of accuracy.
  • Basic analytical, organizational, and problem-solving skills.
  • Effective skill maintaining accuracy with attention to detail and meeting deadlines.
  • Effective verbal and written communication skills.
  • Bachelor's degree in Accounting, Finance, or a related field or the equivalent combination of experience, education, and training.

Nice-to-haves

  • Advanced degree in Accounting, Finance, or other related field.
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