Director of Accounting
Precision for Medicine
Precision Medicine Group (“Precision”) is a high-growth and established life sciences innovator, founded in 2012 and still led by a proven entrepreneurial team and backed by leading private equity investors (Blackstone, TPG, Berkshire Partners). The Company helps pharmaceutical and life-sciences clients address product development and commercialization challenges while creating access to better care for patients around the world. Precision is comprised of two business platforms, Precision for Medicine and Precision Value & Health (“PVH”). Precision for Medicine focuses on research and development initiatives and primarily services emerging to mid-size innovative biotechnology firms. Precision Value & Health provides solutions to maximize the commercial potential of innovative therapeutics for larger biopharma firms as well as emerging biotech companies. Precision Medicine Group is a team of over 3,000 employees across 35 offices and laboratories world-wide.
Precision Value & Health (PVH) is currently over 1,300 employees and growing rapidly. The business is organized into three service lines:
- Evidence Solutions: consulting and advisory services to develop the evidence needed to demonstrate commercial value of new therapeutic treatments
- Data Sciences: technology-enabled and data analytical solutions for life science companies to develop, plan, and execute targeted engagement programs
- Engagement Solutions: communication services for translating evidence into benefits for healthcare providers, patients, payers and investors
Reporting into the Vice President, Global Controller, the Director of Accounting will be responsible for the accounting policies, procedures and controls associated with revenue across PVH. The successful candidate will be a hands-on, self-motivated technical accountant with a strong knowledge of US GAAP (ASC 606) and direct experience leading the full revenue and receivables accounting process.
- Lead the revenue recognition process across PVH service lines including ASC 606 compliance, maintenance and integration of revenue/billing workstreams, revenue recognition logic within systems, monthly reporting and process documentation.
- Lead review of customer contracts to ensure consistent application of revenue recognition policies in accordance with US GAAP (ASC 606) or other relevant accounting standards for all service lines within PVH.
- Act as the key point of contact for revenue recognition across the PVH service lines ensuring compliance and consistency in the application of accounting requirements.
- Responsible for the revenue month end close processes ensuring financial transactions and records comply with US GAAP/company policies and all revenue income statement and balance sheet account reconciliations are completed and reviewed.
- Identify opportunities to enhance accounting/finance operational efficiency and implement them to streamline financial processes associated with revenue and receivables.
- Develop key policies and guidelines around existing and future processes that will allow for transparency, efficiency, and scalability of PVH.
- Enhance use of existing systems (Infor, Salesforce etc.) utilized in the revenue recognition process to optimize efficiencies and ensure accurate financial reporting and controls.
- Oversee proper remeasuring of transactions in a foreign denominated currency into USD associated with foreign contracts/service lines.
- Monitor and ensure sales tax is appropriately applied to customer invoices required for domestic and international revenue contracts.
- Assist with onboarding of new acquisitions as required, helping to integrate legacy processes into Precision’s processes.
- Become proficient with Precision’s ERP system, particularly the end-to-end processes associated with closing the various modules.
Compliance, Audit, & Risk Assessment
- Ensure company revenue accounting policies comply with financial reporting requirements, tax regulations and statutory reporting and obligations.
- Perform technical accounting research and prepare accounting documentation to support rationale and conclusions.
- Monitoring emerging US GAAP standards or practices which may impact operations and reporting. Assist with data gathering and implementation of GAAP standards to be adopted.
- Act as a main point of contact for internal and external audits providing necessary documentation and support.
- Design and enforce internal controls to safeguard the company’s assets and prevent fraud including ability to implement 404 in the future.
- Supervise team of accountants responsible for revenue including monthly journal entries, reconciliations, and consulting to support operational/client deliverables in accordance with accounting requirements
- Responsible for the training and development of the revenue accounting team, providing them with coaching, mentoring, and professional development opportunities.
- Foster a culture of collaboration, innovation, and accountability within the accounting function.
Stakeholder Communication & Collaboration
- Partner with sales, operations, legal and finance during contract negotiations and provide suggestions and assistance in revenue recognition optimization in compliance with accounting principles.
- Support all cross functional revenue projects or initiatives that impact Company revenue
- Collaborate with key business partners to maintain and/or improve existing systems and processes that will provide complete, timely and accurate reporting of PVH revenue transactions.
- Partner with FP&A to conduct financial analysis to identify trends, variances, and revenue enhancement opportunities.
- Lead/assist with special projects or company initiatives as necessary
- 7+ years of professional experience in finance roles, including substantial experience in revenue recognition for a company of at least $300 million in total revenues.
- Bachelor’s degree in finance, accounting, or a related field with emphasis in accounting
- Certified Public Accountant, or equivalent professional certification, is required
- Experience working for a Big 4 accounting firm is preferred
- Comprehensive knowledge of GAAP, financial regulations, and accounting best practices
- Experience with and strong understanding/application of US GAAP and international revenue accounting standards including FX measurement.
- Strong knowledge of finance processes, systems, and internal controls
- Demonstrated ability to lead develop and grow existing team as well as develop and maintain strong cross functional relationships
- Understanding of financial regulations, compliance, and risk management.
- Ability to challenge the norms and processes and relentlessly look for ways to add value and to position the organization for success.
- Ability to sort through complex issues and translate/communicate in a clear, concise manner.
- Ability to “roll up his/her sleeves” when necessary to ensure all deliverables are met, from both a quality and timely perspective.
- Ability to persuade others and achieve excellence and to foster an environment of openness and teamwork.
- A passionate, high-energy leader and builder, capable of driving speed and discipline throughout the organization.
- A willingness to work hard to integrate into the company, earn respect and build a reputation for achievements – a trustworthy team player.
- Strong organizational and leadership skills with the ability to attract, retain and develop exceptional finance talent.
- Ability to manage multiple tasks and priorities simultaneously
Precision Medicine Group is an Equal Opportunity Employer. Employment decisions are made without regard to race, color, age, religion, sex, sexual orientation, gender identity, national origin, disability, veteran status or other characteristics protected by law. © 2020 Precision Medicine Group, LLC