Flowserve Corporation Revenue Accountant in Lynchburg, Virginia
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.
Bachelor’s Degree in Business, Finance or Accounting required.
Minimum of two to five year’s relevant experience with preference given to experience in a manufacturing environment.
Prior experience using Percentage of Completion (PoC) Accounting.
Ability to read a contract, perform analysis based on the 5 Step Process and reach revenue recognition conclusions.
The Revenue Accountant shall learn and be able to perform monthly financial report generation by developing their own templates.
Be able to learn the processes and devise new reporting tools to assist the monthly reporting process.
Work closely with Manager to ensure that accurate, timely data is used for qualitative analysis.
Good interpersonal, communication and presentation skills.
Ability to multi-task and work on multiple tasks simultaneously.
Must be a team player, who is committed to company and individual performance targets.
Must be a self-starter and willing to ask questions when unsure.
Works independently, able to ensure tight Corporate reporting deadlines are adhered to.
Able to effectively communicate findings and concerns to management.
The primary function of the Revenue Accountant is to provide financial support and assistance for Flowserve’s Lynchburg site adaption and compliance to the new revenue recognition standards set forth under ASC 606
The Revenue Accountant will primarily be responsible for booking Revenue, 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:
Identify the contract with the customer
Identify the separate performance obligations in the contract
Determine the transaction price
Allocate the transaction price to the separate performance obligations
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.
Experience with a large ERP system (Oracle/SAP) GL preferred.
Familiarity with BPC Reporting is a plus.
Job Posting/Business Card Title:
Primary Posting Location:
Lynchburg, Virginia US
Percentage of Approximate Travel Required:
Job Posting Category:
Finance & Accounting
United States of America
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