Manager, Financial Services

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Job Purpose

The Manager, Financial Services is responsible for the efficient operation of the General Accounting, Accounts Payable (A/P) and Capital Asset portfolios of Financial Services by providing exemplary customer service, coordinating, and allocating workload, ensuring specified controls are exercised, meeting expected deadlines and maintaining appropriate records.

Directs general accounting and accounts payable positions to ensure the University’s financial activity is properly documented, reviewed, and reported in compliance with the requirements of the Ministry of Colleges and Universities (MCU) and other funding agencies, current legislation and generally accepted accounting principles. Oversees and reviews the monthly financial reporting and preparation of monthly account statement distribution to account holders. Ensures accuracy of accounting for capital assets and related deferred capital contributions.

Assists employees of the University in the application of accounting principles when processing transactions and provides advice in the proper accounting of complex or unique transactions. Assists in preparation of the year-end audit, including the preparation of supporting documentation. Prepares annual financial reports including Charity Information Return, Council of Ontario Finance Officers (COFO) Financial Report and other relevant Council of Ontario Universities (COU) and Canadian Association of University Business Officers (CAUBO) reports. Works collaboratively with colleagues to provide a team approach in support of the regular reporting to departmental account managers. Ensures the integrity and efficiency of the financial electronic systems and maintains the Chart of Accounts and User login security.

Key Activities

General Accounting:

  • Ensures accurate and complete transaction recording to ensure integrity of monthly departmental reports within required deadlines, providing detailed analysis of large volumes of data to identify items requiring correction as necessary. Including:
    • Reviews monthly bank reconciliations;
    • Prepares and reviews monthly account reconciliations and prepares/records financial adjustments as required to ensure an accurate reflection of the University’s financial position;
    • Maintains a regular communication schedule regarding month end processes;
    • Responsible for maintaining Foreign Exchange Rate Table for US currency

Accounts Payable:

  • Ensures the effective, efficient, and timely processing of expense claims, supplier invoices, cheque requisitions and other non-salary related payment instructions within University policies, compliance with accounting controls and where applicable with those of external agencies, ensuring to avoid penalties. Including:
    • Oversees weekly payment processing for multiple payment methods, including audit of large dollar transactions;
    • Oversees the stop payment process, including cancelling and reissuing of cheques; and
    • Follows up with vendors where outstanding payment of invoices cannot be resolved by A/P staff.
  • Ensures the University is compliant with various legislative requirements such as Broader Public Sector directives, commodity tax legislation, and income tax legislation as they apply to University payment activities. This requires both detailed knowledge of the various legislation and the ability to exercise professional judgement to balance these legislated requirements with operational requirements and the expectations of internal clients and external suppliers. Including:
    • Responsible for maintaining Tax Rebate Code Table, to ensure the appropriate rebate or ITC structure is in place for each transaction;
    • Prepares monthly HST returns;
    • Prepares T4A NR and provides information to payroll for T4/T4A adjustments related to A/P transactions, ensuring all information needed is in accordance with Canada Revenue Agency guidelines and captured at source
  • Acts as a resource for faculty, staff and colleagues providing advice, information and training around external legislation and internal policies and their effect on the processing of expense claims, invoices or other payment instructions.

Capital Reporting:

  • Review regularly prepared capital asset sub-ledger reconciliations, ensuring appropriate asset classification as restricted or unrestricted and reconciling restricted assets to deferred capital contributions.
  • Review regularly prepared capital project activity, ensuring accurate classification of activity between capital and expense transactions, determining capital asset values and related deferred capital contributions for recognition upon project completion.
  • Prepare audit schedules and supporting documentation related to capital assets, deferred capital contributions and investment in capital assets for the year-end financial statements and for capital projects requiring separate external audit.
  • Prepare and submit, once approved, Statistics Canada and other surveys/inquires related to capital items.

Financial Reporting:

  • Recommends and implements changes to reporting systems, tools and processes to improve meaningfulness and usability of financial reports, and to enhance the internal controls of financial processes.
  • Prepare and submit, once approved, annual COU-COFO Financial Health Surveys and other reports as required.

Year-end Reporting:

  • Supports the interim and year-end audit of the consolidated financial statements of the University. Works collaboratively with financial services staff and the external auditors regarding preparation of supporting documents, responding to audit queries, and preparing account reconciliations and variance analysis as required.
  • Assists in preparing the University’s annual Financial Report to the Council of Ontario Universities (COU). This detailed report covers all aspects of the University’s activities and is considered the reference for financial information about the university sector in Ontario by the provincial government. Information from this report is also used in assessing the University’s performance against specified metrics key to the University’s performance-based funding. This report requires considerable manipulation and supplementary analysis of the data to convert the financial information from the University’s financial statements prepared under generally accepted accounting principles to the reporting format required by COU.
  • Prepares other annual reports required by COU and/or CAUBO, and prepares the Annual Charity Return to Revenue Canada.

Electronic Systems and Processing:

  • Effectively managing the components of the University’s centralized payment and reporting processes with ongoing evaluation to recommend improvements including system changes and development of forms, processes, and procedures.
  • Effectively manages and maintains electronic employee reimbursement system with ongoing maintenance and training as required.
  • Maintains oversight and coordination of critical electronic file transmissions for payment transactions to ensure successful delivery.
  • Recommends changes and updates to the Reporting and Accounts Payable related sections of the Financial Services website.
  • Maintains the Chart of Accounts and User login security access based on appropriate authorizations and requirements.
  • Implements new or enhanced processes and requirements (i.e. HST changes, new electronic system interfaces) on an ongoing basis and the is the functional lead on implementing, testing, training and promoting new systems functionality.

Supervision, Training and Mentoring:

  • Mentors direct reports, providing guidance, training and assistance where necessary.
  • Organizes and assigns regular duties and special projects, assists in the timely completion of job activities, and oversees the daily activity of the team.

Education

  • Honours University degree in Finance, Business, Accounting, Economics or a related field.
  • Professional accounting designation required.

Experience Required

  1. Minimum 3 years of recent, relevant financial and accounting experience, preferably within a university environment, including 2 years of audit experience, preferably within a public accounting firm
  2. Demonstrated leadership or supervision of a team, including oversight of accounting/bookkeeping and accounts payable staff in a unionized environment
  3. Experience using decentralized computerized financial systems (preferably Colleague) integrated with third party vendors.
  4. Sound working knowledge of the application of Harmonized Sales Taxes and other applicable legislation in Canada
  5. Proficient in MS Office suite of products, with advanced Excel financial and statistical functions
  6. Able to prioritize multiple, conflicting deadlines
  7. Self-motivated, able to work independently and attention to detail
  8. Effective verbal and written communication skills
  9. Strong collaborative approach working in a team environment
  10. Excellent customer service