Perform customer contract review and analysis to assess the appropriate accounting treatment in accordance with revenue accounting standard (ASC 606) for over $20 billion in net sales for Medline’s care channels. Act as subject matter expert on the accounting for arrangements that include multiple performance obligations, rebates, concessions, chargebacks, distributor fees, discounts, pricing, etc. Serve as key business partner and advisor to Sales, Finance, Legal, and Contracting on the accounting implications of contract language and terms and revenue recognition best practices. Develop and lead improvements in contract revenue accounting, implementing internal controls and adopting system capabilities that ensure the proper recognition of revenue.
Job Description
CORE JOB RESPONSIBILITIES:
Revenue recognition for customer contracts and arrangements
Review and analyze customer contract terms to determine the revenue recognition implications; collaborate with sales, contracting and legal teams and exercise judgement within defined policies and authoritative literature to assess appropriate revenue accounting.
Offer alternative language or terms to streamline revenue recognition analysis while meeting customer needs.
Initiate and lead improvements in the contract review process that ensures proper revenue and gross to net (“GTN”) accounting and reporting.
Draft global and prepare or review regional accounting position papers related to revenue recognition.
Document the Company’s current and emerging revenue streams and monitor revenue recognition on an ongoing basis.
Partner with colleagues in Finance, Sales, Contracting, Legal, Operations and IS to gather, understand and document support for accounting positions.
Cross-functional revenue governance
Participate in Revenue and GTN process improvement meetings and provide feedback on areas for improvement.
Sustain continuous communication with key stakeholders to collaborate on business initiatives and contracting strategies to support change management, governance, and compliance.
Execute clear communication and education of ASC 606 principles with commercial, sales, contracting and finance business partners, ensuring a seat at strategy discussions.
Drive industry best practice sharing and promote education and training on revenue and GTN internal controls and operations topics to key stakeholders.
In partnership with FP&A, communicate revenue accounting close results, providing variance explanation in significant accruals including chargebacks, rebates, and fees.
Maintain and periodically review assumptions for revenue-related reserves and calculations.
Revenue processes, systems, and controls
Proactively seek out and engage with key stakeholders to understand revenue recognition processes, systems, and internal controls.
Evaluate and risk assess the current revenue accounting processes, systems, and controls, including upstream and downstream inputs and sources to advance revenue data and process capabilities.
Partner with contracting, corporate accounting, internal controls, internal audit, and process improvement teams to design and maintain internal controls over revenue and GTN accounting and reporting.
Ensure integrity in the revenue accounting close in close partnership with finance, operations, and IS.
Oversee the completion of the revenue related audit requests and assist in the resolution of any revenue related findings.
BASIC QUALIFICATIONS
Education
Bachelor’s degree in Accounting or Finance.
Relevant Work Experience
At least 2 years of related accounting experience
Knowledge / Skills / Abilities
ASC 606 subject matter expertise and experience applying knowledge of related practices, systems, and controls.
Experience participating in process improvements and cross-functional projects, including change management.
Experience working with revenue management systems and ERP systems (e.g., SAP, Oracle, Vistex, Model N, Integri-chain).
Experience at a large manufacturing, distribution, or life sciences company.
Intermediate to advanced skill level in Microsoft Excel and Word.
Excellent attention to detail and strong communication skills; ability to manage competing priorities and adapt to change. Proven business partnership and change management experience.
PREFERRED QUALIFICATIONS
Education
Master’s degree in Accounting/Finance or MBA desirable.
Strong working knowledge of the contract life cycle management process, preferably in the life sciences industry.
Experienced in the complexities and compliance requirements of GTN finance and analytics, including wholesaler chargebacks, distribution fees, customer, and GPO rebates.
Knowledge / Skills / Abilities
SAP and Vistex experience strongly preferred.
Benefits - Medline is committed to offering competitive benefits and a variety of choices to best meet the needs of you and your family. For employees scheduled to work at least 30 hours per week, this includes health and well-being, financial fitness, career development, paid time off and more. Employees scheduled to work less than 30 hours per week can participate in the 401(k) plan, access the Employee Assistance Program (EAP), Employee Resource Groups (ERG) and Medline Service Corps. For a more comprehensive list of our benefits, please click here.
Every day, we’re focused on building a more diverse and inclusive company, one that recognizes, values and respects the differences we all bring to the workplace. From doing what’s right to delivering business results, together, we’re better. Explore our Diversity, Equity and Inclusion page here.
Medline Industries, LP is an equal opportunity employer. Medline evaluates qualified applicants without regard to race, color, religion, gender, national origin, age, sexual orientation, gender identity or expression, protected veteran status, disability/handicap status or any other legally protected characteristic.
