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Senior Accountant - Partnership Compensation
Philadelphia, PASourcePro Search has a fantastic opportunity for a Senior Accountant with compensation experience in a Partnership environment (law firm preferred).
This role offers a high base, excellent benefits and growth opportunities within a prominent law firm.
The Senior Accountant is responsible for helping to ensure the accuracy and timeliness of distributions to the firm’s world-wide partners; calculating non-resident tax withholdings; calculating deductions not handled by the firm’s payroll process; maintaining appropriate supporting documents for such deductions; preparing monthly analyses of amounts related to partners who have withdrawn/retired from the firm; preparing journal entries and general ledger account reconciliations; calculating partner resident taxes for certain non-US jurisdictions.
Responsibilities:
Qualifications:
This role offers a high base, excellent benefits and growth opportunities within a prominent law firm.
The Senior Accountant is responsible for helping to ensure the accuracy and timeliness of distributions to the firm’s world-wide partners; calculating non-resident tax withholdings; calculating deductions not handled by the firm’s payroll process; maintaining appropriate supporting documents for such deductions; preparing monthly analyses of amounts related to partners who have withdrawn/retired from the firm; preparing journal entries and general ledger account reconciliations; calculating partner resident taxes for certain non-US jurisdictions.
Responsibilities:
- Partner Capital – Maintains timely and accurate records of partner capital contributions including capital loans. Calculates monthly preferential distribution of profits based on capital balances including assessing the reasonableness of the calculation based on changes in partners’ paid-in capital balances. Reconciles detail capital schedules to general ledger and capital requirements control schedule. Estimates capital loan quarterly interest payments for non-US partner capital loans in order to provide monthly deposits to partner accounts. Works with the Director of Partner Services on the annual reallocation of the firm’s capital.
- Partner Compensation – Maintain the partner compensation file including necessary conversions for partners whose compensation is based on non-USD currencies. Maintain the partner percentage file. Maintain schedules for non-standard compensation arrangements. Prepare compensation calculations for partner distributions including assessing the reasonableness of amounts and reconciling to compensation file.
- Partner Payroll – Create the “Gross-to-Net” file for each partner distribution. Calculate all non-scheduled partner deductions including Human Resources adjustments, Personal Charges, Missing Time Penalties, non-US resident taxes and non-US deductions including conversions to UD from local currencies. Maintain HR10 and 401K contributions in order to apply applicable limitations. Apply analytical skills to assess the reasonableness of current distribution amounts. Upload data into the payroll processing system. Process the monthly retired partner distribution.
- Partner Non-Resident Taxes – Maintain partner non-resident tax model including updates for changes in partner compensation/status, new partners, changes in tax calculations. Prepare non-resident tax withholding files for partner distributions including assessing the reasonableness of calculated amounts. Prepare quarterly estimated tax calculations for US non-resident tax payments. Prepare payments for non-US individual tax payments.
- Partner Distributions – Maintain distribution instructions for all partners, including bank account information, special instructions, etc. Use ACCESS database to calculate local currency payment amounts of distributions to be paid in non-UD currencies. Review results of calculated amounts of reasonableness/accuracy by comparison to prior distributions and expected results. Issue payment instructions to non-US Offices for payments to be made in local currencies. Provide wire instructions to Cash Management for distributions to be made by wire transfer.
- Withdrawn/Retired Partners – Prepare “Departed Partner Analysis” (DPA) for newly withdrawn/retired partners including: estimated share of current year profits (minimum and maximum calculations based on the partnership agreement); estimated non-resident tax liabilities (based on minimum and maximum share of profits amounts); tax withholdings; tax reserves; and working assets. On a monthly basis, update DPA for each current year withdrawn/retired partner and any prior year withdrawn/retired partners who are not clear on working assets. Update tax reserve calculations for all withdrawn/retired partners and identify held amounts that are available for release.
- General Ledger – Prepare monthly journal entries, including entries to re-state partner payroll entries in local currencies, where necessary. Prepare monthly account reconciliations for all partner-related accounts, including: Partner Draw/Guaranteed Payment; Partner Capital, Partner Advances, Partner Resident Tax accounts, Partner Non-resident Tax accounts, Partner Miscellaneous Deduction accounts, Due To/From Partner account. Identify reconciling items and ensure that such items are resolved in a timely manner.
- Customer Service – Provide excellent customer service to both internal and external customers, in particular partners. Such service includes providing timely and accurate information and the ability to communicate in a professional and courteous manner. Must be able to produce and explain complex information to senior Finance management and/or individual partners.
- Process Improvement – Maintain documentation of all processes and identify and recommend improvements to routine processes in order to maximize efficiencies and ensure accuracy.
Qualifications:
- College degree in Finance or Accounting is required.
- Public accounting experience preferred.
- Law firm or professional services accounting experience preferred.
- International experience preferred.
- 5+ years of relevant experience preferred.
- Expertise in Excel including pivot tables and advanced formulas; ability to become proficient in systems such as Elite (general ledger), Workday (payroll) and Access; proficiency in Word.