ESSENTIAL DUTIES & RESPONSIBILITIES 1.CASH FLOW MANAGEMENT: The Controller is responsible for aspects of cash flow management including:
Mechanics lien process managed through the Spectrum software
Cash flow forecasting with a minimum 60 day look ahead
Prepares weekly, monthly cash flow forecast
Budget weekly accounts payable payments
Ensuring that key accounts remain open and in good standing at all times so as to avoid business operational impacts. Some suppliers in the glazing industry that produce specialized products have difficult terms that require constant management. Other key accounts include credit and fuel cards used as part of day-to-day business operations. Controller should always be working on extending terms for these key vendors / accounts to improve cash flow.
Working with Sales People and Project Managers to make sure that billings are aggressive, timely and well documented.
Follow-up on the completion of projects and ensure timely billing and collection of retention.
Setup and enforce credit policies with estimators and sales people including credit checks and limits.
Manage cash to maintain good vendor relationships, take advantage of any cash discounts when possible, and maximize payment terms
2.ACCOUNTS RECEIVABLE MANAGEMENT: Oversee tracking of accounts receivable as well as all draw requests and collection efforts.
Set up and maintaining a good accounts receivable process that includes having the AR department follow-up with the customer’s AP department five (5) days after the invoice is sent in to make sure that it was received and that everything is in order; then calling back within (7) days to follow-up and make sure that there is nothing stopping it from getting paid. This follow-up call should establish when a check cut date which can be used for the cash flow model. As Corbins continues to expand and work with new customers we will want to keep the AR process very tightly controlled. These calls need to be friendly with an eye on customer service while accelerating cash flow for Corbins.
Manage all collections including small claims court, perfection of mechanics liens, stop notices, etc...
Establish contact procedures for collection efforts (phone calls, first letter, second letter, credit bureau reporting, small claims court)
Meet with Project Managers and Sales People weekly to go over outstanding AR and set plan for following up to collect.
Communicate this plan in summary with CFO as part of weekly brief along with cash flow forecast.
3.ACCOUNTS PAYABLE & PURCHASING MANAGEMENT: Though purchasing is managed day-to-day through the business solutions departments the Controller will have oversight of the entire process with responsibilities including but not limited to:
Manage the committed costs to make sure that all open commitments are closed out accurately and timely so that the committed costs can be utilized to forecast cash flow.
Setup a process where new vendors can only be setup by the Controller with the CFO being notified immediately.
Review all receipts and disbursements; ascertains correct account distribution and ensuring all support documentation is accurate and in order.
All purchases are approved, received and billed as ordered
Purchases are vouchered with supporting documentation (purchase order, receiving documents)
General ledger account coding is accurate
AP is recorded in a timely and accurate manner
4.SUPERVISION OF ACCOUNTING AND ADMINISTRATIVE PERSONNEL: The Controller is responsible for establishing and maintaining good morale within all accounting units, including Accounts Payable, Accounts Receivable and Project Accounting.
Controller must be an excellent leader (know the way, show the way, go the way)
Must set an excellent example to the team in terms of integrity, attitude, work ethic, punctuality, accuracy and time management.
Must be diligent and quick to uphold all company standards but fair and gracious when holding team members accountable
Responsible for evaluating the performance of personnel in the Accounting Department, including:
Determine training requirements for team members
Recommending hiring and firing
5.INTERNAL CONTROLS: •Maintain effective internal controls to assure safeguarding of assets and reliability of financial statements. •Operating procedures should be complete and up-to-date for all accounting and financial controls. 6.ACCOUNTING SYSTEM UTILIZATION: •Utilize the accounting system for optimum accuracy, timeliness and efficiency. •Consistently look for ways to develop, update and enhance Corbins utilization of the system •Use the accounting system as a proactive decision-making tool for management use in forecasting and variance reporting and analysis. •In house expert and day to day owner of Spectrum. 7.INDIRECT COSTS: There are multiple pools of indirect costs that get allocated to the jobs and work orders. These include: •Equipment which is allocated to the jobs, work orders and overhead on the basis of internal rates and charged “as used” to offset the pool of costs. i.Review rates each month to make sure that they provide an acceptable level of recovery against the actual costs and that the rates reflect fair “Market Value” since they are used for estimating. ii.Manage the system for accurate record keeping of what equipment is used where. •Labor indirect costs to cover mobile technology, warehouse, small tools, safety and field training costs •Pre-fab shop and VC indirect costs which cover the pre-fab shop, equipment and utilities 8.FINANCIAL REPORTING: Prepare monthly financial statements and ensures their accuracy and timeliness. •Develop and document month end close process •Ensure that all transactions – revenue, expense, banking – are in the proper time period •Make all journal entries for non-transactional financial accuracy (depreciation, amortization, allocations) as well as financial transactions that for timing reasons are not adequately reflected (accruals) •Reconcile balance sheet accounts on a monthly basis •Ensure that all sub-ledgers tie to the general ledger including Payroll, Accounts Receivable, Accounts Payable, Job Costing, Work Orders, Debt Schedule and Fixed Assets. •Facilitate and participate in the Work-In-Progress review meetings to set the current projections on Commercial projects monthly which will be the last financial process required to be completed prior to the financials being produced. •Update the status of all Jobs based on policy •Post the Over / Under billing calculations prior to producing the statements •Financial reporting package will be adjusted regularly with input from management and will minimally contain a Balance sheet, P&L, cash flow, WIP, Backlog Run-Off, Sales Commissions, Sales Forecasts, AP / AR, indirect cost schedule, ratio analysis, fixed asset schedule and debt schedule. Where applicable these reports will contain comparatives to prior years, current month, year-to-date and will be separated by market area / division. i.Different levels of reporting will be prepared for different people on the management team ii.Most of the reporting package can and should be automated using the Spectrum software and pulling information directly from the SQL database. iii.Target delivery for the monthly reporting will be the 15th of the month adjusted for weekends, holidays and other business nuances. •A weekly summary management report indicating critical AP, AR, and Cash will be produced and delivered to the CFO each Friday before 6PM. 9.GOVERNMENT COMPLIANCE: Ensures compliance with any and all financial and contract reporting requirements for private or public funding, licensing, or regulatory agencies, including but not limited to: •State Board of Equalization (sales and use tax) •IRS (company income taxes, payroll taxes, 1099 filings) •Property taxes 10.BUDGETING: Maintains annual budgets during the year •Participate in company’s strategic planning •Compare actual revenue and expenses to budget on a monthly basis •Update budgets as a forecast •Recommend benchmarks for measuring financial and operating performance of divisions and the company as a whole •Monitor and analyze monthly performance against budget and against prior periods 11.CREDIT LINE: Make every effort to avoid using the credit line for operating purposes. •If required to draw on the credit line this should be a planned event based on the cash flow forecast and should be seen at least 15 days in advance. •Credit line can only be drawn on with approval from the CFO •When presenting a need to draw on the credit line, always include a plan for when and how the line will be paid back down based on forecasting. 12.SCHEDULES: Regularly update and maintain all schedules as appropriate for balance sheet account items •Maintain a schedule of all debts including a description of the debt, asset the debt is tied to (if any), interest rate, terms, monthly payment amount, pay-off date, early pay-off terms and the amount of principal to be paid during the next 12 months. i.Include any operating credit lines in this schedule with both minimum and forecasted payments ii.Include this debt schedule with the monthly financial statements iii.Work with creditors on improving terms where applicable iv.Use the information from this schedule to post balance sheet entries for “Current Portion of Long-Term Debt” – this schedule should tie to this entry •Maintain fixed asset records v.Log and tag vi.Depreciation calculation
5 years construction accounting experience
Additional Salary Information: Excellent benefits including 401(k) and HSA Match programs
Corbins Electric is a values-driven, innovative electrical partner.
Since our inception in 1975, we continue to lead the industry with state-of-the-art technologies and Lean construction best practices. As a values-driven electrical partner, we provide virtual construction services world-wide, fabrication services in the Southwest, and electrical construction and electrical service in Arizona and New Mexico.