Main Responsibilities and Required Skills for Revenue Accountant
A Revenue Accountant is a professional who is responsible for maintaining accurate financial records of a company's revenue. They ensure timely and accurate reporting of key revenue data and analyze and research revenue discrepancies, credits and loss contingencies. In this blog post we describe the primary responsibilities and the most in-demand hard and soft skills for Revenue Accountants.
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Main Responsibilities of Revenue Accountant
The following list describes the typical responsibilities of a Revenue Accountant:
Administer
Administer, develop, and enhance reports to accommodate local needs.
Analyze
Analyze and record customer allowance, rebate and deduction activity.
Analyze and research revenue discrepancies, credits and loss contingencies.
Analyze customer contracts for revenue elements and ensure proper revenue recognition.
Analyze, generate and create various Financial Reports (ARR, Deferred Revenue waterfall, etc.).
Answer
Answer Resident inquiries, providing related information and forms when required.
Assist in
Assist in credit adjudications of prospective partners and collections process.
Assist in Design, implementation, execution, and documentation of key revenue controls.
Assist in implementing process improvements and automating manual processes.
Assist in monthly revenue reconciliation and Monitor open work orders.
Assist in other ad hoc projects as determined by the Accounting Manager or Director of Finance.
Assist in other ad-hoc projects as needed.
Assist in provide information for quarterly and year end audits.
Assist in quarterly and year-end audit procedures, including audit requests.
Assist in special projects and other duties as appropriate.
Assist in the creation of management reports.
Assist in the preparation of monthly, quarterly and annual reporting.
Assist in the preparation of supporting working papers and documentations for year-end audit process.
Assist in the quarterly SSP (Standalone Selling Price) analysis.
Assist Property Accountants and Management with tasks assigned.
Assist with activities related to external audit for revenue related accounts.
Assist with annual grant audits, budget modifications, and grant closeouts.
Assist with documentation for capital calls and distributions.
Assist with generating reports for WIP analysis.
Assist with internal and external audit requests, including quarterly reviews and the year-end audit.
Assist with internal and external audits.
Assist with month end closing.
Assist with monthly IFRS 15 reporting analysis.
Assist with preparation of quarterly sales commission statements.
Assist with revenue auditing by external and internal auditors.
Assist with revenue related monthly close items & reconciliations.
Assist with the preparation of monthly and annual financial reports.
Book
Book distribution and merchandising revenues / expenses across multiple brands.
Build
Build revenue manual to achieve process consistency and uniformity.
Calculate
Calculate and accrue monthly royalty payments.
Calculate and manage commission plans.
Calculate license, SAAS revenue and deferred revenue on a monthly basis.
Calculate monthly, quarterly, and annual franchise fees and EMA payments.
Calculate the standalone selling price analysis on a quarterly basis.
Close
Close transactions in Deal Management system.
Collaborate
Collaborate with Dealdesk and Legal to make improvements in the contract management process.
Communicate
Communicate with customers via phone, email or mail.
Compile
Compile, analyze, and compare planned vs.
Compile receipts and other documentation required for federal and state reports and invoices.
Complete
Complete monthly vacancy reports in Yardi and Excel.
Control
Control Intercompany revenue transactions.
Create
Create and manage renewal opportunities (SaaS, Support and Maintenance, Hosting).
Create and update documentation of assigned processes as needed.
Create detailed revenue reporting as needed for management purposes.
Create detailed revenue reports as needed for senior management.
Create Quotes on small one-off transactions.
Create revenue accruals for unbilled sales orders.
Determine
Determine the appropriate accounting treatment for sales commissions in accordance with ASC 340-40.
Develop
Develop and automate month end reporting suite around revenue.
Develop and foster positive relationships with internal and external stakeholders.
Draft
Draft revenue memos as necessary to document the Company's accounting positions.
Drive
Drive projects to successful completion.
Drive to meet and exceed deadlines.
Ensure
Ensure compliance with internal controls and company policies and processes.
Ensure proper revenue recognition for a variety of different product portfolios.
Ensure revenue is being properly recognized for all customer contracts in Workday.
Ensure timely and accurate reporting of key revenue data.
Enter
Enter all Resident move-ins and move-outs in Yardi.
Enter and / or review submitted transactions in Deal Management.
Enter and review sales orders in ERP / Contract Revenue Management System.
Establish
Establish strong relationships with vendors and clients, and maintain updated vendor / client files.
Evaluate
Evaluate impacts to revenue recognition and communicate key risks to management.
Execute
Execute special projects as needed.
Focus on
Focus on controls and efficiency.
Follow-up
Follow-up on and collect payment for all cheques deemed to be non-sufficient funds (NSF) cheques.
Foster
Foster Collaboration and Teamwork.
Generate
Generate and issue commission invoices by preferred method.
Generate invoices to customers and ensure invoice receipt by customer.
Generate revenue files for transaction revenue to be uploaded into Netsuite on a monthly basis.
Identify
Identify and support system, process, and procedure improvements.
Identify opportunities to continuously improve internal processes and the month-end close cycle.
Involve
Involve movement between departments to facilitate workflow.
Keep
Keep track of Volume Service Agreements.
Lead
Lead revenue close process.
Lead with Integrity and Respect.
Maintain
Maintain accounts receivable customer files, both permanent and current orders.
Maintain Accounts Receivable in accordance with company objectives and standards.
Maintain accurate data in the billing system, along with related supporting documents.
Maintain and manage the structure of chart of accounts.
Maintain deferral revenue schedules and preparing the deferral revenue waterfall.
Maintain documentation for all business processes and compliance related work.
Maintain grant tracking workbooks and track grant budget vs.
Maintain necessary IPE (Information Produced by Entity) that is used in performing SOX controls.
Maintain rent roll and associated charges in Yardi as per lease agreement.
Maintain retail tenants' percentage rent information on a monthly basis.
Maintain the DSP AR and Publisher AP sub-ledger, including reconciliations.
Make
Make deal adjustments as necessary (i.e. PCAs, Net-overrides, etc.).
Make recommendations on collection of outstanding receivables, as needed.
Manage
Manage and oversee work performed by our shared resource center.
Manage day to day accounting and finance matters.
Manage monthly close for Salesforce and revenue.
Manage planning, timelines, resources, scope, change requests and status reporting of your projects.
Manage sales certification process.
Meet
Meet critical deadlines on a monthly basis.
Monitor
Monitor customer account details for non-payments, delayed payments, and other irregularities.
Monitor health of key processes in the systems.
Monitor, track, and evaluate aged rebate accruals.
Operate
Operate acquired company Revenue Systems and procedures, accounting, controls.
Oversee
Oversee contributed revenue accounting.
Oversee day-to-day and month-end accounting entries, reporting, analysis and control activities.
Own
Own SOX compliance process for revenue-related controls.
Participate in
Participate in a process improvement initiative for Order to Cash process.
Participate in business development work as required.
Participate in training, design, documentation and delivery efforts along with other team members.
Perform
Perform accounting operations and determine revenues and associated cost of revenues.
Perform ad hoc analysis and projects as requested.
Perform and / or update our SSP study and appropriate revenue allocation in accordance with ASC 606.
Perform a variety of month-end close duties.
Perform complex bank and credit card statement reconciliations.
Perform exception reviews to ensure adherence with revenue recognition principles.
Perform individual billing account & company revenue reconciliations.
Perform monthly accruals, journal entries, and account reconciliations.
Perform monthly variance analysis ensuring the accuracy in the financial results.
Perform necessary adjustments to contracts in Workday.
Perform other ad hoc reporting requests as needed.
Perform SSP analysis and present the findings.
Post
Post monthly rents and late fees according to established policies and timelines.
Prepare
Prepare accounts receivable reporting and analytics to senior management for collection purposes.
Prepare accurate and timely work product.
Prepare ad-hoc reporting requests from Controller and / or FP&A.
Prepare and analyze monthly / quarterly financial reports.
Prepare and analyze monthly revenue reports.
Prepare and complete other projects and tasks that may be required from time-to-time.
Prepare correspondence such as, but not limited to, rental notices.
Prepare disclosures for external reporting as needed.
Prepare documentation for quarterly / annual audit requests.
Prepare
Prepare journal entries to support monthly close activities.
Prepare monthly bank reconciliations.
Prepare monthly / quarterly financial statement flux variance analyses for management reporting.
Prepare reconciliation of outstanding tenant receivables and provide statements of account.
Prepare revenue related footnotes.
Prepare revenue-related supporting schedules for the preparation of the Company's 10-Q and 10-K..
Prepare support for monthly close package and internal / external quarterly audit requests.
Prepare various journal entries, account reconciliations, invoices and financial statements.
Prepare year-end recovery invoices to tenants.
Process
Process payments received and provide cash application instructions to the FSC.
Process re-engineering involvement and / or process efficiency focus.
Process tenant miscellaneous billings and rental adjustments as required.
Process year-end billing increases to tenant operating and property tax recoveries.
Propose
Propose credit memos for adjusting customer accounts.
Provide
Provide both standard and ad hoc revenue, Fee Earner and transaction reports.
Provide finance support for new endowment investments as well as redemptions.
Provide general support to documentation and administration processes.
Provide reporting and documentation to external auditors for quarterly reviews and year end audit.
Provide reporting on weekly cash receipts.
Provide support to the 10-Q and 10-K reporting process, including preparing supporting schedules.
Provide technical accounting guidance in accordance with ASC Topic 606.
Provide various analysis reports on customer activity as requested.
Read
Read and interpret customer contracts for purposes of determining revenue recognition criteria.
Reconcile
Reconcile any payment discrepancies.
Reconcile balance sheet accounts associated with assigned revenue and expense accounts.
Reconcile leasing contracts.
Record
Record and manage contingencies or second half payments.
Research
Research accounting guidance and document Company's position on various revenue transactions.
Respond to
Respond to customer inquiries related to invoices and payments.
Review
Review and follow up on outstanding timesheets on a weekly basis and preparation of exception list.
Review and maintain contract database.
Review and support revenue recognition disclosures.
Review and update cash basis file, record and document revenue release accordingly (monthly).
Review certifications and update sales certification log.
Review customer contracts by completing our revenue checklist.
Review customer invoices before posting if needed.
Review deferred revenue reconciliations and other key processes within the revenue close process.
Review memos and update process documents.
Review processes and implement controls to ensure mitigated risk.
Review revenue results for accuracy and completion.
Review set up and ongoing maintenance of customer-specific ASC 606 revenue recognition models.
Review, verify and accurately input a variety of information related to tenants' leases.
Run
Run Shipped not Invoice report and perform analysis.
Send out
Send out monthly statements to clients via email as necessary.
Set up
Set up and process Resident pre- authorized payments monthly.
Support
Support accounts receivables by ensuring the timely collection of all rents.
Support external audit requirements.
Support management relating to audit requests from external and internal auditors.
Support ongoing SOX initiative by working with Internal Audit to be SOX compliant.
Support project setup with appropriate revenue recognition requirements.
Support Revenue Convergence to ASC 606 (20%).
Support revenue team on ad-hoc analysis and project.
Support Strategic Initiatives Accountant with revenue mapping for new acquisitions.
Support the annual audit process related to the revenue cycle.
Support the month-end process.
Support U.S. and global controllers with hardware and software sales metrics and analyses.
Track
Track and apply funds appropriately.
Track and report bookings of new contracts by owning the Bookings Report.
Track and understand the specific nuances in revenue recognition based on the contract type.
Track Bookings to recognition.
Track cancelations to recognition.
Train
Train new Revenue Accountants, Fee Earners and Brokerage Support.
Transit
Transit accessible location.
Understand
Understand ASC 605 and 605-985 in depth.
Update
Update Diamond Tracker file upon signing new diamond contracts (service and upgrades).
Use
Use our internal accounting systems (Netsuite, Salesforce, Mavenlink).
Utilize
Utilize Tableau for global revenue analysis and metric evaluation.
Work with
Work closely with Business Operations and Sales to properly book deals in Salesforce.
Work collaboratively with multiple departments.
Work through accounting implications and confirm we can operationally support business agreements.
Work with a knowledgeable, supportive, and empowering team.
Work with CFO to develop annual budgets for endowment payouts and restricted fund releases.
Work with pricing team to ensure pricing model meets companies ASC 606 policies.
Work with providers to outsource established or mature processes and manage ongoing activities.
Work with Sales and Operational teams to ensure revenue and allowance activity is properly recorded.
Most In-demand Hard Skills
The following list describes the most required technical skills of a Revenue Accountant:
Revenue Recognition
Public Accounting
Revenue Accounting
Gaap
Saas
Most In-demand Soft Skills
The following list describes the most required soft skills of a Revenue Accountant:
Written and oral communication skills
Analytical ability
Interpersonal skills
Organizational capacity
Attention to detail
Multi-task
Problem-solving attitude
Self-starter
Work independently with little direction
Detail-oriented
Team player
Priority management
Time-management
Accurate
Creative
Highly motivated
Work ethic
Accountable
Meet deadlines
Organized
