Description : Accounting Operations Associate. Company : Northwestern Mutual. Location : Milwaukee, WI
AT NORTHWESTERN MUTUAL, WE ARE STRONG, INNOVATIVE AND GROWING. WE INVEST IN OUR PEOPLE. WE CARE AND MAKE A POSITIVE DIFFERENCE.
Perform bank reconciliations and unclaimed property reconciliation activities on for Northwestern Mutual, its subsidiaries and affiliates to ensure the integrity of cash balances in internal accounting and bank records. Monitor and use application software that performs high-volume reconciliation processes and workflow management. Resolve reconciliation and data issues through research, coordination with areas throughout the company, and contact with banks. Identify fraudulent check activity and make check payment decisions. Maintains knowledge of state insurance unclaimed property laws, and files timely and accurate unclaimed property reports on behalf of the Company in accordance with state laws. Participate in system and operational improvement efforts that streamline work and strengthen controls.
- Prepare and provide information to meet internal and external auditor requests and regulatory reporting requirements.
- Reconciliation Processing Utilize the reconciliation application (T-Recs) to handle high-volume daily and monthly cash reconciliation activities. Review results of the automated matching of accounting, cash disbursement, and bank records to ensure the reconciliation system processed completely and accurately.
- Upload records not systematically transferred into the application during batch processing. Use resources from various insurance and investment systems to manually match activity that was not able to be matched systematically via matching rules.
- Prepare month-end account reconciliations, documenting exceptions and utilizing system workflow management.
- Reconciliation and Data Issue Resolution Research and resolve reconciliation and data issues and variances to ensure accurate account balances. Coordinate timely research and resolution of system and transaction processing issues with IT, operating department (e.g., client services, investment) contacts, other areas of Controllers, Treasury, and the banks.
- Build and maintain an understanding of the information provided on bank data files and the cash transactions fed to the accounting system by numerous insurance and investment administration systems.
- Payment Decisions/Check Fraud Reporting Use judgment to make daily payment decisions, within established guidelines, on behalf of the Company for checks presented to the bank, but identified as having data inconsistencies via the positive pay anti-fraud process (comparison of data between NM cash disbursement records and physical checks).
- Communicate identified fraudulent activities to the Special Investigative Unit for awareness and monitoring.
- Unclaimed Property Reporting and Records Management Accurately maintain unclaimed property database. Prepare unclaimed property reports, due-diligence letters and forms for each state based on unique regulatory reporting requirements. Prepare and provide information to meet internal and external auditor requests. Process Optimization and Documentation " Participate in system and operational improvement efforts (e.g., T-Recs upgrades, system functionality expansion, accounting data changes) that streamline bank reconciliation work and strengthen internal controls. Identify and communicate configuration changes that enable additional automated matches in the T-Recs application.
- " Create or update procedures and work instructions for the bank reconciliation process. " Prepare and provide information to meet internal and external auditor requests and regulatory reporting requirements. Provide additional division support by completing back-up duties for other members, as needed.
Knowledge and Requirements:
- Associate degree in accounting, or an equivalent combination of education and accounting work experience
- Minimum of two years of accounting experience
- Proven ability to reconcile balances and identify variances
- Use of PC software packages and web-based applications Understanding of general accounting principles and procedures
- Strong problem-solving and analytical skills
- Strong communication skills, oral and written
- Advanced Excel knowledge
- Ability to work with a high degree of accuracy and attention to detail
- Ability to independently manage time during peak work periods
GROW YOUR CAREER WITH A BEST-IN-CLASS COMPANY THAT PUTS OUR CLIENT’S INTERESTS AT THE CENTER OF ALL WE DO. GET STARTED NOW!
W e are an equal opportunity/affirmative action employer and all qualified applicants will receive consideration for employment without regard to race, color, religion, gender identity or expression, sexual orientation, national origin, disability, age or status as a protected veteran, or any other characteristic protected by law.
FIND YOUR FUTURE
We’re excited about the potential people bring to Northwestern Mutual. You can grow your career here while enjoying first-class perks, benefits, and commitment to diversity and inclusion.
Flexible work schedules
Employee resource groups