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Reconciliation Specialist

Remote:

Full Remote

Contract:

Full time

Experience:

Mid-level (2-5 years)

Work from:

Canada

Offer summary

Qualifications:

Post-secondary degree in Accounting or Finance preferred., 2+ years experience in reconciliations required., Experience in Life insurance industry preferred., Intermediate to advanced Excel skills essential., Strong proficiency in Microsoft Office applications..

Key responsabilities:

Reconcile and clear Insurance Operations accounts.
Monitor and resolve general ledger discrepancies.
Research outstanding issues and track accounting errors.
Prepare journal entries and monthly reconciliations.
Provide troubleshooting support and process improvement recommendations.

Foresters Financial Financial Services Large https://www.foresters.com/

1001 - 5000 Employees

See more Foresters Financial offers

Job description

Career Opportunity

Role Title

Reconciliation Specialist

Purpose of role

The Reconciliation Specialist is responsible for upholding the integrity of financial transactions for policyholders and members. Reconcile and clear Insurance Operations accounts through investigation, analysis, collaboration, and resolving moderate to complex accounting transactions. Responsibilities include preparation and uploading journal entries into the general ledger, researching outstanding issues, tracking accounting errors, reporting and support for Insurance Operations project/initiatives.

Job Description

Key Responsibilities

Ensure suspense account balances agree with the balances in the general ledger and perform preliminary verification of account balances
Resolve system and general ledger discrepancies
Monitor and escalate reconciliation issues
Review and investigate high volume of transactions, identifying causes of discrepancies, and work with respective user and origin team on how to correct accounting discrepancy
Coordinate with teams to trace and resolve any outstanding entries/differences as well as provide troubleshooting support and best practice recommendations to other departments
Track on CRM user accounting errors and provide instruction to originating user for corrective next steps
Identify system accounting issues and work with IT to resolve
Cross reference between suspense accounts and determine the reasons for the discrepancies and take appropriate action to correct it
Process documentation creation and updates
Support and prepare audit-related inquiries and documentation
Identify unclaimed property and collaborate with Unclaimed Property team to follow due diligence procedures and transfer funds to the appropriate account(s).
Document findings, compile information required for journal entries and obtain appropriate approvals to archive supporting documentation
Daily Cash sheet reconciliations for Payment Services
Complete journal entry quality review by providing summary and back up documentation in timely manner
Ensure follow up action is taken when necessary
Prepare monthly reconciliations, Payment Services Deposit report, preliminary reports, team and error reports
Maintain appropriate files, reports and any other documentation
Assess process inefficiencies; provide detailed input as to the approach to resolve and improve process, capture appropriate data
Perform other duties as assigned

Key Qualifications

Education (minimum required): Post-secondary degree in Accounting, Finance or related field would be an asset.
Experience (minimum required): 2+ years working experience in reconciliations and 2+ years of relevant experience in the Life insurance industry would be an asset.
Intermediate to advanced Excel skills required. Including the ability to manipulate large amounts of data using grouping, pivot tables, macros and V Look Up functions to reconcile and quickly detect discrepancies.
Strong proficiency in Microsoft Office application
Foresters and Foresters Life products and policy administration systems knowledge preferred
Ability to follow up to get necessary answers to complete tasks
Excellent ability to multi-task and respond to constantly changing needs and priorities
Strong analytical and problem-solving skills
Effective interpersonal, verbal and written communication skills
Customer service oriented
Ability to effectively work under tight timelines and prioritize deliverables to ensure deadlines are met
Demonstrated ability to work equally well in a team environment or as an individual contributor
Proactive and highly motivated individual who is resourceful and results oriented
Occasionally performing duties outside key responsibilities to assist the team when required
Ensuring work outputs aligned with business objectives and customer needs
Knowledge of clearing and settlement procedures and understanding of financial and administrative systems are preferred
Experience working with and meeting the needs of internal/external stakeholders
Ability to work through others without direct reporting relationship to achieve goals

# LI-Remote

Equal Opportunity Employment and Inclusion – at Foresters Financial, we are committed to sustaining an equal opportunity environment for all job applicants. We embrace Inclusion, Diversity and Equity (IDE) as a core strategic objective for building strong, innovative teams in which all our employees can show up wholly and authentically as themselves.

Foresters Financial strives to provide an accessible candidate experience for prospective employees with different abilities. If you anticipate needing any type of accommodations during the recruitment process, please email accommodations@foresters.com in advance of your appointment.

Thank you for choosing Foresters. Only those candidates who will be selected for further consideration will be contacted by our Talent Acquisition Team.