VP of Finance & Accounting

Summary of Roles & Objectives

Senior executive responsible for managing a company's financial operations, including financial planning, reporting, and risk management, with the overarching objective of ensuring the company's financial health and stability. This role has the ability to promote to CFO.

Summary of a VP of Finance & Accounting's Role:

The VP of Finance & Accounting is the top financial leader, overseeing all aspects of a company's finances.

Strategic Planning

They play a crucial role in developing and implementing financial strategies that align with the company's overall goals.

They manage financial operations, including budgeting, cash flow, and financial reporting.

They identify and mitigate financial risks to protect the company's assets and financial stability.

Compliance

They ensure the company complies with all relevant financial regulations and reporting requirements.

Reporting

They prepare and present financial reports to stakeholders, including investors and the board of directors.

Decision-Making

They provide financial expertise and insights to support strategic decision‑making by the CEO and other executives.

Objectives of a VP of Finance & Accounting

To ensure the company's financial stability and ability to meet its obligations.

Profitability: To maximize profitability and shareholder value.

Growth: To support the company's growth through sound financial management and strategic investments.

Compliance: To ensure compliance with all relevant financial regulations and reporting requirements.

Stakeholder Communication: To effectively communicate the company's financial performance and strategy to stakeholders.

Resource Allocation: To ensure that the company's resources are allocated efficiently and effectively.

To identify and mitigate financial risks that could impact the company's performance.

Location

This position is HYBRID based out of St. Paul Minneapolis.

Essential Functions

Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Accounting, General Ledger, Administration and Operations

• Supervise the accounting department to ensure the proper functioning of all systems, databases and financial software. Provide regular maintenance and backup of all accounting systems and supervise company financial staff.
• Review and ensure application of appropriate internal controls, JSOX compliance and financial procedures.
• Ensure timeliness and accuracy of financial and management reporting data for federal funders, foundations, investors and company’s board of directors.
• Oversee the preparation and communication of weekly, monthly and annual financial statements.
• Oversee the preparation and timely filing of all local, state and federal tax returns.
• Ensure JSOX compliance regarding all financial functions.
• Work with Human Resources to ensure appropriate legal compliance.
• Oversee the month‑end close process, constantly reviewing procedures while eliminating inefficiencies.
• Oversee preparation of monthly, quarterly and annual financial statements.
• Review all month‑end closing activities including general ledger accounts, balance sheet accounts and overhead cost allocation.
• Enhance and implement financial and accounting systems, processes, tools and control systems.
• Hire, develop and manage accounting directors, managers and staff.
• Serve as a key point of contact for external auditors; manage preparation and support of all external audits.
• Coordinate and strategize methods used to attain team goals with Corporate and Regional Controllers.

Financial Analysis, Budgeting and Forecasting

• Prepare and present monthly financial budgeting reports including monthly profit and loss by division, forecast vs. budget by division and weekly cash flow by division.
• Review and analyze monthly financial results and provide recommendations.
• Identify, develop and execute analysis of business initiatives, product launches and/or new service offerings.
• Develop and maintain monthly operating budget and annual company operating budget.
• Manage financial planning and analysis department. Supervise creation of reports, software implementation and tools for budgeting and forecasting.
• Participate in weekly conference calls with Executive Leadership Team.

Strategy, Planning and Management

• Act as Director, FP&A and strategic business partner to senior executive leadership team.
• Assess and evaluate financial performance of organization regarding long‑term operational goals, budgets and forecasts.
• Provide insight and recommendations to both short‑term and long‑term growth plan of organization.
• Identify, acquire and implement systems and software to provide critical financial and operational information. Evaluate departments and make suggestions for automating processes and increasing working efficiency.
• Communicate, engage and interact with Board of Directors, CEO, President and Executive Leadership Team.
• Create and establish yearly financial objectives that align with the company’s plan for growth and expansion.
• Select and engage consultants, auditors and parent company.
• Recruit, interview and hire finance, accounting and payroll staff as required.
• Serve as a key member of executive leadership team and round table discussion panel.
• Participate in pivotal decisions as they relate to strategic initiatives and operational models.
• Interact with and bring department into line with Board of Directors’ plans, initiatives and recommendations.
• Implement policies, procedures and processes as deemed appropriate by senior leadership team.
• Manage cash flow planning process and ensure funds availability.
• Oversee cash, investments and asset management area.
• Explore new investment opportunities and provide recommendations on potential returns and risks.
• Maintain outstanding banking relationships and strategic alliances with vendors and business partners.
• Utilize forward‑looking models and activity‑based analyses to provide financial insight into the organization’s plans and operating budgets.

Financial Relations and Policies

• Engage parent company and/or board of directors to develop short term and long term plans, projections and budgets.
• Represent company to banks, public / private auditors and officials.
• Remain current on audit best practices as well as state, federal and local laws regarding company operations.

Finance and Accounting Team Management

• Mentor and develop a team of 6 managers and/or directors, managing work allocation, systems training, performance evaluations, and the building of an effective and efficient team dynamic.
• Guide larger, cross‑divisional teams outside of direct span of control within the three main company divisions.

Cash Management

• Oversee weekly cash management and AP Department, approve large payables, sign checks, authorize large wires and ACHs.
• Supervise Accounts Receivable management and provide guidance relating to the collection process.

Competencies/Success Factors

• Business Acumen
• Detail Oriented
• Teamwork Orientation

Supervisory Responsibility

This position has supervisory roles of the entire Finance and Accounting organization.

This job operates in a professional office environment. This role routinely uses standard office equipment such as computers, phones, photocopiers, filing cabinets, and facsimile machines.

Physical Demands

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job.

• While performing the duties of this job, the employee is regularly required to sit.
• The employee is occasionally required to stand, walk, stoop, kneel, crouch or crawl.

Travel

10%

Required Education and Experience

• Bachelor’s degree with a major in Accounting or Finance.
• MBA in Corporate Finance (Preferred).
• Minimum of 10 years of related experience.
• Manufacturing environment experience.
• Candidate will have specific experience in general ledger and consolidation accounting.
• Preferred candidate will have financial analysis experience (FP&A).
• General knowledge of International Financial Reporting Standards (IFRS).
• JSOX Compliance / Controls Design, Testing, and Audit.
• General knowledge of corporate taxation (federal and state).
• Experience with corporate treasury and commercial banking.
• Ability to assess creditworthiness and manage trade credit with customers and at times vendors.
• General knowledge of international trade transactions.
• Strong communication skills; written and oral.
• Strong organization and time management skills.
• Microsoft 365 (at a minimum advanced knowledge of Outlook, Word, Excel, and PowerPoint).

Preferred Education and Experience

• CPA or equivalent certifications (CFA).
• JD Edwards, Max, and Great Plains ERP Systems.
• Financial modeling skills for project economics, business valuations, and impairment analysis.

Additional Eligibility Qualifications

None required for this position.

Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this job. Duties, responsibilities and activities may change at any time with or without notice.

MGC is committed to providing equal employment opportunity without regard to race, color, religion, sex, sexual orientation, gender identity, genetic information, national origin, age, disability, veteran status, or membership in any other class protected by federal, state, or local law.

Seniority level

Executive

Employment type

Full-time

Job function

Manufacturing, Finance, and Accounting/Auditing

Industries

Medical Device