Fund Accounting Senior Associate

Job Description

Office:

• Learn and abide by office policies.
• Familiarise yourself with and leverage the Standish Wiki page.

Interpersonal /Training:

• Network with peers to get to know others within your office and teams.
• Participate in your office mentorship program.
• Get to know your fund controller/mentor and lay out a development plan for yourself with their help.
• Start to train those around you, inclusive of peers and Fund Associates.
• Ask lots of questions and take plenty of notes.

Technical Ability:

• Industries:
  • Have a basic understanding of the venture capital/private equity industry.
  • Have a basic understanding of client structures.
  • Familiarize yourself with each client’s limited partnership agreement (LPA) and how it is used to guide the administration of a fund.
• Operations:
  • Cash/Banking:
    • Understand how to setup bank wires– wire templates (for distributions), individual expense, and portfolio company wires;
    • Understand bank wire deadlines.
    • Understand purpose of line of credit.
  • Investor Relations/CRM:
    • Understand how to prepare and/or review responses to limited partner (LP) requests.
    • Understand how to prepare or review audit confirmation from an LP.
  • Other:
    • Understand the organisation of the Standish “X drive” and where to find relevant data.
    • Save and organise documents on the “X drive” in a timely manner.
    • Understand and anticipate client deliverables and timelines.
• Capital Activity:
  • Proficiently and accurately calculate allocations related to capital calls and distributions.
  • Understand how to prepare capital call and distribution notices within the system that you’re working.
  • Understand how to track receipt of capital calls and reconcile distribution wires.
• Financial Reporting:
  • Financial Statements (General Ledger):
    • Demonstrate proficiency at booking general ledger (GL) entries (e.g., cash activity, accruals, valuations).
    • Demonstrate proficiency at preparing financial statement workbooks.
    • Demonstrate proficiency at calculating various internal rates of return (IRR) and other relevant fund performance metrics (in general and as requested by client).
    • Understand how to tie-out and foot financial statements.
    • Learn how to prepare management fee calculations.
  • Technology:
    • Understand how to correctly use software for your clients (GL/investor reporting).
    • Understand how to prepare data for upload into the investor reporting platform.
    • Understand how to use Excel and its functions and relevant formulas.
    • Assist to onboard/migrate new or existing clients to Standish’s reporting databases and systems.
• Tax:
  • Forms 1099:
    • Understand the purpose of Forms 1099.
  • Forms 1065 and Schedule K-1:
    • Understand the purpose of Form 1065 and Schedule K-1.
    • Manage the information gathering for tax preparers.
    • Proficiently tie out the return and K-1s with the help of your Fund Controller (reconciling information/numbers provided by Standish).
    • Manage the partner information review process on the K-1s.
• Audit
  • Understand how to fill out audit confirmations.
  • Manage the PBC (prepared by client) lists and providing documentation to auditors.
  • Understand how to roll-forward financial statement footnotes.
  • Understand how to do financial highlight (fihi) and other expense calculations for audit footnotes.
  • Assist with responding to auditor questions and requests.

Expectations:

• It is expected that Senior Associates will require training from their teams, mentors, and colleagues.
• As such, it is expected that Senior Associates will have (and should ask) a lot of questions.
• The expectation is that you should be proficient in the skills/processes outlined above within a six-to-twelve month timeframe.
• It is expected that Senior Associates should be able to anticipate reoccurring client deliverables and deadlines.
• It is expected that the Senior Associate will start to become proficient at time management and prioritisation on their clients and therefore be able to operate with a certain level of autonomy.

Minimum Requirements:

• Bachelor’s Degree in Accounting or Finance related field
• 1 - 2 years experience in similar role beneficial
• Strong academic performance
• Proficiency in Microsoft Office applications, particularly Excel
• Knowledge of various investment accounting concepts
• Attention to detail
• Ability to multitask
• Ability to work in a team and individually
• Ability to effectively communicate to team members
• Strong organisational skills and work ethic

Benefits:

• Medical Aid for Employee/ Main Member
• Gap Cover
• Provident Fund including Group Risk Benefits