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Financial Controller

Soundspace

Soundspace

Accounting & Finance
Posted on Thursday, October 5, 2023

Position: Financial Controller

Company: Soundspace

Location: Flexible/Remote

About Soundspace:

Soundspace is an exciting platform in the thriving intersection of technology and music. Our mission is to empower the creative middle class. We are devoted to revolutionizing how creators, producers, and consumers engage with the music business, providing a framework for a sustainable and thriving industry. We are passionate about democratizing the creative industries of the world through affordable, reliable, and professional creative spaces.

Job Description:

Soundspace is seeking a Financial Controller with a penchant for precision and a proclivity for efficient financial management. As the overseer of bookkeeping, purchasing, and assets, the Financial Controller will be a linchpin in the financial operations, providing key insights and ensuring the fiscal well-being of Soundspace. Reporting directly to the Chief Financial Officer, the candidate will exhibit a strong background in accounting, finance, and asset management. We welcome applications for both full-time and fractional candidates.

Responsibilities:

  • Manage all aspects of accounting, including but not limited to general ledger, accounts receivable, accounts payable, and payroll.

  • Supervise the purchasing process and ensure compliance with procurement policies and budgetary constraints.

  • Oversee the management and valuation of assets, including depreciation schedules and periodic revaluations.

  • Develop and implement internal control policies to ensure the accuracy and integrity of financial data.

  • Prepare monthly, quarterly, and annual financial statements and reports, ensuring compliance with accounting standards and regulatory requirements.

  • Assist in budget planning, financial forecasting, and variance analysis.

  • Provide financial insights and recommendations to the Chief Financial Officer to support strategic decision-making.

  • Collaborate with external auditors for annual audits and ensure the timely resolution of audit findings.

  • Maintain current knowledge of industry trends and best practices in accounting and finance.

Qualifications:

  • A minimum of a bachelor’s degree in accounting, finance, or a related field. CPA designation or equivalent is preferred.

  • Proven experience in accounting and financial management.

  • Proficiency in accounting software and financial reporting tools.

  • Strong knowledge of accounting standards, tax regulations, and internal controls.

  • Exceptional analytical skills with attention to detail.

  • Excellent communication and interpersonal skills.

  • Ability to work in a fast-paced, dynamic environment and manage multiple priorities.

What We Offer:

As a key member of Soundspace, you’ll have the opportunity to play a pivotal role in the financial sustainability of a company revolutionizing the music industry. Though this position does not offer a traditional salary, it comes with equity compensation, giving you a stake in the company’s growth and success. Your expertise will directly contribute to the sound financial management that underpins the innovative offerings of Soundspace.

How to Apply:

Candidates are invited to submit their resume, a cover letter explaining their interest in the role, and any relevant work samples or portfolio pieces. Please submit your application through our online portal here and send an email to richard@soundspace.co ; we will reach out directly if we are interested in scheduling an interview.

Take the leap and become a part of the Soundspace journey!

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Example KPI’s for the role:

  1. Budget Adherence: Maintain operating expenses within 5% of the annual budget, analyzing and explaining any variances on a monthly basis.

  2. Financial Reporting Accuracy: Achieve 100% accuracy in financial reporting with no material errors or omissions, as verified through external audits.

  3. Accounts Receivable Turnover: Maintain an accounts receivable turnover ratio of X or higher, indicating efficient collection processes.

  4. Accounts Payable Turnover: Maintain an accounts payable turnover ratio of Y, ensuring that payables are being managed efficiently and obligations are met on time.

  5. Internal Control Compliance: Implement and maintain internal controls, ensuring 100% compliance with accounting policies and procedures.

  6. Procurement Savings: Achieve a Z% reduction in purchasing costs through negotiated discounts and cost-saving initiatives over the next fiscal year.

  7. Asset Utilization: Increase asset utilization by X% through efficient asset management and optimization strategies over the next 12 months.

  8. Cash Flow Management: Maintain a positive cash flow position, ensuring that cash on hand is sufficient to cover operating expenses for a minimum of three months.

  9. Audit Completion: Ensure annual audits are completed and reports are submitted within 30 days of the fiscal year-end with no major findings.

  10. Tax Compliance: Ensure that 100% of tax filings are submitted accurately and on time, with no penalties or interest incurred due to late or erroneous filing.

  11. Monthly Close Cycle Time: Reduce the monthly close cycle time to X days or less, ensuring timely availability of financial information for decision-making.

  12. Forecast Accuracy: Achieve at least Y% accuracy in financial forecasting by comparing forecasts to actual results and analyzing variances on a quarterly basis.

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Average Day for a Financial Controller:

8:00 AM: Arrive at the office, check emails for any urgent financial matters or communication from department heads or external partners.

8:30 AM: Review the previous day’s financial transactions and ensure that they have been properly recorded in the accounting system.

9:00 AM: Attend a daily finance team huddle to discuss priorities for the day and address any issues.

10:00 AM: Monitor cash flow and bank account balances. Ensure that sufficient funds are available for daily operations and upcoming expenses.

11:00 AM: Review and approve purchase orders and payment requests, ensuring compliance with procurement policies.

12:00 PM: Lunch break.

1:00 PM: Meet with department heads to discuss budget performance and provide advice on financial matters as needed.

2:00 PM: Work on monthly financial reports, analyzing variances and identifying trends.

3:00 PM: Review upcoming tax filing deadlines and ensure that all required documentation is being prepared.

4:00 PM: Assess and improve internal control processes, documenting any changes.

5:00 PM: Set goals for the next day and wrap up any pending tasks.

5:30 PM: End of the day.

Average Week for a Financial Controller:

Monday:

  • Review weekly financial agenda.

  • Complete reconciliation of the general ledger accounts from the previous week.

  • Attend weekly management meeting to present financial updates.

Tuesday:

  • Analyze accounts receivable and accounts payable, identifying any overdue accounts.

  • Provide financial insights to department heads for cost control and budget optimization.

  • Initiate payment processing for approved invoices.

Wednesday:

  • Work on monthly, quarterly or annual financial statements.

  • Conduct internal audit checks for compliance with financial policies.

  • Review asset management and depreciation schedules.

Thursday:

  • Meet with the CFO to discuss financial strategies and any issues that need escalation.

  • Review and approve payroll processing.

  • Evaluate capital expenditure requests for approval.

Friday:

  • Complete and distribute financial reports to stakeholders.

  • Review the week’s financial transactions and close the weekly accounts.

  • Plan for the next week and set objectives for the finance team.

  • Optionally, provide a financial training session or updates to other teams.

The role of a Financial Controller is dynamic, and tasks might shift based on monthly financial cycles, tax deadlines, and business priorities. The ability to manage multiple tasks efficiently and effectively communicate with various stakeholders is crucial for success in this position.