Torchora
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Key Responsibilities and Required Skills for Fixed Assets Accountant

💰 $65,000 - $95,000

AccountingFinanceCorporate Finance

🎯 Role Definition

As our Fixed Assets Accountant, you will serve as the primary custodian of the company's capital investments, overseeing all accounting functions related to tangible and intangible assets. You will be responsible for meticulously maintaining the fixed asset sub-ledger, ensuring accurate tracking, depreciation, and reporting in accordance with US GAAP. This position partners closely with various departments, including Operations, IT, and Procurement, to track project costs and asset placements. Your diligence and expertise will directly impact the integrity of our balance sheet and support strategic financial planning and decision-making across the organization.

📈 Career Progression

Typical Career Path

Entry Point From:

  • Staff Accountant
  • General Ledger Accountant
  • Junior Accountant

Advancement To:

  • Senior Fixed Assets Accountant
  • Accounting Manager
  • Assistant Controller

Lateral Moves:

  • Senior Accountant (General Ledger)
  • Financial Analyst
  • Cost Accountant

Core Responsibilities

Primary Functions

  • Maintain and manage the fixed asset sub-ledger, including the detailed recording of asset additions, transfers, adjustments, and disposals in the ERP system.
  • Execute the monthly calculation and recording of depreciation and amortization expenses for all fixed assets, ensuring accuracy and adherence to company policy.
  • Perform comprehensive monthly and quarterly reconciliations of the fixed asset subsidiary ledger to the corresponding general ledger accounts, promptly investigating and resolving any discrepancies.
  • Track the full lifecycle of Construction in Progress (CIP) projects, collaborating with project managers to ensure timely and accurate capitalization of completed assets.
  • Prepare and post detailed journal entries related to fixed assets, including acquisitions, depreciation, impairments, and dispositions, as a key part of the month-end close process.
  • Lead and coordinate periodic physical inventory counts of fixed assets across various company locations to verify existence, condition, and records accuracy.
  • Serve as the primary point of contact for internal and external auditors regarding all fixed asset inquiries, preparing detailed audit schedules and providing necessary supporting documentation.
  • Ensure strict compliance with US GAAP (e.g., ASC 360) and/or IFRS standards for asset valuation, impairment testing, and financial reporting.
  • Develop and prepare monthly, quarterly, and annual reports for management, including fixed asset roll-forwards, capital expenditure analysis, and depreciation forecasts.
  • Assist in the preparation of personal property tax returns and other asset-related compliance filings for various local, state, and federal jurisdictions.
  • Review capital expenditure requests to ensure they meet the company's capitalization policy criteria and assign appropriate asset classifications and useful lives.
  • Analyze and investigate fluctuations in depreciation expense and fixed asset balances, providing clear and concise explanations for variances to senior management.
  • Process and monitor asset retirement obligations (AROs) and perform periodic impairment analyses, ensuring they are accounted for correctly under current accounting standards.
  • Collaborate with IT and operational departments to implement and improve functionalities within the fixed asset accounting software and ERP system.
  • Maintain, update, and enforce the company's fixed asset policies and procedures to reflect best practices and changes in accounting regulations.
  • Prepare asset-related schedules and disclosures for inclusion in the company's external financial reports, such as 10-K and 10-Q filings.
  • Support the annual budgeting and forecasting process by providing detailed data and analysis on planned capital spending, depreciation projections, and asset acquisitions.
  • Review and process invoices related to capital projects, ensuring proper general ledger coding and adherence to approved project budgets.
  • Perform lease accounting analysis under ASC 842, identifying and properly classifying finance and operating leases within the asset portfolio.
  • Participate in and/or lead special projects, such as system implementations, M&A due diligence, and process improvement initiatives related to fixed asset management.

Secondary Functions

  • Support ad-hoc data requests and exploratory financial analysis for various business units.
  • Contribute to the organization's financial data strategy and reporting roadmap.
  • Collaborate with business units to translate their asset and project needs into financial and accounting requirements.
  • Participate in sprint planning and agile ceremonies within the finance and accounting teams to drive efficiency.

Required Skills & Competencies

Hard Skills (Technical)

  • Proficiency in large-scale ERP systems (e.g., SAP, Oracle R12/Fusion, NetSuite, Microsoft Dynamics 365).
  • Advanced knowledge of Microsoft Excel, including pivot tables, VLOOKUP/HLOOKUP, SUMIF, and complex formula creation.
  • In-depth understanding of U.S. GAAP, particularly ASC 360 (Property, Plant, and Equipment) and ASC 842 (Leases).
  • Experience with dedicated fixed asset management software (e.g., Sage FAS, BNA Fixed Assets, Asset4000).
  • Strong general ledger accounting and multi-account reconciliation skills.
  • Proven experience with deadline-driven month-end and year-end close processes.
  • Ability to prepare detailed audit schedules and interact effectively with internal and external auditors.
  • Familiarity with Sarbanes-Oxley (SOX) compliance and internal controls over financial reporting.
  • Experience in accounting for Construction in Progress (CIP) and project-based costing.
  • Knowledge of property tax and insurance reporting requirements for fixed assets.

Soft Skills

  • Exceptional attention to detail and a high degree of accuracy.
  • Strong analytical, problem-solving, and financial research skills.
  • Excellent organizational and time-management abilities to manage multiple priorities and meet tight deadlines.
  • Clear and professional communication skills, both written and verbal, with the ability to explain complex topics to non-accountants.
  • Ability to work independently with minimal supervision and as a collaborative team member.
  • A proactive and inquisitive mindset with a passion for continuous process improvement.

Education & Experience

Educational Background

Minimum Education:

  • Bachelor’s Degree in Accounting or Finance.

Preferred Education:

  • Master of Accountancy (MAcc) or a Master of Business Administration (MBA).

Relevant Fields of Study:

  • Accounting
  • Finance

Experience Requirements

Typical Experience Range: 3-7 years of relevant accounting experience, with a significant focus on fixed assets.

Preferred:

  • CPA or CPA candidate status is highly preferred.
  • Experience in a capital-intensive industry such as manufacturing, telecommunications, or technology.
  • Prior experience in public accounting (Big 4 or regional firm) is a significant plus.
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