Torchora
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Key Responsibilities and Required Skills for Reconciliation Analyst

💰 $65,000 - $85,000

FinanceAccountingData Analysis

🎯 Role Definition

As a Reconciliation Analyst, you will be the cornerstone of our financial accuracy and integrity. You will be responsible for the end-to-end reconciliation of complex financial data across various platforms and systems. This critical role involves not just identifying discrepancies but also delving deep to uncover the root cause and implementing corrective actions. You will collaborate with multiple departments, including accounting, operations, and IT, to ensure seamless financial operations and support the company's financial health. This role requires a proactive individual who thrives in a data-driven environment and is committed to upholding the highest standards of financial control.

📈 Career Progression

Typical Career Path

Entry Point From:

  • Junior Accountant / Staff Accountant
  • Accounts Payable/Receivable Specialist
  • Financial Operations Clerk

Advancement To:

  • Senior Reconciliation Analyst
  • Financial Analyst / Senior Financial Analyst
  • Accounting Supervisor or Manager
  • Internal Auditor

Lateral Moves:

  • Treasury Analyst
  • Financial Reporting Analyst
  • Data Analyst (Finance)

Core Responsibilities

Primary Functions

  • Perform daily, weekly, and monthly reconciliations of high-volume transaction accounts, including bank accounts, credit card processors, and general ledger sub-systems.
  • Meticulously investigate, identify, and resolve complex discrepancies and variances between internal financial records and external data sources like bank statements or payment gateway reports.
  • Prepare, review, and post precise journal entries to correct reconciliation variances, ensuring the general ledger accurately reflects the company's financial position.
  • Develop and maintain comprehensive documentation and supporting schedules for all reconciliation activities to ensure a clear audit trail for internal and external auditors.
  • Analyze and report on aged or unresolved reconciling items, providing clear explanations and recommending actionable solutions for resolution.
  • Collaborate with Accounts Payable, Accounts Receivable, and Treasury teams to research and correct transaction-related issues in a timely manner.
  • Drive the automation of manual reconciliation processes by partnering with IT and finance systems teams to enhance efficiency and reduce error rates.
  • Monitor and reconcile balance sheet accounts, verifying the accuracy of balances and substantiating them with detailed supporting documentation.
  • Assist in the month-end, quarter-end, and year-end closing processes by ensuring all assigned accounts are reconciled and balanced within strict deadlines.
  • Communicate reconciliation status, issues, and resolutions effectively to management and relevant stakeholders through regular reporting.
  • Identify and recommend improvements to internal controls, policies, and procedures related to financial transactions and reconciliation.
  • Process and reconcile intercompany transactions, ensuring all balances are confirmed and settled according to company policy.
  • Act as a subject matter expert for payment processing and transaction flows, providing guidance and support to other business units.
  • Manage chargeback and dispute resolution processes, investigating claims and processing related financial adjustments.
  • Conduct root cause analysis on recurring discrepancies to identify systemic issues and propose long-term preventative measures.
  • Support the implementation of new financial systems or payment methods by performing user acceptance testing (UAT) on reconciliation-related functionalities.
  • Prepare ad-hoc financial reports and analyses for management to support strategic decision-making.
  • Ensure compliance with company policies, regulatory requirements, and accounting standards (GAAP/IFRS) in all reconciliation activities.
  • Liaise directly with banking partners and payment processors to resolve transactional inquiries and data inconsistencies.
  • Maintain a comprehensive understanding of the systems and data flows that impact the accounts being reconciled.

Secondary Functions

  • Support ad-hoc data requests and exploratory data analysis to uncover financial trends.
  • Contribute to the organization's data governance and data quality initiatives.
  • Collaborate with business units to translate data needs into engineering requirements for better reporting.
  • Participate in sprint planning and agile ceremonies within the finance and technology teams.
  • Assist in training junior team members on reconciliation best practices and internal systems.

Required Skills & Competencies

Hard Skills (Technical)

  • Advanced Microsoft Excel Proficiency: Mastery of VLOOKUP, HLOOKUP, Pivot Tables, SUMIF/COUNTIF, and complex nested formulas is essential.
  • ERP System Experience: Hands-on experience with enterprise resource planning systems such as SAP, Oracle NetSuite, Microsoft Dynamics 365, or Workday.
  • Reconciliation Software: Familiarity with automated reconciliation tools like BlackLine, Trintech, or ReconArt is highly desirable.
  • SQL Knowledge: Basic to intermediate ability to write SQL queries for data extraction, manipulation, and analysis from relational databases.
  • Accounting Principles: Strong understanding of Generally Accepted Accounting Principles (GAAP) or IFRS, including journal entries and balance sheet structure.
  • Data Analysis & Visualization: Ability to analyze large datasets and present findings clearly, with experience in tools like Power BI or Tableau considered a plus.

Soft Skills

  • Exceptional Attention to Detail: An unwavering commitment to accuracy and a meticulous approach to reviewing financial data.
  • Analytical & Problem-Solving Skills: A natural curiosity and a structured approach to investigating issues, identifying root causes, and developing solutions.
  • Time Management & Organization: Proven ability to manage multiple tasks, prioritize effectively, and meet tight deadlines in a fast-paced environment.
  • Effective Communication: Strong written and verbal communication skills to clearly articulate complex financial issues to both technical and non-technical audiences.
  • Proactive & Independent: A self-starter who can work autonomously with minimal supervision and takes ownership of their responsibilities.
  • Collaborative Team Player: Ability to work effectively with cross-functional teams to achieve common goals.

Education & Experience

Educational Background

Minimum Education:

  • Bachelor's Degree

Preferred Education:

  • Master’s Degree or a professional certification (e.g., CPA - Certified Public Accountant, CMA - Certified Management Accountant).

Relevant Fields of Study:

  • Accounting
  • Finance
  • Business Administration
  • Economics

Experience Requirements

Typical Experience Range:

  • 2-5 years of direct experience in an accounting, finance, or dedicated reconciliation role.

Preferred:

  • Experience working in a high-volume transaction environment such as e-commerce, financial services, banking, or telecommunications.
  • Demonstrable experience in process improvement and automation projects related to financial reconciliation.
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