What are the responsibilities and job description for the Financial Controller position at ITW?
Job Description:
Financial Controller
ITW’s products and solutions are at work all over the world - in deep-sea oil rigs, aerospace technology, bridges and wind turbines, healthcare, the spaces in which we live and work, the cars we drive, and the mobile devices we rely on. You are never, whether you know it or not, more than a few steps from an innovative ITW solution. In the words of a Mal Pancoast quote, at ITW, "You get paid to impact the world."
ITW Construction provides a variety of fastening systems and truss products for the commercial, residential, and remodeling/renovation segments. With products manufactured at locations around the globe serving markets in North America, Europe, Asia, New Zealand and Australia.
The Global Tool Unit (GTU) is a part of ITW’s Construction Segment. The GTU innovates, develops, and manufactures best-in-class Power Fastening Systems for the global construction market. Our highly differentiated tools are specified to be used in a variety of applications including wood framing, wood trim, and steel to concrete installations.
In the past 3 years, we have undertaken a substantial reorganization of the division throughout our two production facilities and two engineering development centers, with an increased focus on productivity and cultural change. These changes have likewise been supported by a greater focus on efficiency and effectiveness in terms of dollars invested.
Job Description
The Financial Controller will report directly to the Business Unit Manager and will be responsible for leading a team of financial professionals that will provide financial oversight, budgeting guidance, and adherence to company standards in reporting and investment of financial resources.
ACCOUNTING, ANALYSIS & REPORTING:
Oversee preparation of monthly, quarterly and annual financial statements in compliance with ITW Financial policies and procedures and GAAP. Oversee financial reporting to ITW Corporate. Provide financial analysis that is timely and accurate. This includes but is not limited to the preparation and interpretation of monthly Key Performance Indicators (KPIs), financial statements, 80/20 schedules, etc. Review monthly journal entries and account reconciliations for the Unit’s general ledger accounts. Monitor key financial and business metrics, with emphasis on material and variable margin, slow moving/obsolete inventory, and overhead spend. Ensure compliance with required internal accounting controls. Act as the key contact for information requests from ITW Corporate, including but not limited to Corporate Finance, Tax, Audit and Sourcing.
BUSINESS PARTNER:
Provide counsel to the management team on business strategies, people issues and operational issues. Support decisions and recommendations with data and analysis. Partner with R&D and Operations Leadership to promote growth through key strategic investment. Oversight and strategic input on front to back projects.
FINANCIAL PLANNING:
Oversee the financials for annual operating plans, long range strategic plans, monthly outlooks, first quarter reviews and other special analyses. Contribute to the development and review of both the non-financial aspects of the annual operating and strategic plans. Coordinate communications with intercompany partners to ensure alignment of financial forecasts.
CAPITAL PLANNING:
Work with Unit Management to create expenditure authorizations including analysis of cost savings, ROI, and payback. Prepare capex audits that measure results of capital projects against original expectations and estimates. Complete reports for management on a timely basis. Works with segment teams to provide financial visibility on pipeline of NPD projects and measure the effectiveness of the organization at meeting NPD KPIs. Serve as a member of the ERP oversight team as the division moves to implement ITW’s upgraded ERP.
ITW BUSINESS MODEL:
Provide leadership and collaborate with the Global Tool Unit Leadership Team with implementing the ITW Business model concepts across the unit. Complete projects accurately and on a timely basis.
PEOPLE LEADERSHIP/TALENT DEVELOPMENT:
Build the right talent to achieve desired business results. Use appropriate delegation to create a sense of ownership and encourage employees to stretch beyond their current capability. Uses the Aggressive Growth Mindset, the leadership competency model and performance management including timely coaching and feedback to develop, motivate, and guide team toward successful outcomes and attainment of business objectives.
Qualifications
The compensation package for the role offers a competitive base salary ranging from $111K - $145K annually. This position is eligible to participate in the annual incentive plan.
Financial Controller
- 13825 W Business Center Dr, Lake Forest, IL 60045, USA
- Full-time
ITW’s products and solutions are at work all over the world - in deep-sea oil rigs, aerospace technology, bridges and wind turbines, healthcare, the spaces in which we live and work, the cars we drive, and the mobile devices we rely on. You are never, whether you know it or not, more than a few steps from an innovative ITW solution. In the words of a Mal Pancoast quote, at ITW, "You get paid to impact the world."
ITW Construction provides a variety of fastening systems and truss products for the commercial, residential, and remodeling/renovation segments. With products manufactured at locations around the globe serving markets in North America, Europe, Asia, New Zealand and Australia.
The Global Tool Unit (GTU) is a part of ITW’s Construction Segment. The GTU innovates, develops, and manufactures best-in-class Power Fastening Systems for the global construction market. Our highly differentiated tools are specified to be used in a variety of applications including wood framing, wood trim, and steel to concrete installations.
In the past 3 years, we have undertaken a substantial reorganization of the division throughout our two production facilities and two engineering development centers, with an increased focus on productivity and cultural change. These changes have likewise been supported by a greater focus on efficiency and effectiveness in terms of dollars invested.
Job Description
The Financial Controller will report directly to the Business Unit Manager and will be responsible for leading a team of financial professionals that will provide financial oversight, budgeting guidance, and adherence to company standards in reporting and investment of financial resources.
ACCOUNTING, ANALYSIS & REPORTING:
Oversee preparation of monthly, quarterly and annual financial statements in compliance with ITW Financial policies and procedures and GAAP. Oversee financial reporting to ITW Corporate. Provide financial analysis that is timely and accurate. This includes but is not limited to the preparation and interpretation of monthly Key Performance Indicators (KPIs), financial statements, 80/20 schedules, etc. Review monthly journal entries and account reconciliations for the Unit’s general ledger accounts. Monitor key financial and business metrics, with emphasis on material and variable margin, slow moving/obsolete inventory, and overhead spend. Ensure compliance with required internal accounting controls. Act as the key contact for information requests from ITW Corporate, including but not limited to Corporate Finance, Tax, Audit and Sourcing.
BUSINESS PARTNER:
Provide counsel to the management team on business strategies, people issues and operational issues. Support decisions and recommendations with data and analysis. Partner with R&D and Operations Leadership to promote growth through key strategic investment. Oversight and strategic input on front to back projects.
FINANCIAL PLANNING:
Oversee the financials for annual operating plans, long range strategic plans, monthly outlooks, first quarter reviews and other special analyses. Contribute to the development and review of both the non-financial aspects of the annual operating and strategic plans. Coordinate communications with intercompany partners to ensure alignment of financial forecasts.
CAPITAL PLANNING:
Work with Unit Management to create expenditure authorizations including analysis of cost savings, ROI, and payback. Prepare capex audits that measure results of capital projects against original expectations and estimates. Complete reports for management on a timely basis. Works with segment teams to provide financial visibility on pipeline of NPD projects and measure the effectiveness of the organization at meeting NPD KPIs. Serve as a member of the ERP oversight team as the division moves to implement ITW’s upgraded ERP.
ITW BUSINESS MODEL:
Provide leadership and collaborate with the Global Tool Unit Leadership Team with implementing the ITW Business model concepts across the unit. Complete projects accurately and on a timely basis.
PEOPLE LEADERSHIP/TALENT DEVELOPMENT:
Build the right talent to achieve desired business results. Use appropriate delegation to create a sense of ownership and encourage employees to stretch beyond their current capability. Uses the Aggressive Growth Mindset, the leadership competency model and performance management including timely coaching and feedback to develop, motivate, and guide team toward successful outcomes and attainment of business objectives.
Qualifications
- Operational Decision Making: Relating and comparing; securing relevant information and identifying key issues; committing to an action after developing alternative courses of action that take into consideration resources, constraints, and organizational values.
- Delivers Results: Setting high goals for personal and group accomplishments; using measurement methods to monitor progress toward goal attainment; tenaciously working to meet or exceed those goals while deriving satisfaction from the process of goal achievement and continuous improvement.
- Developing Strategic Relationships: Using appropriate interpersonal styles and communication methods to influence and build effective relationships with business partners (e.g., peers, functional partners, external vendors, and alliance partners).
- Communicating with Impact: Expressing thoughts, feelings, and ideas in a clear, succinct, and compelling manner in both individual and group situations; adjusting language to capture the attention of the audience.
- Gaining Commitment: Using appropriate interpersonal styles and techniques to gain acceptance of ideas or plans; modifying one’s own behavior to accommodate tasks, situations, and individuals involved.
- Building Organizational Talent: Attracting, developing, and retaining talented individuals; creating a learning environment that ensures associates realize their highest potential, allowing the organization as a whole to meet future challenges
The compensation package for the role offers a competitive base salary ranging from $111K - $145K annually. This position is eligible to participate in the annual incentive plan.
Salary : $111,000 - $145,000
