What are the responsibilities and job description for the Director, Revenue Recognition position at Omnicell?

Job Description

Director of Revenue

Omnicell is currently looking for a dynamic Director of Revenue to join our Finance team. Reporting to the Sr. Director of Revenue Operations, the Director of Revenue is responsible for leading the Revenue Recognition teams for ensuring that revenue is recognized in accordance with GAAP. As part of this responsibility, the Director will be responsible for reviewing sales agreements for their impact on the financial statements, staying current with respect to relevant technical literature, preparing technical accounting memos for complex arrangements, and overseeing the financial statement close process for all related accounts.

The role will also encompass maintaining relationships with Sales, Legal, Professional Services and internal Finance teams, such as Sales Finance, Credit and Collections, Revenue Operations, General Accounting, and FP&A, both in terms of managing day-to-day activities and in developing the infrastructure to support future business needs. This position will manage multiple direct reports and serve as a subject matter expert for multiple lines of domestic and foreign business as well as projects that impact the revenue cycle.

Responsibilities

Effectively grow, lead, and continuously develop a revenue team that quickly responds to the ever-changing priorities of Omnicell's high growth business and delivers high impact results.
Be the primary subject matter expert on revenue recognition in the company and ensure that worldwide revenue is accurately and timely recognized.
Ensure compliance with relevant accounting standards, notably ASC 606 : Revenue from Contracts with Customers and ASC 842 : Lease Accounting including design and implementation of controls to support Sarbanes Oxley compliance.
Evaluate and assess the impact of new revenue pronouncements and prepare for the adoption of the new revenue recognition standards.
Participate in and serve as sponsor to projects that impact the revenue cycle.
Partner closely with Sales, Sales Finance, and Legal to ensure that transactions are booked in accordance with the Company's Revenue Recognition Policy

Review and help negotiate key contractual terms;

Provide guidance on potential revenue recognition implications;

Facilitate approval from Executive Management, as needed.

Provide guidance on moving backlog transactions to revenue and be an integral part of the revenue forecasting process.

Manage the worldwide revenue close process and requirements for multiple revenue streams, ensuring revenue and related contract assets and liabilities are recognized in accordance with US GAAP and comply with the Company's revenue recognition policies.

Prepare technical accounting memos and develop a strong working relationship and liaise with the Company's external auditors on all revenue related audit issues.

Provide thought leadership with the Company's revenue recognition policy and global processes to assist Marketing and Business Development with new product introductions and new business expansion.

Continuously use and implement new processes and procedures that utilize technology, build efficiencies, reduce duplication, and streamline workflows.

Ensure compliance with all SOX controls and requirements.

Review and prepare all revenue related memos ensuring that all relevant facts and circumstances are disclosed and the appropriate revenue guidance is applied.

Manage periodic Standalone Selling Price (SSP) analysis and price changes.

Provide revenue recognition training to other functional organizations within the company, including Sales, Legal, Finance, and Operations, and oversee quarterly certification process.

Assist in ad-hoc projects as necessary :

New system implementation, such as business intelligence tools;

Assist M&A team in identifying key accounting issues related to acquisitions;

Periodic formal presentations to Executive Management and the Audit Committee of the Board of Directors.

Required Knowledge / Skills

Thorough understanding of ASC 606.

Understanding of the requirements of SOX in a public company environment.

Ability to work and communicate effectively with peers and management up to the Executive level, particularly regarding complex customer negotiations and arrangements.

Strong systems experience to recommend and be part of the cross-functional team that will drive new enhancements to our ERP systems.

Significant experience working with sales organizations and customers in a high pressure, fast-paced environment.

Must be able to motivate, communicate and drive continuous improvement, including departments outside of finance.

Ability to mentor and develop staff.

Solid planning, leadership, and administration skills.

High energy, ability to work in a fast-paced environment, and ability to multi-task.

Very strong written and verbal communications skills.

Very strong Excel skills.

Basic Qualifications

Bachelor's degree in a business or finance discipline.

A minimum of eight years of increasingly responsible management experience within finance or accounting.

A minimum of three years of experience in public accounting.

A minimum of five years managing a team of five or more.

Experience managing remote teams.

Experience with accounting rules ASC 606 relating to software, hardware, SaaS, and services revenue recognition and multiple-element arrangements.

Significant experience in the actual application of revenue accounting guidance

Preferred Qualifications

Experience within the medical device or healthcare industry.

Work Conditions

Travel up to 15%

Standard Office Environment

Occasional heavy workload during peak times

About Us

Since 1992, Omnicell has been committed to transforming pharmacy care through outcomes-centric innovation designed to optimize clinical and business outcomes across all settings of care. We strive to be the healthcare provider's most trusted partner by our guiding promise of "Outcomes. Defined and Delivered."

Our comprehensive portfolio of robotics, smart devices, intelligent software, and expert services is helping healthcare facilities worldwide to improve business and clinical outcomes as they move closer to the industry vision of the Autonomous Pharmacy.

Our guiding principles inform everything we do :

As Passionate Transformers , we find a better way to innovate relentlessly.

Being Mission Driven, we consistently deliver on our promises.

Our Entrepreneurial spirit makes the most of EVERY opportunity for innovation.

Understanding that Relationships Matter creates synergies that yield the greatest benefits for all.

Intellectually Curious, eager to think deeper to learn and improve.

In Doing the Right Thing , we lead by example in ALL we do.

We are deeply committed to Environmental, Social, and Governance (ESG) initiatives. Our ESG efforts focus on creating an inclusive culture and a healthier world. This includes our Employee Impact Groups, which foster diversity and inclusion, as well as our learning and well-being programs that support personal and professional growth. We also prioritize sustainability in our operations, aiming to reduce our environmental footprint and promote responsible business practices. Join us in transforming the pharmacy care delivery model, making patient care safer and smarter for all.

About the Team

Omnicell is dedicated to fostering a diverse and inclusive workplace. We welcome applications from all individuals, valuing a wide range of perspectives and backgrounds. As an equal opportunity employer, we do not discriminate based on race, gender, religion, sexual orientation, gender identity, national origin, veteran status, or disability. We are committed to making our recruitment process accessible to everyone. We offer support and reasonable adjustments for individuals with disabilities during our hiring process. If you need assistance, please contact us at R[redacted].

At Omnicell, respect for privacy and confidentiality is paramount. We adhere to strict policies to prevent discrimination or retaliation against those who engage in open conversations about compensation. However, employees privy to compensation information as part of their job role are expected to maintain confidentiality, except in specific circumstances outlined by law, such as during formal complaints, investigations, or as required by legal obligations.

Please note that Omnicell reserves the right to modify job roles and responsibilities as needed to meet our organization's evolving needs and drive our mission forward.

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