Controller

About XFMRS

XFMRS is a worldwide manufacturer of magnetic components (transformers, inductors, coils, common mode chokes).  Headquartered in Camby, Indiana (near Indianapolis), XFMRS also has locations in Watseka, IL, Hong Kong and factories in China.  XFMRS is a 100% owned ESOP Company.

Position Overview:

The Controller is responsible for all aspects of financial management, including corporate accounting, working with our Hong Kong office and development of internal control policies and procedures.  The Controller will work with other team members to establish budgeting and forecasting.  The Controller will also manage or assist with human resources (HR) functions, including payroll, benefits administration, ESOP and 401(k) management.  Other responsibilities, but not limited to, working with shipping/freight companies, understanding tariffs and harmonized codes, and reviewing business documents.  Travel to Hong Kong, China and India is required (2 – 4 weeks annually).

Key Responsibilities:

1. Financial Management & Accounting:

Financial Planning & Analysis:

Works with upper management to build annual budgets and forecasting. 

Conduct a thorough review of the Trial Balance for reasonableness and accuracy, investigating and resolving any discrepancies.

Prepare consolidated financial statements in Excel, adhering to GAAP standards.

Present quarterly financial reports to the board of directors and ESOP trustee.

 General Ledger Oversight:

Manage all aspects of the General Ledger, including posting prepaid entries and monthly revenue.

Update the fixed asset schedule and prepare corresponding depreciation entries.

Accounts Payable and Accounts Receivable Management:

Oversee and work with accounting team, ensuring timely collections and accurate revenue recording of accounts receivable and accurate recording and payments of vendors.

Cash Management/Banking relationships:

Reconcile all bank accounts to the GL monthly. 

Monitor the bank website daily for deposits, enter and transmit wire transfers and ACH payments.

Manage relationships with bank and brokerage firm.

Year-end Financial Statements & Tax Preparation:

Prepare and compile information required for annual financial statements and coordinate with outside CPA firm for compilation preparation.

Review and approve financial statements and tax returns prepared by outside firm, ensuring compliance with relevant tax laws.

Preparation of annual property tax returns.

Insurance Management:

Oversee all insurance policies, including General Liability, Professional E&O, Product Liability and Cyber Insurance, ensuring compliance with client requirements and agency needs.

Provide payroll information for annual workers’ compensation audits and coordinate with insurance brokers for renewals and policy adjustments.

Payroll Management (ADP):

Oversee the entire payroll process, ensuring all changes (new hires, salary changes, benefit changes) are accurately reflected in each pay period.

Submit payroll at least two business days prior to pay dates.

Prepare payroll entries from ADP reports and ensure accurate posting in the GL.

ESOP/401(k) Plan Administration:

Manage employee enrollments in the 401(k) plan and process bi-monthly payroll contributions, including determining matching amounts.

Complete annual requirements for ESOP and 401k reporting, including working with trustee and valuation firm.

Coordinate with outside consultant to review the plan annually, evaluating investment options and compliance with legal changes.

Inform employees of any changes to the ESOP and/or 401(k) plan or investment options and provide information for annual Form 5500 preparation for the ESOP and 401(k).

Qualifications:

Bachelor’s degree in Accounting is preferred.

5 – 7 years of experience in Accounting is preferred.

ESOP and 401(k) knowledge is a plus.

Strong understanding of GAAP, financial reporting standards, and internal controls.

Experience in strategic financial planning, budgeting, analysis, and human resources management.

Proven ability to manage financial operations, including AP, AR, cash management, payroll, and benefits.

Excellent communication, leadership, and interpersonal skills.

High proficiency in accounting software, financial modeling, and advanced Excel skills