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Accounting Associate - Operations

Company: Live Oak Bank
Location: Wilmington
Posted on: June 12, 2021

Job Description:

About Us

Live Oak is more than a bank. Live Oak helps people realize their full potential so they can create meaningful impact at work, home or in their communities. As an innovation hub, we fully embrace a bold approach to solving problems and surpassing goals. Daily life at Live Oak centers around a culture of taking care of each other, which has made us one of the most desirable places to work. We've topped the list of American Banker's "Best Banks to Work For" because of our unparalleled dedication to our people. Our commitment to our customers and our culture is intertwined, so we seek those who embody and embrace what it takes to empower the American dream. Learn more at liveoakbank.com.

How This Role impacts Live Oak and its People

Being an Accounting Associate - Operations is a great responsibility due to your processing corporate and subsidiary transactions, as well as employee expenses. It impacts the Bank and all the Subsidiaries by directly inputting data and recording income, expenses, assets, and liabilities. Many functions throughout the bank rely on the data we give for, playing a major role in budgeting, financial reporting, and investments.

What You'll Do at Live Oak

  • Interacts with employee contacts for vendors to receive proper documentation and management for proper authorization prior to payment
  • Maintain invoices and records of payment as required for record retention, tax, and legal purposes
  • Responsible for correctly identifying and recording intercompany transactions
  • Responsible for identifying Company assets and accurately recording additions and deletions in the Fixed Asset module as well as disposal
  • Has responsibility for monthly depreciation and Prepaids processing as well as reviewing balances in the corresponding General Ledger accounts

How You'll Do It

  • Process Loan Accounts Payables and Receivables for the Bank and affiliates. Works with Loan Operations to reconcile borrower-related fees and expenses
  • Interact with employees & vendors, as required, to ensure that a properly submitted invoice is received for a payment request and processes those requests through the Bank's AP module according to policy
  • Prior to payment, all invoices are properly approved by designated personnel, and all invoices are properly coded to the correct General Ledger account
  • Ensure that payments are issued properly, accurately, and timely
  • Interacts with affiliates of the Bank to insure proper payment of all invoices
  • Responsible for recording the cost of newly acquired Fixed Assets (tangible and intangible) into the Bank's software module. Additionally, is responsible for tracking existing Fixed Assets, recording depreciation and accounting for the disposition of Fixed Assets when retired from the company
  • Set up large items to the prepaid and accrual ledgers as items are identified
  • Make general ledger entries as required
  • Review employee expense reimbursements for accuracy according to policy and processes the reimbursements
  • Clears stale-dated exceptions in the Bank's checking accounts

Required and Preferred Experience

  • Required: Bachelor's degree or equivalent experience
  • Preferred: Bachelor's degree in Accounting, Finance or Business
  • Required: Proficiency in computer software packages

Required to Thrive at Live Oak

  • Dedication - You possess a deep commitment to Live Oak Bank's mission and core values, exemplified through a strong work ethic, adaptability and pride in your work.
  • Ownership - You take initiative to deliver positive results by proactively and creatively solving problems, while maintaining a high degree of quality.
  • Innovation - You embrace fresh ideas and fearlessly contribute new solutions to emerging or existing problems.
  • Teamwork - You understand that together, we do more. Only through collaboration, accountability and trust can we accomplish our mission.
  • Respect - You treat everyone with courtesy, politeness, and kindness.

"The above statements are intended to describe the general nature and level of work being performed by the incumbent assigned to this classification. They are not intended to be construed as an exhaustive list of all responsibilities, duties and/or skills required of all personnel so classified."

Live Oak Bank is an Affirmative Action and Equal Opportunity Employer, Minorities/Women/Veterans/Disabled. We consider applicants for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, genetic information, veteran status or disability. Equal access to programs, service and employment is available to all persons. Those applicants requiring reasonable accommodation to the application and/or interview process should notify human resources at careers@liveoak.bank

EEO is the Law

Commitment to Diversity

Live Oak Bank is committed to creating and maintaining a workplace in which all employees have an opportunity to participate and contribute to the success of the business and are valued for their skills, experience, and unique perspectives. This commitment is embodied in company policy and the way we do business at Live Oak Bank and is an important principle of sound business management.

Keywords: Live Oak Bank, Wilmington , Accounting Associate - Operations, Other , Wilmington, North Carolina

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