Job Title: Director of Finance and Operations
Has overall responsibility for financial management of the Press. Includes responsibility for the Business Office staff, budgeting, monthly reporting and oversight of the distribution services provided by Ingram Academic.
Advises the Director and Senior Management on all key financial questions relating to their functional areas.
Deputizes for the Director in all financial matters in their absence
Hires, trains and directs business office staff and is responsible for accurate and timely processing of transactions involving the sales, inventory, receivables, work-in-process, royalty and fund ledgers. Creates monthly income statement, balance sheet and cash flow reports, performs periodic variance analysis, works with outsourced fulfillment and distribution provider to accurately account for sales, receivables, cost of sales and inventories, creates monthly budget-to-actual reporting for Press department managers. Manages annual budgeting process including entry into University budgeting system.
Must be able to:
- Make executive-level decisions affecting the financial wellbeing of the Press its sales performance, and brand value in the marketplace
- Provide sound financial, accounting, and operational advice crossing all core areas: publishing, marketing, and rights
- Understand the finance and accounting operations of a small business unit and how it fits within the framework of the University.
- Work cooperatively and foster smooth working relationships with peers and others within the Press.
- Set priorities and meet schedules.
- Communicate both good and bad news to superiors as needed and to formulate recommendations for corrective action if appropriate.
Required: Four-year college degree or equivalent: Business, Finance
8 years related experience. Experience with MetaComet’s royalty system and FileMaker database preferred.
Duties and Responsibilities
30% EXECUTIVE & MANAGEMENT
- Has executive responsibility for the Finance, Accounting, Distribution and Warehousing, Customer Service, and HR functions
- Hires, trains and manages Accounting/Business office staff. Ensures each is cross-trained in the duties of others and the work is performed according to Press standards of quality and within rules set by the University. Areas for which staff are responsible include: sales accounting, accounts receivable, royalties, work-in-process, inventory, accounts payable, purchasing, petty cash, contract and book history file maintenance, facilities and local HR functions.
20% FINANCIAL MANAGEMENT
- Develops the annual Press budget, in conjunction with Press Director, manages financial planning processes, and enters budget data on University systems.
- Produces monthly Press financial statements (Income Statement, Balance Sheet, Endowment Fund, and Cash Flow Analysis) and departmental expense reports, reports/explains variances from budget to Press Director and to Department Managers
- Provides various financial and operational analyses to Press Director and Managers periodically including sales and returns analyses, costs of goods sold, plant/production costs, inventory write down, and endowment fund.
15% ACCOUNT MANAGEMENT
- Reviews and approves Press invoices, purchasing, reimbursements and journal entries.
- Oversees accounting and reconciliation of SUP balance sheet accounts and departmental expense accounts done by accounting staff, and ensures all accounts reconciliation is properly done. Note: SUP balance sheet accounts include Press Assets (Inventory, Work-in-Process, Accounts Receivable, Prepaid Expenses), Liabilities (Accounts Payable, Royalties, Unearned Revenue), and Endowment Funds.
- In collaboration with Sales Manager, oversees day-to-day operations of the distribution services on sales, shipping, reporting, and other services and resolves the issues.
- Oversees reprint process and manages Press book inventory. Makes printing decisions of reprints, overstock, pulp, and write down.
15% OPERATIONS MANAGEMENT
10% SYSTEMS MANAGEMENT
- Develops and modifies control procedures for the Business office to ascertain revenues/expenses are recorded and reported accurately.
- Develops and modifies Press accounting related data system including QuickBooks and FileMaker system.
- Develops policies and procedures to ensure the smooth running of the Press and to control processes so they are in accord with University accounting guidelines
5% FACILITIES MANAGEMENT
- Is Facilities liaison for offices in University Hall. Make decisions on facilities issues and route to the appropriate Press staff or SRWC Facilities. Coordinates office moves and space planning.
5% COORDINATION AND LIAISON
- Works with university accounting and budgeting personnel to ensure that Press follows all guidelines.
- Prepares and submits Press financial summary and analysis and various Economic Census reports to FAIR quarterly and annually.
- Manages audit inquiries and questionnaires from external organizations – Annual and quarterly AAUP statistics, Monthly AAP Domestic Sales, and Tax/Audit questionnaires from external auditors.
A. Problem solving and analysis
Overall, resolves all key problems relating to the P&L and Balance sheet - especially those relating to the interdependence of the two instruments. In this context analyzes the monthly Income Statement and Balance Sheet and brings to the attention of the Senior Management any deviations from budget. Identifies immediate and downstream negative implications and suggests strategies for course correction.
- At the operational level, regularly monitors Press sales and expenses and brings to the attention of the Director and senior management team any problematic trends.
- Analyzes reports and other data supplied by outsourced distribution vendor to ensure accurate control of Press book inventories. Works closely with warehouse to ensure accurate receipt and unit cost data.
- Analyzes monthly cost-of-sales and makes recommendations for reducing either book development or printing/binding expenses.
- Invoking University cost and accounting policies, advises Press management on expense commitments.
Primary independent functions are to resolve all internal conflicts in the Press budgetary process and to develop a rolling estimate of likely year-end results.
Within this context:
- Makes all key decisions with regard to interpreting Press write down policies, bad debt policies, fund allocations, and plant cost allocations.
- Using Press and University policies and regulations, instructs and coordinates with outside fulfillment vendor to ensure accurate accounts receivable, inventory valuation and sales reporting. This requires insisting that the vendor conform to University policies rather than any that the vendor prefers.
- May travel to U.S. and/or European distribution sites to oversee periodic physical inventory counts and reconciliations.
- Works with local managers to resolve problems with physical storage or computer records.
- Establishes royalty procedures/policies with the vendor to ensure that reporting conforms to University standards.
C. Decision making:
Makes all key decisions with regard to the monthly close – especially, enters and/or approves journal entries for operating fund AMADD.
Interviews and hires support staff. Ensures that each staff member is trained and follows Press and University guidelines. Counsels or disciplines staff if necessary.
D. Degree of impact:
Financial decisions have an extremely high impact on Press performance.
Ensuring that Press accounting procedures are in accordance with University and GAPP rules has a very high impact on Press solvency and risk management. Analysis that shapes publishing or operational has a very high impact on the SUP brand value.
Impact of bad accounting data can result in serious problems for the Press and the University.
Impact of administrative/office management functions has a high impact on operational optimization.
Daily advisory interaction with Press Senior Management in all areas – publishing, marketing, rights.
Daily contact with all internal Press staff on matters related to Press running costs. Several times a week in contact with distribution center regarding systems tools, service, inventory and/or royalty matters.
May include travel to outsourced distributors to assess management at their locations, discuss overall service to the Press, pricing and reporting. Audit physical inventories or to audit existing or set up new procedures or policies. Represents the Press at annual Association of American University Presses financial manager meetings.
Other Relevant Information:
Manages staff of 3 directly. Performs daily oversight of outsourced distribution. Budget responsibility for Press’s $7,500,000+ expense line. Ultimate responsibility for Press’s $600,000+ book inventory and $1,300,000+/- accounts receivable assets.
Candidates must apply through Stanford University’s online careers portal, accessible here:
Or by searching for job number 89857 at https://careersearch.stanford.edu
Please submit a cover letter accompanying your application.