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Job Description
The Partnership accountant is responsible for managing the financial records and accounting functions of the Partnership accounts, including Financial accounts and Members accounts, specifically focusing on accurately calculating and distributing profits to partners according to the profit share agreements. Maintain Partners current and distribution accounts, ensuring compliance with tax regulations, and maintaining detailed records of each partner's capital account and transactions. The role requires close contact with the group equity accounting team and maintaining equity accounting schedules for Partners. This role demands a high level of analytical skill, attention to detail, and the ability to work collaboratively across departments and across the group. Close communicating with Partners and key stakeholders of the business is essential.
Responsibilities
Key Responsibilities
Partnership accounting
- Prepare partnership accounts for profit share allocation applying the Partnership deed rules
- Prepare financial data for the remuneration committee
- Prepare profit share schedules complying with the Partnership deed and Remuneration committees’ allocations
- Maintaining accurate records of each partner's distributions account, including tax withholding accounts and tax reserves accounts.
- Prepare Statutory accounts for 4 entities (2 LLP’s and 2 corporate members) per UK GAAP.
- Maintain LLP Capital and Current accounts.
- Prepare annual salaried members rules assessment. Good understanding of Salaried Members Rules is required and ensure appropriate accounting is performed.
- Reconciliation of LLP units and balances and Partners loans and all balance sheet account reconciliations.
- Prepare journals to record US GAAP transactions in respect of Partnership accounting
- Support management accounts team with balance sheet reconciliations both UK GAAP and US GAAP
Equity and loan accounting
- Undertake all aspects of LLP share based accounting under US and UK GAAP.
- Work closely with Payroll Accounting, Loan Accountant, Broker Comp & P'ship to capture all elements impacting LLP.
- Monthly reconciliation of LLP balance sheet accounts.
- Recording LLP CASP loans, interest, paydowns and loan forgiveness.
- Working with HR/Business on treatment of loans for LLP leavers.
- Monthly reconciliation of LLP Partners loans ( CASP loans) and Other Member Loans.
Tax and audit compliance
- Support the Head of Finance with implementing audit controls and revenue testing as part for the SOX control and group audit quarterly testing
- Ensure adherence to financial regulations, company policies, and SOX compliance requirements.
- Assist with internal and external audits by preparing necessary documentation and responses.
- Work closely with the partnership tax team on members profit allocation and withholding tax liabilities:
- Preparing tax schedules to support the Partnership tax computations and liaise with the group tax team and tax advisors
- Review Partnership tax computation and ensuring compliance with relevant tax laws and deadlines.
Other Responsibilities
- Prepare the accounts and monthly entries for 2 corporate entities (Corporate Members entities).
- Liaise with tax teams to process tax journals and prepare payment schedules to HMRC and request necessary approvals for payment
- Process corporate members profit share
- Responsible for company secretarial updates in companies house for Newmark Gerald Eve entities
- Prepare profit share estimates for tax estimates and payments on account
- Assist with ad-hoc tasks and projects as required to support the wider finance team.
- Leverage financial systems to automate reporting processes and improve data accuracy.
Qualifications
Qualifications and Skills
Education
Professional accounting qualification (ACCA, CIMA, ACA) is essential.
Experience
- At least 5 years of experience doing Partnership accounts
- Financial accounts experience (min 3-5 years) or a similar role.
- Demonstrated experience in accounting within a group structure.
Skills
- Strong analytical and problem-solving abilities.
- Comprehensive knowledge of accounting standards and financial principles.
- US GAAP and UK GAAP knowledge
- Company secretarial experience desirable
- Proficiency in financial systems; experience with SUN, Oracle, and Sharperlight is highly desirable.
- Advanced Excel skills for data analysis and reporting.
- Exceptional communication and presentation skills.
- Effective time management and the ability to handle multiple priorities in a fast-paced environment.
Personal Attributes
- High level of integrity and professionalism.
- Strong attention to detail with the ability to maintain a strategic perspective.
- Proactive, self-motivated, and committed to continuous improvement.
- Collaborative team player with excellent interpersonal skills.
