Director, Revenue Recognition

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.