Reg W Accountant, SFS

Company Description

Block is one company built from many blocks, all united by the same purpose of economic empowerment. The blocks that form our foundational teams — People, Finance, Counsel, Hardware, Information Security, Platform Infrastructure Engineering, and more — provide support at the corporate level. They work across business groups and around the globe, spanning time zones and disciplines to develop inclusive People policies, forecast finances, give legal counsel, safeguard systems, nurture new programs, and more. Every challenge creates possibilities, and we need different perspectives to see them all. Bring yours to Block.

Square Financial Services, Inc. (SFS) is Block’s bank. We opened in March 2021 and provide lending and FDIC-insured deposit products to small businesses on a nationwide basis.

Job Description

The Reg W Accountant will be responsible for ensuring that Block's financial transactions and policies comply with Regulation W of the Federal Reserve Board of Governors. This role will involve close coordination with various teams within Block and SFS, including Legal, Compliance, and Finance, to monitor and report on affiliate transactions and ensure adherence to regulatory requirements.

Reg W Responsibilities:

• Monitor collateral for all Reg W Covered Transactions and coordinate withTreasury to ensure sufficient collateral is available.

• Perform monthly Reg W reporting, including affiliate transaction reporting and delayed settlement monitoring.

• Submit inter-company invoices for settlement.

• Support program examinations and reviews conducted by Compliance, Internal Audit, and Regulators.

• Write risk assessments and draft and update procedures.

Accounting Responsibilities:

• Book journal entries during month-end close

• Perform monthly account reconciliations

• Run monthly intercompany accounting reporting and engage with stakeholders at SFS and Block, Inc. to clear balances.

• Assist with operational accounting and financial reporting tasks.

Qualifications

Required Qualifications:

• A demonstrated work ethic and willingness to dive into the details to solve identified problems in a timely manner

• 4+ years of related work experience in Banking or Financial Services

• Strong quantitative analysis skills.

• Efficient, improvement-focused, and detail-oriented

• Bachelor's degree in Finance, Accounting, Economics, Business Administration or other related field preferred

Nice to have:

• Specific accounting and regulatory experience in Financial Services

• Experience with Regulation W

• Experience with Banking Regulations

• Experience working under a regulated financial institution or Fintech

Additional Information

Block takes a market-based approach to pay, and pay may vary depending on your location. U.S. locations are categorized into one of four zones based on a cost of labor index for that geographic area. The successful candidate’s starting pay will be determined based on job-related skills, experience, qualifications, work location, and market conditions. These ranges may be modified in the future.

Zone A: USD $88,100 - USD $132,100
Zone B: USD $82,000 - USD $123,000
Zone C: USD $75,000 - USD $112,400
Zone D: USD $66,100 - USD $99,100

To find a location’s zone designation, please refer to this resource. If a location of interest is not listed, please speak with a recruiter for additional information. 

Full-time employee benefits include the following:

• Healthcare coverage (Medical, Vision and Dental insurance)
• Health Savings Account and Flexible Spending Account
• Retirement Plans including company match 
• Employee Stock Purchase Program
• Wellness programs, including access to mental health, 1:1 financial planners, and a monthly wellness allowance 
• Paid parental and caregiving leave
• Paid time off (including 12 paid holidays)
• Paid sick leave (1 hour per 26 hours worked (max 80 hours per calendar year to the extent legally permissible) for non-exempt employees and covered by our Flexible Time Off policy for exempt employees) 
• Learning and Development resources
• Paid Life insurance, AD&D, and disability benefits 

These benefits are further detailed in Block's policies. This role is also eligible to participate in Block's equity plan subject to the terms of the applicable plans and policies, and may be eligible for a sign-on bonus. Sales roles may be eligible to participate in a commission plan subject to the