Who We Are:
At Formic, we’re on a mission to revolutionize American manufacturing and create more abundance in the world. We believe in continuing the American legacy of innovation by making automation accessible to all manufacturers and increasing their factory productivity by 10x. Built upon deep expertise in robotics and manufacturing, our unique Pay-for-Productivity robotics solutions combine the best automation technology, tools, and uptime services for manufacturers, paving the way for a new era of supercharged efficiency and competitiveness. As the world faces growing pressure from rising costs and labor shortages, Formic is a uniquely powerful tool in overcoming these challenges. Fueled by our vision for a resurged “Made in America,” we’re growing fast - achieving 70% quarterly growth in customer count and ARR, with ~30% of our customers having already deployed multiple systems. Supporting us in our mission, with investments thus far totaling over $60 million, are backers including Blackhorn Ventures, Mitsubishi HC Capital America, NEC, Translink Capital,Alumni Ventures, FJ Labs, Lux Capital, Initialized Capital and Lorimer Ventures, and founders of multiple Fortune 50 companies.
About the Finance & Legal team:
Formic provides robotics-as-a-service (RaaS) and the Finance & Legal team is a key part of providing the “as-a-service” part of RaaS. The Finance & Legal team is part of the foundational infrastructure of RaaS–think the wiring, plumbing or framing of a house that is not seen, but is a critical part of making the house stand, last and function properly. The Finance & Legal team is responsible for financial operations; treasury and finance; accounting; credit; legal; compliance; and customer contracting and financial servicing.
As Finance & Accounting Manager, you will:
Manage various strategic initiatives and operational responsibilities for Finance and Accounting, including:
- Accounting:
- Provide knowledge and expertise in handling complex transactions, technical accounting standards, policy implementations, and operational accounting
- Offer guidance on GAAP accounting policies including revenue recognition, lease accounting, impairment, and stock-based compensation, among others (working with our outside accounting advisors if/as needed)
- Partner with external auditors on matters related to audit and accounting
- Support Controller with month-end close, including reconciliations and posting journal entries and streamlining the overall close process
- Manage new funding programs, and create and drive related accounting changes and requirements. This will include things like creating a new entity, separate financials and AR reporting, and plans to manage accompanying accounting and intercompany transactions.
- Possess swing capacity and willingness to support any Accounting needs as required as part of a growing startup team (e.g., managing resources for AP process and covering as needed)
- Finance:
- Financial Reporting for internal and external parties (monthly, quarterly, investor, etc.); manage other managerial and ad hoc reporting requests as needed
- Contribute to development of a system of internal controls to safeguard Company assets and ensure the completeness and accuracy of the Company’s financial statements
- Support FP&A with forecasting, budgeting, and scenario modeling
- Including ongoing efforts to streamline and consolidate internal Company data
- Develop and implement finance KPI dashboard, flash reports, etc.
- Direct and/or support implementation of Finance & Accounting systems (i.e. ERP)
What makes you a great fit:
- 7+ years of related Accounting and Finance experience required
- CPA strongly preferred
- Demonstrated success applying your Accounting and FP&A knowledge to solve new and unique (to you) challenges
- FP&A and financial modeling experience required; experience or interest in analytics preferred
- Experience with debt structures and accounting in a startup environment preferred
- Experience supporting or driving implementation of Accounting and ERP systems preferred; NetSuite experience preferred
- Ability and enthusiasm to support whatever project/task is needed to make Formic successful. As a small startup team we are focused on achieving outstanding results for our customers, industry partners, investors and funding partners–whether that means supporting our CEO on key investor needs or making copies. As a team we support each other, ask questions, are humble, and work together to help Team Formic be successful
- Willingness and ability to shift between the strategic and tactical: able to inhabit both views and shift to see the “forest” or the “trees” as needed
- Creative thinking and problem solving
- For Chicago area candidates: Ability to work a hybrid schedule (3+ days/week) in our Woodridge, IL office
What we look for:
We’re building a company from the ground up, so every single person we hire has a massive impact on our team, culture, and ability to accomplish our mission. While each individual brings their own unique skills and perspectives to Formic, we look for people who share our vision and act in alignment with our Operating Principles. If this sounds like you, Formic could be the place for you:
- Fearless Optimism:You share our ambitious vision of what we can accomplish. You’re aware of the challenges we will face as a startup doing new things in an old space, but you’re energized by the incredible opportunity we have to drive change for our customers, and for the manufacturing industry at large.
- Factories First:You have a strong customer focus, no matter who your customer is. You seek to make things easier and better for our customers, even if it makes your job a little harder.
- Today, Not Tomorrow: There are always plenty of projects to tackle in a startup, but you prioritize, take accountability for work, and have a bias toward action.
- Be Right Often: You don’t do things just because that’s how they’ve always been done. You keep looking for ways to improve, seek out feedback along the way, and back your decisions up with data.
- Made of Rubber: Just like rubber, when you fall you bounce back up. You know there’s going to be a lot of challenge and change in our work ahead but you are adaptable, resilient, and ready to thrive through it all.
- Good Baton Passes: You work with a desire to make things easier and better for your team members. You use empathy to understand the needs and goals of others and support each other so Formic can be successful together.#LI-MB1
Total Rewards:
Total rewards packages at Formic consist of salaries benchmarked against similar stage growth companies, insurance (medical, dental, vision, life, STD, LTD), and equity in Formic itself. As an early stage startup, equity is an important part of our investment in you, and your investment in Formic. When Formic succeeds, we all succeed.Final offer amounts are custom-crafted, based on the cash/equity ratio preference of the candidate, as well as their experience, geographical location and cost of labor, and more, and may vary from the range listed below.
Ultimately we’re seeking top performers who will make a difference to our business, and we’re open to negotiating the compensation structure for the right candidate. The expected base pay range for this position is below.Base Salary Range:$120,000 - $150,000USD
What We Offer:
Formic believes we do our best work when we are equipped to take care of ourselves and our loved ones. To support this Formic offers comprehensive benefits and perks for full-time US-based employees*, including:
- Equity in Formic: your slice of ownership in a fast-growing Series A startup, backed by some of the best investors in the world
- 99% coverage for Medical, Dental, and Vision insurance plans (75% coverage for dependents) via Blue Cross Blue Shield and Guardian
- FSA & DCFSA
- Life insurance, Short Term Disability, and Long Term Disability plans (covered at 100%) via Guardian
- Employee Assistance Program
- Paid parental leave
- Company-sponsored 401k
- Home Office Stipend for remote and hybrid roles
- Monthly Phone/Internet Reimbursement
- Flexible time off policy and 10+ company holidays
- Opportunity to join a talented and diverse team united behind our mission to revolutionize American manufacturing
*As our team grows, our benefit and perk offerings for employees based outside of the United States will vary. We are happy to discuss these options with you as part of our recruiting and interviewing experience. Temporary or contract positions are not eligible for Formic employee benefits and perks.Formic is an equal opportunity employer. We do not discriminate on the basis of race, color, religion or religious creed, sexual orientation, gender, gender identity, marital status, family or parental status, disability, military or veteran status, or any other basis protected by law.
All employment decisions are based on a person’s merit, business needs, and role requirements. If you require further accommodations or have questions regarding accessibility of our roles, please reach out to careers@formic.co.
