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This role provides support to the Financial Management Services (FMS) department and is responsible for the overall site relationship management function for each assigned site/study. This role also serves in a leadership/mentor capacity, assisting other analysts with problem solving in all tasks, serving as the senior liaison to the Operations Finance Managers. This role is responsible for the management and accuracy of site related accounts receivable, including timely and accurate identification of payments, reconciling studies, tracking investigator site payments, cost analysis, revenue recognition, and communication with external and internal customers.
This role is also responsible for interpreting clinical trial protocols, Clinical Trial Agreements, and budgets and ensuring the Clinical Trial Management Systems (CTMS) are configured correctly for effective trial financial management.RequirementsESSENTIAL DUTIES:Revenue Recognition & Invoicing:Support the FMS department on all needs related to financial matters, including revenue recognition and timely, accurate Site client invoicing, Pass-through Expenses, and Investigator Payments.
- Responsible for managing complex Sites.
- Responsible for preparing timely and accurate invoicing.
- Responsible for revenue recognition including identifying monthly journal entries needed to be entered into General Ledger and accruals by site/study.
- Review or audit Site progress to verify billed revenue accuracy.
Account Receivable: Responsible for management and accuracy of Site related accounts receivable.
- Assist with Site Accounts Receivable to ensure timely payments by trial sponsors. Track payment terms and invoiceable items.
- Assist with identifying and posting monthly cash applications.
- Perform customer/Site account reconciliations on an ongoing basis, ensuring that any necessary adjustments to the General Ledger and CTMS are recorded.
- Resolve invoicing issues with internal and external customers in a timely manner.
- Ensure Customer Billing or A/R files are organized and adequate for audit purposes.
Monthly Site Review Meetings: Prepare for and attend all monthly Site review teleconferences for the assigned Sites studies or as requested.
- Prepare all needed reports and financial data.
- Review the FMS reports for financial accuracy and any changes that affect the financial aspects of the Site.
- Review Aging invoices for assigned Sites, develop recommended actions for issues, and work with the Site Financial Analyst to ensure issues are resolved in a timely manner.
- Review Unbilled balances for assigned Sites, develop recommended actions for issues, and work with the Site Financial Analyst to ensure issues are resolved in a timely manner.
Pass-Through Expenses (PT) and Direct Costs: Manage direct labor expense distribution to Sites and any other direct expense allocations, as necessary.
- Track patient stipends issued by study. Ensure stipends are allocated to the Sites and are invoiced to the customer properly.
- Reconcile Pass Through Revenue accounts with its corresponding expense account for Patient Stipends, Investigator/Site Payments, and Pass-Through expenses.
- Track actual PT costs against budgeted costs. Verify accuracy and compliance with contract for all PT costs.
Contracts:Understand all financial Contract Terms for assigned Studies, including MSA, Work Orders, Clinical Trial Agreements, and Amendments.
- Understand the contract's financial impact for each study.
- Develop and negotiate Site client budgets for each study with limited supervision from management.
- Lead and/or participate in hand-off meetings/kick off calls for all new awards.
- Review the budget and cost according to contractual terms in the CTMS system. Ensure any contract amendments are properly updated and communicated to all relevant stakeholders.
- Complete the final reconciliation when the Site is complete.
Site Client Management:Develop and maintain a successful relationship with the Site clients. This function is critical to the longevity and growth of each site with Elligo.
- Mentor Site Financial Analysts and assist with their technical management and workload prioritization.
- Ensure quality and accuracy of all FMS reporting for Site clients.
- Forecast weekly/monthly site payments.
- Prepare and conduct relationship management teleconferences with the Site clients, escalating issues to senior management as appropriate.
- Create and implement strategic account plans organizationally, creating guidance documents, process maps, and other tools.
- Complete periodic product line assessments for each site.
- Work with the Sales team to provide operational support.
Other Activities:
- General knowledge of all site services Elligo offers.
- Learn and utilize CTM systems for reporting, tracking, and generating sponsor and investigator/site payments.
- Learn and utilize NetSuite for invoicing and reporting.
- Assist in the Finance/Accounting Department on an ad-hoc basis, in particular during the month-end accounting close process.
- Make recommendations and implement improvements to all processes and systems as needed.
- Maintain confidentiality of company information as appropriate.
- Provide requested information as needed for internal and external audit requests.
- Provide reports as requested by Finance Executives, Directors, and Managers.
QUALIFICATIONS:
- Strong working knowledge of Microsoft Office (Excel, Word, PowerPoint, Outlook, Teams) is required.
- Strong analytical, critical thinking, and problem-solving abilities with the ability to manipulate and understand complex information are required.
- Proven experience with leading competing priorities, working effectively and independently, in a fast paced environment.
- Strong customer service skills with an ability to work under pressure and conflicting client deadlines and requests.
- Effective organizational and time management skills with proven ability to meet deadlines.
- Proven ability to build relationships and develop internal and external partnerships.
- Excellent written and verbal communication skills, organizational abilities, and presentation and reporting skills are required.
- Ability to navigate various finance software to write and put together reports and spreadsheets.
- Knowledge of and experience in financial system applications and software.
- Knowledge of continuous improvement processes are preferred.
- Knowledge of the clinical trials lifecycle required.
- Working knowledge and understanding of general accounting concepts and processes, Site or job cost systems or reporting, company or departmental accounting, reconciliations, reimbursable tracking, budgeting, and analysis preferred.
- Working knowledge of the principles, design, and procedural methods used in financial analysis.
- A natural problem solver with a knack for identifying inefficiencies, proposing and implementing solutions.
EDUCATION AND EXPERIENCE:
- Bachelor’s degree in accounting, Finance or a related field. Relevant experience may be considered in lieu of a degree.
- Minimum of five years of proven experience within a financial analyst or equivalent role.
- NetSuite and CTMS (Clinical Trial Management System) experience a plus.
- Previous clinical research experience preferred.
