Reg W Accountant, SFS
2 weeks ago
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 terms of the applicable plans and policies. Pay and benefits are subject to change at any time, consistent with the terms of any applicable compensation or benefit plans.
We’re working to build a more inclusive economy where our customers have equal access to opportunity, and we strive to live by these same values in building our workplace. Block is a proud equal opportunity employer. We work hard to evaluate all employees and job applicants consistently, without regard to race, color, religion, gender, national origin, age, disability, veteran status, pregnancy, gender expression or identity, sexual orientation, citizenship, or any other legally protected class.
We believe in being fair, and are committed to an inclusive interview experience, including providing reasonable accommodations to disabled applicants throughout the recruitment process. We encourage applicants to share any needed accommodations with their recruiter, who will treat these requests as confidentially as possible. Want to learn more about what we’re doing to build a workplace that is fair and square? Check out our I+D page.
Additionally, we consider qualified applicants with criminal histories for employment on our team, assessing candidates in a manner consistent with the requirements of the San Francisco Fair Chance Ordinance.
Block, Inc. (NYSE: SQ) is a global technology company with a focus on financial services. Made up of Square, Cash App, Spiral, TIDAL, and TBD, we build tools to help more people access the economy. Square helps sellers run and grow their businesses with its integrated ecosystem of commerce solutions, business software, and banking services. With Cash App, anyone can easily send, spend, or invest their money in stocks or Bitcoin. Spiral (formerly Square Crypto) builds and funds free, open-source Bitcoin projects. Artists use TIDAL to help them succeed as entrepreneurs and connect more deeply with fans. TBD is building an open developer platform to make it easier to access Bitcoin and other blockchain technologies without having to go through an institution.
While there is no specific deadline to apply for this role, on average, U.S. open roles are posted for 70 days before being filled by a successful candidate.
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