Compensation Manager for Partners
4 weeks ago
We are seeking a skilled Compensation Manager for Partners to join our team at Wegman. This role will be responsible for managing partner distributions, maintaining partner capital accounts, and addressing any partner-related inquiries.
Key Responsibilities:
- Calculate and prepare partner monthly and annual cash distributions, working closely with finance, tax, and IT departments to ensure an effective and timely distribution process.
- Prepare and issue monthly statements to partners, including detailed breakdowns of gross distributions, deductions, and capital account balances.
- Ensure proper tax withholdings are made for all partner distributions and handle any necessary tax reporting.
- Manage partner capital accounts and update compensation schedules on a monthly basis, conducting reconciliations as needed.
- Review and analyze personal charge and tax accounts, identifying and resolving any issues.
- Prepare year-end close out journal entries for partner capital and draws.
- Work closely with the firm's accounting and tax teams to ensure all financial data is accurately reported for book and tax purposes.
- Monitor cash flow related to partner tax advances and related withholding.
- Manage the partner compensation system, reconciling the system reporting to partner compensation schedules and the firm's general ledger.
- Serve as the primary point of contact for the administrative aspects of partner monthly distributions statements, responding to partner inquiries and providing timely and accurate information.
- Perform partner compensation forecasts and budgets, including requests for partner budget process schedules.
- Assist with requests from other groups and departments related to partners.
- Develop and implement policies and procedures related to partner compensation, driving process improvements and utilizing technology to enhance efficiency.
- Assist with financial statement, tax, and compliance audits.
- Monitor current and proposed changes in tax laws and regulations related to partner compensation.
- Assist with non-periodic assignments related to partner compensation, capital, personal charges/taxes, income verifications, distribution forecasts, and other ad-hoc reporting as requested by management.
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