Accounts Receivable Manager
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Recently named one of Entrepreneur magazine’s Top 100 Cannabis Leaders, Cresco Labs is one of the largest vertically-integrated multi-state cannabis operators in the United States. Cresco is built to become the most important company in the cannabis industry by combining the most strategic geographic footprint with one of the leading distribution platforms in North America. Employing a consumer-packaged goods (“CPG”) approach to cannabis, Cresco’s house of brands is designed to meet the needs of all consumer segments and includes some of the most recognized and trusted national brands including Cresco, Remedi and Mindy’s, a line of edibles created by James Beard Award-winning chef Mindy Segal. Sunnyside*, Cresco’s national dispensary brand is a wellness-focused retailer designed to build trust, education and convenience for both existing and new cannabis consumers. Recognizing that the cannabis industry is poised to become one of the leading job creators in the country, Cresco has launched the industry’s first national comprehensive Social Equity and Educational Development (SEED) initiative designed to ensure that all members of society have the skills, knowledge and opportunity to work in and own businesses in the cannabis industry.
At Cresco, we aim to lead the nation’s cannabis industry with a focus on regulatory compliance, product consistency, and customer satisfaction. Our operations bring legitimacy to the cannabis industry by acting with the highest level of integrity, strictly adhering to regulations, and promoting the clinical efficacy of cannabis. As Cresco grows, we will operate with the same level of professionalism and precision in each new market we move in to.
Cresco Labs is seeking an Accounts Receivable Manager to join our corporate finance team in Chicago, IL. The AR Manager will report to the Director, Accounting Shared Services and supervise a team of Accounts Receivable supervisors and staff who are responsible for all activities and operations in the accounts receivable, credit and collection function for the organization. This individual will have knowledge and experience with ASC 606 Revenue Recognition and manage the order-to-cash process (“OTC”) ensuring timely billing and analysis of customer accounts, accurate application of cash payments and credits, effective collections to be tracked by weekly KPIs to leadership, and maintenance of accurate financial records and control reports. This individual will be a key leader in the Controllership team, defining policies, driving process improvements and integration/expansion of OTC processes in newly acquired businesses and expanding markets. The AR Manager will also be responsible for the documentation and development of SOPs, process maps, and key controls in the functional area under supervision. Our ideal candidate is a self-starter who is highly organized with great attention to detail and an entrepreneurial mindset to identify improvements and help manage change in a dynamic, hyper-growth environment.
CORE JOB DUTIES
Lead an expanding team of AR supervisors and staff, effectively planning for the expansion and increasing responsibilities for the AR team, communicating the process to stakeholders to ensure a seamless transition in new markets
Oversee OTC process, ensuring timely billing, cash application, and credit application for customer invoices and maintain/review accurate financial records and control reports
Manage the customer invoicing process, including review of staff work and follow-up with operational teams on differences between sales orders and manifests
Management of cash and credit applications and ensuring accurate posting to accounts
Manage customer collection process, including overseeing daily and weekly communication with customers and reviewing account statements, with the goal to minimize bad debt
Manage and review the AR aging for all divisions; present weekly reports and KPIs for senior executives, including Controller, CFO, and EVP of Sales; and manage escalation process to accounting and sales teams
Approve customer credit terms, as appropriate
Manage escalation process and tracking for customer discounts
Review credit memos in compliance with financial policies and procedures
Manage escalations and the delegation of customer and internal inquiries including account research, correspondence and communications as required
Complete account analysis for Accounts Receivable, bad debt, open AR credits and other AR related balance sheet items
Responsible for the development and documentation of OTC business processes and policies to maintain and strengthen internal controls, including cross-functional change management
Manage the AR team’s compliance with internal processes and controls by validating data-entry accuracy, general ledger coding, customer/invoice legitimacy and documentation requirements
Support the year-end financial audit and tax preparation process by maintaining accurate records in line with the Company’s document retention policy
Work closely with the Corporate Accounting team to ensure timely billing, cash application, and credit application for proper weekly and month-end reporting
Work closely with the Technical Accounting team on ASC 606 Revenue Recognition
Work closely with the Sales team to manage billings and collections
Work closely with the Treasury Manager and Analyst to forecast cash for 13-week forecasting process
Responsible for reviewing and working with IT/data to manage customer master data
Work with IT on implementation of additional accounting modules and add-on reporting systems, including ERP implementation
Lead the integration of the OTC process for newly acquired businesses and drive the continuous improvement of processes and procedures as company expands in to new and established markets
Key contributor to ERP and supporting system implementations
REQUIRED EXPERIENCE, EDUCATION AND SKILLS
Bachelor’s degree in accounting or finance required
MBA and/or CPA preferred
Knowledge and experience with ASC 606 Revenue Recognition
8+ years of relevant experience in accounts receivables, credit, collections, general accounting
Previous AR management experience in medium to large-scale, multi-entity enterprises required
Strong interpersonal skills and consistent follow through on assigned tasks
Public company experience, including SOX controls
Project management experience highly preferred
Experience with financial accounting and ERP systems required (SAP and/or Sage Intacct preferred)
Advanced proficiency in MS Excel and MS Office required
Enjoys working in a start-up, fast-paced environment
Ability to work independently in a highly organized manner
Must be 21 years of age or older to apply
Must comply with all legal or company regulations for working in the industry
Cresco Labs is an Equal Opportunity Employer and all applicants will be considered without attention to race, color, religion, sex, sexual orientation, gender identity, national origin, veteran, or disability status.
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Normalize and professionalize cannabis and educate consumers to eliminate the social stigmas associated with cannabis