Principal Accountant, Fixed Assets

1 month ago

Bengaluru, India Lowe's India Full time

About Lowe’s

Lowe’s Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving approximately 16 million customer transactions a week in the United States. With total fiscal year 2023 sales of more than $86 billion, Lowe’s operates over 1,700 home improvement stores and employs approximately 300,000 associates. Based in Bengaluru, Lowe’s India develops innovative technology products and solutions and delivers business capabilities to provide the best omnichannel experience for Lowe’s customers. Lowe’s India employs over 4,200 associates across technology, analytics, merchandising, supply chain, marketing, finance and accounting, product management and shared services. Lowe’s India actively supports the communities it serves through programs focused on skill-building, sustainability and safe homes. For more information, visit, www.lowes.co.in.

About the Team:

The Capital Asset Accounting team is responsible for the accurate and timely recording and reporting of capital asset transactions for compliance with U.S. Generally Accepted Accounting Principles (GAAP) and consistent application of company policy and system control procedures. Capital asset transactions include systematic processing and recording of asset additions, retirements, adjustments, and depreciation within asset records. The Capital Asset Accounting team works closely with various business areas responsible for capital asset purchases (i.e., Retail Facilities & Operations, Supply Chain, Corporate Facilities, Technology, Merchandising, Delivery Services, etc.) as well as other areas of Accounting/Finance (i.e. Tax, External Reporting, Accounting & Consolidations, FP&A, Corporate Finance, Retail Finance, Supply Chain Finance, etc.).

Job Summary:

The primary purpose of this role is to administer accounting policy and procedures related to capital assets and resolve issues to enable accurate reporting on a monthly, quarterly, and annual basis as per US Generally Accepted Accounting Principal (US GAAP) and Company Policy. This includes responsibility for researching, managing, tracking, reporting, and reviewing financial activities to ensure accounting records are correct. In addition, this role supports the execution and design of internal controls over financial systems as well as financial and regulatory reporting, by working independently to apply and provide experienced accounting judgment and advanced knowledge of US GAAP and regulatory requirements in daily activity.

Roles & Responsibilities:

Core Responsibilities:

  • Work in a team environment including assisting business partners and team members in the timely processing of financial activities which require the application of technical accounting knowledge specific to capital assets.
  • Understands and communicates capital versus expense guidance to various business areas and provides oversight of these decisions within the capital asset team.
  • Manages and often performs complex analyses (i.e., historical, forecasting, impact, etc.) and timely reconciliations to support monthly, quarterly, and annual closing cycles according to prescribed rates, laws, and regulations
  • Research financial transactions related to their areas of responsibility to identify issues and determine appropriate resolution independently.
  • Executes specials projects related to the resolution of complex accounting transactions.
  • Ensures appropriate supporting documents, provisions, and other details for journal entries are maintained and provided to appropriate stakeholders.
  • Prepare and communicate variance explanations for monthly, quarterly, and annual analysis.
  • Partners with team and the business to identify transaction issues and process improvement opportunities to support the needs of the Finance organization more-effectively.
  • Works with internal and external auditors to provide required data and information.
  • Applies advanced concepts around internal control design and execution to assist with the design of internal controls over financial reporting to support SOX compliance.
  • Reviews reports, analysis and reconciliations prepared by Accountants and Senior Accountants to ensure the accuracy of financial reporting and analysis
  • Self-driven, ability to work independently, while providing direction and influencing the work of others.
  • Mentors and trains lower and mid- accounting employees in the development of accounting skills, knowledge of key principles, regulations etc.
  • Independently manages projects/initiatives, working with and directing teams across Finance functions to deliver the best solutions to financial issues

Years of Experience:

  • Post Qualification 5 years.
  • Bachelor’s degree in accounting with 7 to 10 years of Experience.

Education Qualification & Certifications (optional)

Required Minimum Qualifications:

  • Bachelor's degree
  • CA/CPA

Skill Set Required

Primary Skills (must have)

  • Advanced GAAP concepts and financial controls (to apply this knowledge to the design and execution of activities within the respective area)
  • Experience working in Fixed Assets (Asset creation, retirement, Depreciation, Project costing etc.)
  • Reconciliation and Reporting.
  • Expertise in Excel

Secondary Skills (desired)

  • Experience with PeopleSoft ERP system
  • Experience with Oracle Cloud.
  • Power BI would be an added advantage.

Lowe’s is an equal opportunity employer and administers all personnel practices without regard to race, color, religious creed, sex, gender, age, national origin, mental or physical disability or medical condition, sexual orientation, gender identity or expression, marital status, military or veteran status, genetic information, or any other category protected under state or local law. Lowe’s wishes to maintain appropriate standards and integrity in meeting the requirements of the Information Technology Act’s privacy provisions.

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