Compensation Accounting Director

About us:

Lending Club (NYSE: LC) opened in 2007 with one simple mission: create a more efficient, transparent and customer-friendly alternative to the traditional banking system that offers creditworthy borrowers lower interest rates and investors better returns. Today, we’re the world’s largest online credit marketplace, and we’re radically changing the way lending operates. We’re proud of the recognition we’ve received, including being named a World Economic Forum Technology Pioneer, a CNBC Disruptor 50, and one of The World’s 10 Most Innovative Companies in Finance by Fast Company. We’re conveniently located in downtown San Francisco, California.

Job Description:

The Compensation Accounting Director is responsible for the timely and accurate recording of compensation and benefits related activities of the company. This includes recording payroll and related benefits, taxes and accruals; corporate bonus calculations and accruals; sales commissions / compensation plan calculations and accruals; equity-based compensation calculations.

The Director will work cross-functionally with the relevant managers of the transactional processing groups, including the Director of Payroll and the Director of Equity Administration; HR Operations and Benefits; Director of Accounting; and the Financial Planning and Analysis group.

Equity Accounting:

  • Prepare the ASC 718 stock based compensation expense and forecasts for both financial statement and income taxes.
  • Assist with the planning, organizing, and coordination of monthly, quarterly and year-end close processes. – reconcile Common and APIC equity accounts, to ensure they tie to the equity roll-forward; prepare the equity roll-forward schedule; and reconcile all related expense accounts.
  • Prepare accounting and journal entries related to stock compensation and ASC 718 calculations; perform quarterly expense calculations, analysis for the assumptions, true-up for ESPP expenses booked in prior periods based on the actual contributions.
  • Review GAAP Accounting standards in the area of Stock Based compensation, financial reporting and analysis, and compensation related updates for HR.
  • Prepare SEC schedules and disclosure information related to Stock – prepare and tie-out the whole Equity section on 10-Q/10-K/Annual Proxy and other sections related to Equity and other Compensation sections. Also includes complete calculation for WASO and dilutive effect of the options and awards outstanding.
  • Effectively communicate changes in equity related accounting policies to management and implement new processes to accommodate changes as necessary.
  • Provide the Tax Department with routine or ad hoc requests for their tax accounting calculations
  • Within Sarbanes-Oxley Compliance (404), responsibility for evaluating control procedures necessary to assure compliance, establishing and monitoring compliance with these procedures

Sales Compensation and Other Variable Compensation Accounting:

  • Responsible for the calculation and proper accounting of the corporate performance bonus plans. Provides oversight for the calculation and responsible for the proper accounting for all other variable compensation programs administered by the FP&A group.
  • Recommends and implements tools, processes and data flows that will allow the company to scales its variable compensation accounting process.
  • Provides assistance to FP&A in running forecasting models for variable compensation plans.

Payroll Accounting:

  • Support bi-weekly and semi-monthly payroll cycles with the recording of needed journal entries. Ensure all payroll-related processing is systematically reflected in the general ledger.
  • Analyze data and reconcile and balance payroll results, payroll postings and general ledger interface transmittals for all on and off cycle processing and adjustment runs.
  • Provide reconciliations of payroll-related balance sheet and bank accounts.
  • Provide analysis and back up for all payroll accrual accounts.
  • Maintain current and accurate mapping of general ledger accounts for payroll expenses and liabilities in the payroll system.
  • Communicate regularly with payroll team to resolve escalation issues and to share lessons learned to optimize service delivery

Reports to: VP Corporate Accounting

Role Requirements:

  • 7-10 years relevant experience
  • B.S. / B.A. in Accounting, Finance or Business Administration
  • C.P.A. or equivalent, Certified Equity Professional (CEP) desired
  • Masters in Accounting / M.B.A. preferred
  • Knowledge of Oracle Fusion Financials or equivalent

Other Skills:

  • Excellent organization skills, analytical skills and attention to detail
  • Strong leadership, interpersonal and communication skills
  • Adaptability is a characteristic highly valued in this high growth environment
  • Demonstrated ability to scale process, technology and people
  • Experience interacting with legal, accounting, tax and treasury functions on compliance and design issues; vendor management; communications; process flows; database maintenance/use; report retrieval logic; and supervision or management experience. Excellent customer relationship management skills.
  • Technical expertise of US GAAP rules related to compensation accounting in general and equity accounting specifically
  • Ability to drive process improvements
  • Strong computer and analytical skills, including high proficiency in Excel

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