Project Financial Analyst 1

Fortrea is seeking a Project Finance Analyst

We are looking for an individual with a strong background in revenue recognition and forecasting to join our Project Finance team comprised of colleagues located across the EU, US and Asia Pacific.

In this role, you would be working with cross-functional stakeholders in a matrix environment and managing a team of finance analysts with extensive responsibilities. Experience with ASC-606 revenue recognition, operating with a sense of urgency, and attention to detail are key attributes needed for this role to deliver positive results.

The Project Finance team is a key function in supporting our Project Leadership, Contracts, and Executive Leadership teams while providing oversight of the overall financial health of our projects.  This exciting opportunity will allow for business partnering, driving results, and being involved in the clinical trial process from contract through study completion.

Summary of Responsibilities:

As a Project Financial Analyst at Fortrea, your main responsibilities will be to:

• Understand and calculate revenue recognition using an Estimate At Completion (EAC) methodology and provide insight to project managers and functional leads on project status and overall financial health of your portfolio of projects

• Financial oversight and revenue recognition of a larger portfolio of smaller and less complex projects from end to end

• Maintain complete and accurate financial records for each project in accordance with GAAP

• Coordinate customer reporting for key accounts, and ensure that customer requirements are met

• Provide timely project information and metrics to finance to support ASC 606 revenue recognition. Deliver project analysis information to project team members and management as part of the Monthly Project Review Process

• Monitor invoiced amounts through study duration and work with the billing team to support invoice query resolution

• This includes oversight and reporting of full project risk management to the project teams by highlighting unbilled, unearned, accounts receivable by aging balances and overburn

• Setup projects in associated financial systems and manage effective close out at study completion

• Own the end of study reconciliation process for your projects

• Support commercial, contracts and project management on project change orders and financial reconciliations

• Deliver clear and concise project analysis information to project team members and finance management as part of the Monthly Project Review Process

• Work with project team to proactively identify issues affecting project results and profitability. Identify workable solutions to minimize risk and maximize profitability

• Identify workable solutions to minimize risk and maximize profitability

• Work with other analysts to identify project trends and issues

• Manage budgets and necessary project information into the financial accounting system and project analysis files to allow for accurate project coding, invoicing and accounting

• Drives cash neutrality through payment schedule updates, review/approval of payment terms, and a focus on invoice forecasting

• Serve as a financial resource to project managers, functional leads, and other project team members

• Provide project financial training to project team members, as necessary; Respond to project manager, sponsor, business development director or other customer requests for project information.

• Partner with Project Delivery and Governance teams to improve processes

• Collaborate with project manager, sponsor, business development director or other customer requests for project status information

• Prioritize all Internal, External and SOX Audit deliverables

• Ad hoc analysis as required by the project team or senior management

• Monitors the overall health of assigned projects including but not limited to revenue, gross profit, forecasted hours, invoicing targets, project close outs, and reconciliations

Qualifications (Minimum Required):

Bachelor's degree in Accounting, Finance, Economics, or related field.

• Strong Excel skills and attention to detail.

• Willingness to learn ASC-606 and EAC methodologies.

• Strong communication and organizational skills.

Experience (Minimum Required):

• 2+ year's experience in ASC-606 revenue recognition in service-related field

• CRO experience strongly preferred

• Highly proficient in Microsoft Office, with an emphasis on Excel

• Prior experience with an EAC system for revenue recognition

• Attention to detail, time management skills, organizational skills, and a sense of urgency

• Ability to communicate with a wide range of stakeholders across a global, matrixed organization

Preferred Qualifications Include:

• Strong preference for CRO Experience

• Workday Financials or Adaptive Planning experience is a plus

Learn more about our EEO & Accommodations request here.