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Sr. Manager Lease Accounting

Company: The Lovesac Company
Location: Stamford
Posted on: November 16, 2023

Job Description:

Job DetailsRemote Type Fully Remote -Salary Range $100,000.00 - $135,000.00 Salary/yearDescription Our purpose:

At Lovesac, we are committed to helping people fill their homes with Total Comfort. That means having furniture that can evolve along with them as life unfolds.

From Sactionals The World's Most Adaptable Couch, to Sacs The World's Most Comfortable Seat, Lovesac products provide peace of mind where others cant. Our products can adapt to fit almost any space and style and look like new forever. This enables a new way of living, where people can continue to invest in, add to, and evolve their furniture instead of adding it to the landfill which is good for families and our environment.

What We Believe:

Love. It is the name we live up to. We champion building meaningful relationships as we foster a culture that embraces and celebrates the experiences, beliefs, backgrounds, expertise, talent, and individuality of everyone. We purposefully and meaningfully weave DEI into every aspect of our business. We seek to promote love, inclusion, and happiness in all that we do. #LoveMatters

We are committed to working and succeeding by incorporating our Guiding Principles into everything we do:

We can all win together

We do as we say

Do less and do best

We are borrowing this earth from our children

Love Matters

The Role:

As our Sr Manager of Lease Accounting, you will be responsible for providing accounting support for the Company's lease portfolio and will partner closely with the Real Estate and Legal team to account for leases, lease amendments, rent payments and on-time charges. The successful candidate will have strong interpersonal skills, experience managing a team and bring a passionate commitment to help foster a diverse, inclusive, and collaborative culture that delivers high impact accounting and business results.

This position is remote and will report into Lovesac Corporate HUB based in Stamford, CT. Candidates must fully reside in one of the 50 United States and should have the ability for travel as needed.

Summary of Key Job Responsibilities:

  • Conducting lease portfolio assessments to identify and classify leases in accordance with ASC 842.
  • Calculating and validating lease liability and right-of-use asset values using appropriate discount rates and lease terms.
  • Collaborating with clients to gather lease data, including terms, payments, options, and termination clauses.
  • Working closely with finance, legal, and operations teams to ensure accurate lease information and documentation.
  • Providing guidance on lease accounting treatments, including finance lease vs. operating lease classification.
  • Prepare lease schedules (e.g., minimum rent, future obligation, etc.) for company's 10-Q & 10-K disclosures, prepare periodic lease accounting journal entries on rent payments and expenses, prepaid rents, deferred rents, tenant incentive accruals, etc. via lease administration software, and records journal entries to company's ERP system.
  • Supporting clients during audits and regulatory compliance reviews related to lease accounting.
  • Staying up-to-date with changes in lease accounting standards and regulations.
  • Perform any other duties as requested by management.
    Qualifications Requirements & Qualifications:

    • Bachelor's degree in Accounting or Finance; MBA and/or CPA preferred.
    • Must have a minimum of 6 years' experience in Lease Accounting and reconciliations in a retail environment that includes strong understanding of accounting for leases under the ASC 842 Lease Accounting standard.
    • Expert Excel skills: VLOOKUP, Macros, Etc.
    • Experience working in a Big 4 firm preferred.
    • Strong end user of Lucernex experience highly preferred; experience using NetSuite ERP system preferred.
    • Experience leading and managing a team of junior staff.
    • Experience working within a high-growth retail environment preferred, but not required.
    • Must have a strong work ethic and enthusiasm for taking on a wide range of projects and responsibilities.
    • Must be proactive, detail oriented, and able to prioritize while handling multiple tasks.
    • Must have exceptional communication and interpersonal skills and be capable of navigating complex situations professionally and with empathy.
    • Must be able to work collaboratively with cross functional business partners and in a team environment.
    • Must be results driven and utilize knowledge to meet or exceed KPIs and goals.
    • Exemplify each of our Lovesac values, at all times, be results driven and utilize knowledge to meet or exceed KPIs, goals and deadlines. Must be able to travel, as required by the Company in its sole discretion, for meetings and conferences using various forms of transportation.
    • Must comply with all policies and procedures outlined in the Lovesac Employee Handbook and work collaboratively with fellow employees, treating all clients, both internal and external with dignity and respect at all times.
    • Our customers have the opportunity to shop with us seven days a week and select positions may require availability outside of normal weekday hours.

      Lovesac Core Values Top Ambition, Willing to sweep the floors, Grit

      Aspirational Values Customer Centricity, Only A Players, Executional Excellence, Consciousness

      Table-Stakes Values Positive, Passionate, Collaborative, Flexible, Self-starting, Self-aware, Canid, Empathetic, Inclusive, Insatiable Learners

      Full Time Benefits*

      • Financial Benefits: Annual Bonus Program, Annual and Inaugural Grant Equity Awards, 401K Matching Contribution, Financial Wellness Tools, Sales Incentive Program.
      • Health and Wellness Benefits: Medical, Dental, Vision, Health Savings and Flexible Spending Accounts, Paid Parental Leave, Life/AD&D, Short Term and Long-Term Disability, Critical Illness and Accident Insurance, Employee Assistance Program.
      • Paid Time Off: Up to 120 hours of paid time off within our fiscal calendar year, prorated from date of hire, 8 paid company recognized holidays, Summer Flex Time.
      • Pet Insurance and generous Associate Discounts.

        *Eligibility and terms for all benefits listed are as outlined in Lovesac's policy and plan documents.

        Associate pay will vary based on factors such as qualifications, experience, skill level and competencies.

        Lovesac is an Equal Opportunity employer and considers all applicants for employment without regard to race, color, religious creed, ancestry, religion, sex, sexual orientation, gender identity and/or expression, pregnancy, age, national origin, marital status, disability, military status, genetic information or any other characteristic protected by applicable law.

        Disclaimer: The above statements describe the general nature and level of work being performed by individuals employed in this position. This job description is not intended to be an exhaustive list of all duties and responsibilities required in this position. The job may change as the business changes or customer need changes or may vary somewhat from location to location. Management retains the right, authority and discretion to add or change the duties of the position at any time. Associates must learn and observe applicable company policies and safe practices, as well as perform all duties assigned by supervisors. This job description does not constitute an employment contract.

        To the extent an employee requires a reasonable accommodation in order to perform the duties of this job, please direct such requests to The Lovesac People Department.

Keywords: The Lovesac Company, Stamford , Sr. Manager Lease Accounting, Executive , Stamford, Connecticut

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