Financial Controller, Contemporary Gallery

A contemporary gallery in New York is seeking a Financial Controller, to be responsible for the gallery’s overall finances. This role will provide clear oversight and management of revenue and profitability. The Financial Controller will provide up-to-date snapshots of the gallery’s financial position on a daily, weekly, monthly, and annual basis. This position will be responsible for liaising with the gallery’s external accountant and eventually bringing all accounting in-house, with a view to becoming the gallery’s Financial Director.

Responsibilities:

Sales

• Raise art sale, shipping, re-charge, commission, and sundry invoices and update digital and physical files accordingly
• Manage the administration of sales invoicing and payments
• Prepare ‘Cost of Sale’ and ‘Sales Commission’ calculators for primary artists, secondary sales, and sales staff – calculating costs and commission
• Record New York sales on an annual and ongoing basis, as well as payment status, for clear reporting of sales by salesperson and total revenue

Expenditure and Credit Control

• Oversee daily expenses and weekly cash flow balances
• Check bank accounts daily for incoming and outgoing payments
• Review outstanding invoices for payment (accounts payable) and follow-up with clients and vendors (accounts receivable) on a weekly basis
• Input all expenses into QuickBooks
• Monitor and manage T&E expenses through credit card accounts
• Manage petty cash
• Pay rent, monthly bills, and other invoices in a timely fashion
• Manage monthly loan payments and other wire transfers, as required

Management Reporting

• Maintain account status sheets for clients and/or artists
• Manage FX accounts and payments
• Prepare monthly management reports, including YTD P&L, sales reports, and balance sheets within two weeks of prior month-end
• Ensure monthly receivables and payables are categorised correctly
• Review total sales, cost of goods sold, commissions, and other payables to ensure clear reporting
• Reconcile bank statements on a monthly basis
• Review balance sheet on a monthly basis to ensure accuracy
• Manage investment account status, updating sales and interest statements as required
• Prepare annual year-end accounts, including fiscal year P&L and balance sheet

Intercompany Accounts

• Oversee intercompany commissions and payments between New York and London galleries
• Work with London Finance Director to maintain intercompany balance tracker
• Confirm commission shares with London Finance Director and Partner, New York as needed

Taxes

• Monitor sales tax nexus across states and prepare monthly sales tax payments
• Prepare annual taxes for the gallery
• Monitor sales tax obligations, resale status, and inter-state sales tax nexus thresholds
• Assist external accountant with requests for information related to audits

Stock

• Review and update New York stock values for insurance purposes on a monthly basis

Budgeting

• Prepare and populate exhibition forecast sheets for each exhibition (approximately every 6 weeks)
• Manage weekly cash flow forecasting
• Prepare and manage overhead budgets and forecasting

Payroll, Benefits, and Compliance

• Approve bi-weekly payroll and commissions payments with external payroll company
• Review and administer New York gallery’s health insurance plan for employees
• Manage U.S. & NY state health & safety requirements and training; ensure certificates and documents are up to date
• Ensure that the New York accounts meet GAAP standards
• Implement and oversee anti-money laundering compliance
• Additional duties as directed by the Partner

Key qualifications/experience

• A 4-year degree in business or accounting, or a related field
• Several years’ experience in an accounting, bookkeeping, and/or finance management role (artworld setting desirable)
• Experience in forex accounting and currency conversion
• Fluency in accounting best practice (GAAP) and financial reporting (cash vs. accruals accounting)
• Proficiency in QuickBooks, Microsoft Excel, and CRM databases
• Excellent written and verbal communication skills
• Excellent time management and organizational skills, with exceptional attention to detail
• Must be highly motivated and take initiative
• Must be a team player but be able to work autonomously
• Familiarity with contemporary art and art markets desirable
• Additional languages desirable