The Clinical Trials Financial Services (CTFS) team supports Principal Investigators, Department Administrators and research teams by providing financial expertise for the management of clinical trials.
This role manages all aspects of clinical trial reporting and analysis for a portfolio studies. - Prepare accurate and timely revenue and expense reports and variance analysis each month. - Proactively identify and address any negative balance trends or concerns with study teams. - Respond to questions and resolve issues in a timely manner. - Develop and maintain positive, client-service oriented working relationships with co-workers, internal and external partners.
Job Duties and Responsibilities:
Clinical Trial Reporting, Accounting and Analysis (70%) - Create accurate financial reports that reflect accrued sponsor revenue and study expenses. Meet or exceed monthly reporting deadlines. - Collaborate with the Principal Investigator to interpret the budget and manage expenses while ensuring compliance with University policies and procedures and state and federal regulations. - Read and understand clinical trial agreements and budgets in order to ensure complete and accurate billing and revenue recognition. Reconcile expected revenue to sponsor records and payments. In addition, consult with Sponsored Financial Reporting and the sponsor as needed to reconcile revenue. In collaboration with Sponsored Projects Administration (SPA) and SFR, process financial closeout at the end of trials. - Analyze and communicate reasons for variances from budget and prior period. Forecast future revenue and expenses and pro-actively communicate potential deficit, residual or unexpended study balances. - Provide timely and accurate issue resolution and response to questions from the CTFS Director, Department Administrators and research teams. - Review and approve invoices and create journal entries. Process retro salary adjustments. Monitor accounts receivable and follow up as needed on past due amounts, escalating issues to Sponsored Financial Reporting (SFR) as needed. Draft Contracts for Professional Services as needed.
Contribute to the development of continuous process improvement within the department (15%) - Design and implement data gathering and reporting process improvements to improve financial reporting accuracy, clarity and timeliness. Help department to expand analytical capabilities and identify/implement cost-saving opportunities.
Complete other accounting and financial duties/special projects as assigned (15%)
- Work with CTFS team to develop and share knowledge and best practices. Update and expand training and education materials. Train and review work of newer accountants. - Show consistent ability to gather, organize, and present data in a meaningful way that supports management/faculty decision making. - Conduct deep dive reviews comparing contracts to study activity to ensure all revenue due from sponsors is recognized. - The successful completion of a background check is required for this position - The employer reserves the right to change or assign other duties to this position.
- Bachelor's Degree in accounting and at least four years accounting experience; or an equivalent combination of accounting education and experience in an academic and/or research environment to total eight years. - Monthly reporting, forecasting and variance analysis experience. - Advanced experience with Excel (including pivot tables and linked worksheets). - Client service orientation. - Demonstrated success in a team setting and in developing and maintaining strong working relationships with internal and external partners. - Strong attention to detail. - Able to work with detailed financial models in excel to track occurrence of subject visits and medical procedures to ensure accurate and complete revenue recognition. - Flexible, willing to take on a variety of assignments and projects. - Able to adapt to a changing environment. - Demonstrated interest and ability to simplify and improve processes. - Strong organizational skills, including the ability to meet deadlines. - Superior communication skills, written and verbal.
- Experience preparing clinical trial financial reports including tracking and reconciling clinical trial revenue and expenses. - Familiarity with clinical trial contracts and budget development. - Ability to read and interpret medical invoices. - Ability to manage multiple tasks, working both independently and as part of a team. - Creative problem-solving skills. - Experience with University financial systems: PeopleSoft (U of M financial/accounting system), OnCore (Clinical Trials Management System), UM Reports, and the CTSI Portal (time tracking system).
Internal Number: 337452
About University of Minnesota, Twin Cities
The University of Minnesota, founded in the belief that all people are enriched by understanding, is dedicated to the advancement of learning and the search for truth; to the sharing of this knowledge through education for a diverse community; and to the application of this knowledge to benefit the people of the state, the nation, and the world.