Senior Accounting Manager POST NUMBER: 426874
- BBAM LLC (Babcock and Brown Aircraft mgmt) is an aircraft lease company based in San Francisco, United States.[1] BBAM was originally part of the Australian group Babcock & Brown - In 2017, it was the seventh largest aircraft leasing company in the world, managing a fleet of 390 aircraft
- Largest aircraft lessor that strictly deals with private money. Buying commercial aircraft and selling them on behalf of investors. Some PE funds. Three of those where we’re raising capital commitments with pension funds, sovereign wealth, fund of funds, get a commitment of a billion dollars, purchase aircraft, get loans, buy more aircraft.
- Buy the plane with loans/equity, then manage the aircraft, collect rent, insure it – that’s become huge with recent wars. When the investor wants to sell the plane, or if we determine that there’s a lucrative time to sell – then we sell it. Collecting rent, paying debt, amortizing the loan, distributing money to investors.
- Managing 425 aircraft currently. Some we have low touch, just management fees. Others are higher touch – about 75%. Pretty labor intensive.
Role: Senior Accounting Manager
Location: the Crescent in Uptown
Schedule: hybrid, 2 days onsite
Comp: $150-180K Bonus – send target salaries, sweet spot likely 160-170
Why Open: Cory left, was back and forth on AM or Treasury role but team is thin, needs additional
Hiring Manager & Department (focusing on having all new hires in Dallas, 15-20 here, 70 in SF)
Reports to Erik Anderson, Controller (Private Fund Side)
https://www.linkedin.com/in/erik-anderson-525673a/
The Team (18 total): him AC 3 Sr AM’s Managers, Senior, Staff, AP
- Each Sr. AM has shared duties- someone will work on aircraft appreciation/depreciation associated across all 3 funds but each AM will be the “go-to” for a fund
Ursula Ting – Accounting Manager
https://www.linkedin.com/in/ursula-ting/
Iris Tang – Accounting Manager, Incline Aviation
https://www.linkedin.com/in/iris-t-87924027/
Rose Lyne Princesa – Assistant Controller, Incline Group of Funds
https://www.linkedin.com/in/rose-lyne-princesa-30724421/
Sizzle – 2 days onsite, Crescent building, super nice, lots of amenities, company is very stable and growing, average tenure is 5 years
Ideas/What to look for
- Big 4 CPA pedigree – strong AM/Sr. Manager (type of pedigree where you have to deal with complexity)
- Aviation leasing background (see Nicole Flores – previous sub – he asked about her but she gone) – experience with Intercompany transactions, consolidations, treasury, depreciation, impairment
- Private equity/fund or real estate background where you’re buying assets and need to navigate treasury obstacle course to finance
Who they hired for the other role – lots of revenue – Erik has mentioned several times that he is struggling, lots of effort trying to get him up to speed, candidate has said this whole experience has been very humbling:
https://www.linkedin.com/in/brian-f-34b1b917/
The Role:
“What we do is simple but also massively complicated”
- We buy a plan
- Get the money (via debt, through cap team, refinance or all of the above <<< where the complexity comes in)
- Put the asset and contract on the BS – depreciate it, manage it out (some nuance to straight line rent, deposits, maintenance reserves, etc.)
- Even with his ample aviation background the way they do things is next level – little nuances that can make things tough
- Not someone coming from a simpl environment, 3 subs, 1 line of credit, 1 org report, this is not the same world
- Not really any CPAs or big 4 alumni in the group, something like that would be helpful – certain skillsets, managerial presence and weight
- 2 direct reports – more like cross reporting – won’t have “assigned” folks, more shared resource
- System: just implemented Oracle Fusion
- Involved with aircraft assets – purchasing, setting up, depreciation, ASC 360 impairment, more integrated into leasing (all operating leases – lease experience would be great)
- If no aviation leasing experience, equipment leasing nice -PE fund experience almost just as important
- Intercompany transactions - 140 different LT’s coming into different feeder entities coming into master funds then downstream – intercompany dynamics off the charts with the way money comes in, triggers a spiderweb of intercompany webs – almost each plan has it’s own entity
- Treasury experience - Very complex environment – no treasury team so the Senior Ams handle a lot of the cash mgmt. and cash flow responsibilities
- If not enough experience with treasury piece, maybe more involved with tech. accounting – depreciation, lease accounting, rev rec, maybe front load those items and train on rest
- Communication/interpersonal going to be super important for him – someone that can visualize levels of detail
- Ability to have a conversation highlighting issues, succinctly describing, “here’s what we’re doing and why”
- Fund - Capital calling, long term financing, managing cash flows, calculating IRR, finding out how to distribute up to investors
- Coming from fund space – not entirely the same but similar with entities, structures, tax structuring – that foundational knowledge would be helpful so not overwhelmed
Area for improvement for them – processes – lots of chasing emails (tons of planes under mgmt.), hey is that one ours, is that one closed, whats going on transaction-wise – need to put steps in place regarding transactions once they close – putting together sales agreement, putting together work paper calculations, what entries should it be, when to dispose of assets
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BBAM is a leading player in commercial aircraft leasing, financing and management providing over 400 airline customers in more than 50 countries with fleet and financing solutions over its 35-year history. In addition, BBAM provides asset management services to leasing companies, aviation investors and financial institutions covering approximately 450 aircraft valued in excess of $15 billion.
BBAM is the general partner and servicer of three Incline private equity funds focused on investments in contractually leased commercial jet aircraft.
JOB PURPOSE
This position will primarily be responsible for the management of staff who perform the day-to-day accounting of the Incline Family of Funds, and is pivotal in ensuring financial integrity, regulatory compliance, and strategic support for the fund's operations and investment activities.
KEY RESPONSIBILITIES
- Supervise, mentor, review work of staff, senior accountants and accounting managers in preparation of quarterly standalone and consolidated financial statements and investor reports
- Review quarterly standalone/consolidated financial statements (US GAAP and IFRS)
- Lead technical accounting analysis and application for aircraft/leasing transactions (ASC 842 and ASC 360)
- Manage and meet all monthly, quarterly, year-end and special project deadlines and requirements
- Support financial reporting team with audit inquiries for entities in the Incline Family of Funds
- Review/assist with investor capital statements, investor reports, and investor correspondence
- Manage Fund cash forecast (weekly), recommending credit facility draws/repayments (ad hoc) and capital calls/distributions (quarterly)
- Lead accounting and reporting process enhancements to reduce financial close timing
- Other duties as needed
CAPABILITES (KNOWLEDGE/SKILLS/ATTRIBUTES) REQUIRED
- Strong work ethic, self-starter with strong initiative. Ability to operate with a high level of independence.
- Strong interpersonal and communication skills, both orally and in writing, in a clear and concise manner. Position will interact with employees throughout the organization including BBAM marketers, attorneys, technical maintenance department, accountants and finance professionals.
- Strong organizational skills with the ability to prioritize and manage a demanding workload involving multiple tasks, responsibilities and deadlines with follow-through and minimal supervision.
- The candidate for this position must be able to move among various tasks, address responsibilities in a "hands on" detail-oriented manner. It is important that the candidate be a self-starter with above average initiative.
EXPERIENCE/KNOWLEDGE/QUALIFICATIONS REQUIRED
- The candidate should hold a B.S./B.A. in Accounting
- Minimum 10 years of relevant accounting experience
- Public accounting experience at a Big-4 accounting firm
- Strong written and verbal communication skills
- Proven attention to detail and strong analytical skills
- Strong computer skills including Word and Excel and comfortable learning new packages and implementing new technologies
- Strong organizational skills with the ability to prioritize and manage a demanding workload with minimal supervision
- Skill and comfort in working in an automated environment. Company uses Microsoft Office (Excel, Word, Outlook, etc.), PeopleSoft, Oracle Fusion, Oracle Financial Consolidation and various custom databases.
Vaco values a diverse workplace and strongly encourages women, people of color, LGBTQ+ individuals, people with disabilities, members of ethnic minorities, foreign-born residents, and veterans to apply.
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