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Staff Accountant

Staff Accountant (Hybrid, NYC)

About Formulary Financial

Our mission is to be the most reliable operation partners to asset management firms by equipping them with expert service and AI that deliver unprecedented speed, data accuracy, and actionable insights. 

This is a unique opportunity to join a category-defining business built by veterans in asset management and AI/ML (Bridgewater Associates, Meta, IBM Watson, Elemental Cognition), backed by premier investors (Khosla Ventures, Acrew Capital, Serena Ventures, Company Ventures), and driving transformation in one of largest industries in financial services. Formulary rapidly grew to manage billions in assets across a global client base that represents leading firms and is scaling quickly to transform the $30 trillion fund administration industry. 

We’ve assembled a dream team of experts passionate about solving complex problems with powerful technology and delivering exceptional, white glove service to investors. We are deeply committed to our mission, incredibly customer-focused, and inspired to reshape the private markets industry. If you want to move fast, hold yourself to a high bar, and make a meaningful difference in the future of finance, come build with us.

Compensation

Salary: $75,000 to $90,000

Equity: Competitive

Benefits: Healthcare, vision, dental, 401k

Three days onsite in New York City.

What Impact You Will Own and Drive

  • Fund Administration and Client Service Execution: Drive key analyses, calculations, and inputs that go into producing client-facing reports.

    • Own Core Fund Accounting functions: Preparation and/or assistance in preparation of client deliverables and functions, LPA calculations, and underlying inputs required for generating accurate client-facing reports (e.g. bank reconciliations, capital calls and distributions)

    • Maintain and Oversee Live Data Systems: Ensure the accounting system is kept current by processing bank transactions, valuation adjustments, and real-time client inquiries.

    • Guarantee Reporting Quality: Ensure absolute accuracy and timely completion of all fund accounting reporting deliverables, including financial statements, capital calls, and capital account statements.

    • Validate Performance Metrics: Produce and confirm the reliability of all portfolio and fund-level performance metrics (e.g., IRRs, TVPI).

    • Cross-Functional Compliance Support: Actively assist with specialized workflows related to tax, audit, compliance, and regulatory reporting requirements.

  • Operational Excellence: Understand how to use technology as a resource to streamline operations and deliver excellent client service. Actively explore opportunities and ideas for automation and systemization improvements. 

    • Champion Systemization: Identify, propose, and spearhead the launch of automation and systemization enhancements across fund administration processes.

    • Drive Product Development: Actively provide detailed feedback on new technology features and functionality, and generate requirements and ideas for future automation solutions. Help drive new features 

  • Client Service: Support the team in nurturing and growing trust-based relationships with clients. 

    • Thought Partnership: Identify opportunities to serve as a thought partnership to general partners and limited partners.

    • Client Communications: Serve as the first line of defense for all client inquiries, needs, and opportunities. 

What You Need

  • 1-2 years of fund accounting experience in venture capital, growth equity or private equity asset classes. 

  • Track record of achievement at a leading fund administration services business.

  • Bachelor’s degree in Accounting or related field required. 

  • Passion for technology and a desire to use technology to improve business operations.

  • Experience scoping out system requirements and implementing new systems.

  • Superior proficiency with financial statements and fund accounting tools and solutions (different general ledgers, bookkeeping systems)

  • A keen interest in using AI and machine learning to solve complex problems.

  • Practical experience with the entire investment lifecycle (from fund formation to fund dissolution) for venture capital, growth equity, and private equity asset classes.

  • Comprehensive grasp of industry best practices for fund management and operations, including regulatory, tax, audit, compliance and other areas.

  • Experience with Limited Partnership Agreements, LLC Operating Agreements, and other legal requirements. Understanding of traditional close-ended fund structures, SPVs, GP entities, blocker entities, parallel entities, and other investment structures (e.g. evergreen, master/feeder, and series fund structures).

  • Thorough understanding of GAAP (Generally Accepted Accounting Principles) and regulatory compliance, specifically as related to calculations and journal entries.

  • Proficiency in preparing fund financial statements (Statement of Assets and Liabilities, Schedule of Investments) and comprehensive Limited Partner (LP) reporting, including capital account statements.

  • Knowledge of tax, audit and compliance regulations and requirements.

  • Experience with SOC 1 and SOC 2 controls to develop and maintain robust internal systems to ensure data security, operational reliability, and meet client audit requirements.

  • Fluency with software solutions and openness to explore and adapt modern technologies and resources to deliver an enhanced and more efficient client service experience.

Extra / Bonus

  • Demonstrated impact as a founding member of a fund administration services business. 

  • Experience in leveraging AI/ML to solve different problems in fund administration. 

  • Track record in achieving operational excellence and efficiencies through tech-enabled automation and systemization.

  • CPA certification.

Who You Are

  • You set high goals, are driven to become the best at what you do and do not settle.

  • You put the needs, priorities and interests of clients at the heart of everything you do, never compromising customer experience for anything else.

  • You nurture an environment that attracts, develops and empowers the brightest minds to collaborate and achieve audacious goals.

  • You are mission-driven and motivated to build a category-defining business from scratch.

  • You possess relentless drive, grit, and the inspiration to work at an early-stage startup.

  • You act like an owner, deal well with ambiguity, and push for results without constant guidance.

  • You are an ambitious problem-solver, balance speed and quality, and can effortlessly navigate complex situations.

  • You value excellence, integrity, and the meritocracy of ideas.

  • You are a strong communicator and collaborator who thrives in a hybrid work environment.

  • You provide and receive feedback with honesty, care, and thoughtfulness.

  • You are curious and have a rare growth mindset.

  • You have a superior attention to detail and are committed to ensure accuracy and excellence in client service, experience, and deliverables. 

Why Join Our Mission

  • Tangible Ownership: You'll own significant parts of a product used by some of the most sophisticated investment firms in the world.

  • Enduring Impact: Private markets hold nearly $30 trillion, and most of it still runs on spreadsheets, PDFs, and inboxes. The platform you build here will change how this industry operates.

  • Dream Team: We're deliberate about who we hire. You'll work with some of the brightest minds in AI and finance and do the best work of your career.

  • Problem-Solving at the Frontier: We pair people, AI, and deterministic systems to fit the solution to the problem. We automate what's earned and keep a person on the rest.

  • Compensation and Equity: Competitive base salary, comprehensive benefits, and equity ownership in a high-growth, funded venture.

Please email your resume to talent@formulary.co