Job Openings

Operations Accountant

Madison National Life, a wholly-owned subsidiary of Independence Holding Company with principal interest in the life and disability insurance businesses, has an opportunity for an experienced Operations Accountant.  If you love numbers, are analytical, like a variety of duties that comes with working for a small, but growing company, you will want to come work on our accounting team!

This position is responsible for the accurate recording and reporting of group life and disability operations.  This includes completing journal entries and reconciliations related to the business in a timely fashion, as well as federal and state tax reporting.  Success in this position requires effective communication with other departments and third parties, as well as problem solving and research using multiple systems.  Additional responsibilities of the position include the recording of investment entries and assistance in completion of the statutory quarterly and annual statements. 

Major Responsibilities and essential duties: Perform or backup the following:

1)      Group Department Processing - Responsibilities in this area include:

  • Ensure the accuracy and completeness of recording the accounting transactions from the Lifepro system into the general ledger.
  • Record and reconcile daily cash receipts received from the third-party administrator (TPA).  This includes journal entries to record lockbox receipts, cash receipts, and transfers.
  • Record miscellaneous cash receipts.
  • Reconcile items or troubleshoot problems that arise in the daily processing.
  • Compile and remit federal and state withholding related to disability claims.
  • Prepare and submit state employment tax returns according to their various deadlines.
  • Prepare and submit Form 941 on a quarterly basis for employment taxes related to disability claims.
  • Prepare and submit Form 941-X for changes to prior period amounts.
  • Track and record tax refunds received from the IRS.
  • Prepare assigned reconciliations and journal entries on a timely basis to meet departmental requirements.  Research and correct any discrepancies.
  • Reconcile and pay commissions to agents as it relates to the Group business.
  • Prepare life and disability reinsurance reports on a timely basis and in compliance with the reinsurance agreements.
  • Track and record the receipt of payments to ensure we are collecting on these agreements on a timely basis.
  • Revise and maintain internal control and process documentation.

2)  Statutory Reporting – Complete assigned quarterly and annual statement schedules on an accurate and timely basis with minimal revisions.  An understanding of the statutory accounting rules and how it relates to the company is essential to perform successfully in this responsibility.  To ensure quality reporting a review of the results to identify potential problems or errors is required.  Provide additional assistance to the accounting department to complete year-end state filings.

3)  Investment Accounting – Position is responsible for recording MNL’s investment entries in the cash and accrual ledgers.  Since the investments are monitored and traded in our Home Office (H.O.), this responsibility focuses on coordination with the people in the Home Office.  Responsibilities in this area include:

  • Completely and accurately create journal entries for posting to the general ledger based on information provided by the H.O.
  • Review the general ledger investment accounts to ensure the balances agree to the H.O. balances.  This includes providing information to H.O. for their review as well.
  • Receive and journalize accrual entries, and review ending balances for accuracy and reasonableness.
  • Develop an understanding of GAAP and Statutory investment accounting rules and how they relate to our portfolio. 
  • Properly record and report the company’s cash and cash equivalents, including preparation of related schedules within the Statutory statement.
  • Revise and maintain internal control and process documentation.

4)  Other responsibilities – Perform account reconciliations and journal entries as requested.  Assist the department when co-workers need extra time in completing their assignments to ensure the department goals are met and no co-worker is being overwhelmed or unfairly working overtime.  This also would include cross-training in other areas and departmental projects that arise during the year, and includes taking responsibility to engage in meaningful training to help advance your position with the company.

Qualifications:  To perform this job successfully, an individual must be able to perform each essential duty satisfactorily.  Reasonable accommodation may be made to enable individuals with disabilities to perform the essential functions.

Education and/or Experience:  Associate’s Degree in Accounting or equivalent experience preferred.  Individual must have previous experience in accounting, bookkeeping, business administration, or another related field.

Skills and or Abilities:  Individual must be a proactive problem solver and able to effectively communicate with outside departments and organizations.  Must have strong organizational skills and ability to work independently.  Previous experience in insurance industry a plus.

Computer Skills:  Individual must be proficient in Microsoft Excel, Outlook, and other Office products.