Group Accounting Services Placement (BMW UK, Financial Services) Farnborough July 2024
We believe in creating an environment where our placement students really can learn and develop during their time with us and where they are given their own areas of responsibilities from the start. Our experts and mentors will treat you as part of the team from day one, encouraging you to bring your own ideas to the table and giving you the opportunity to really show what you can do.
Our Summit ONE in Farnborough is home to the National Sales Company for the BMW Group in the UK, as well as BMW Group Financial Services which offers retailers, corporate and private customers a range of customised financial services. Alphabet (GB) Ltd. as a leading provider of Business Mobility Services is also located in Farnborough. We decided in November 2020 to bring together BMW Financial Services and Alphabet to stay relevant to our customers and continue to succeed in a rapidly changing business environment.
Within our self-contained campus, we offer a modern way of working with an empowering office culture, some aspects of which include:
- Our work persona shift – being yourself is effortless and so increases efficiency. For this reason, we allow our employees to express themselves through the way they dress.
- Flexible working hours - working flexibly improves mental perspective and increases sustained productivity. This means our leaders maintain balance, not burnout, through focusing on output, not attendance.
- The opportunity to get involved with our continued support to our house charity with a variety of fundraising events throughout the year.
- Throughout our offices there are open creative spaces which hold facilities such as table-tennis tables to encourage innovation and employee engagement.
Group Accounting Services
Working within the Group Accounting Services team, you will gain significant exposure to the operational aspects of accounting that are critical for the effective management and control of BMW Financial Services, an automotive finance business with over 650,000 retail contracts and a £12.5 billion balance sheet.
The BMW Group has a Customer Centric approach meaning that Customers are at the centre of everything we do. The Group Accounting Services team plays an important role within the business in ensuring that our Customers are provided with the best possible experience.
The team’s responsibilities are wide ranging and include transactional banking and cash management, making payments, daily bank reconciliations and supplier accounts payable/accounts receivable matters. Around £15 billion of transactions are made annually, with every one being accounted for by the Group Accounting Services team!
You will get to work with colleagues from across the Finance team and beyond including in Treasury, IT, Data & Analytics, Customer Services, Pricing, Sales & Marketing and Compliance, meaning that you will gain an understanding of how BMW Financial Services operates as an entire organisation. In addition, you will have the opportunity to work with a number of stakeholders from across the BMW Group globally including colleagues based at our Headquarters in Munich as well as with external partners such as our key transactional banking providers. All of this gives you plenty of opportunity to perfect your networking skills!
The BMW Group always strive for excellence and innovation and the Group Accounting Services team is no exception. You will be part of a team committed to continuous improvement of our processes, our systems and our people. This means that you will support the team with measuring and reporting KPIs, completing process reviews and identifying enhancements as well as helping to implement Robotic Process Automation and system changes. Personal development is also vital meaning that you will undertake specific training around Automotive Finance and Compliance as well as developing your knowledge of systems such as SAP, SAS, PowerPoint and Excel.
This is a fantastic opportunity to learn and develop business and accounting knowledge within the Premium Financial Services sector at a hugely successful and globally recognised brand. Full training and support will be provided to enable and empower you to show us how you can play your part in transforming the future of Group Accounting Services at BMW Financial Services.
What will you be doing?
In this role you will be supporting the team in the daily delivery of an effective and controlled Group Accounting Services function to the BMW Financial Services business. This includes:
- Ensure all daily payment and collection files are approved in accordance with the company Authorisation Policy and processed via internal and external transactional banking partners.
- Daily internal and external bank reconciliations including the timely allocation of payments received to Customer ledgers and investigation of any unallocated funds with various departments and banking partners.
- Process and reconciliation of supplier invoices and accounts payable ledgers ensuring the payment of invoices within agreed payment terms.
- Raise invoices to external companies and BMW Group entities, ensuring the timely collection of funds within agreed payment terms.
- Calculation, reconciliation and processing of retailer and partner commission payments.
In addition, you will be working directly with the Accounting Services Manager to deliver:
- Ongoing development, preparation, and presentation of the monthly departmental KPI and KCI reporting in Excel and PowerPoint
- Process reviews and documentation including of Internal Controls
- Ad hoc interpretation of and reporting of data as required to support business decisions
- System and RPA testing and analysis
- Supporting with Projects that arise from across the business
- Studying towards a Finance, Accounting or Economics degree or, alternatively, a numerical discipline (i.e. Mathematics, Sciences or Engineering) with a demonstrable interest in financial topics. Predicted grade of 2:2 or higher
- Good GCSEs (specifically in English and Maths) and A-Levels i.e. Grade C (or equivalent) or above
- Strong communication skills including the ability to tailor style and level of detail for your audience
- Must work well within a team environment and positively contribute to the success of the team and business overall
- Goal orientated and motivated to achieve under own initiative
- Analytical, innovative and objective approach to problem solving
- Must work well under pressure and demonstrate resilience to setbacks
- Good organisational, time management and prioritisation skills
- Good knowledge of Microsoft Office products, especially Excel and PowerPoint
Why choose us?
- Great Pay – A competitive annual salary of £21,600, 27 days holiday per annum (pro rata to your contract) and an attractive pension scheme.
- Rewarding Work-Life Balance – Contracted working hours are 37.5 hours a week Monday to Friday, helping you develop a fulfilling work-life balance.
- Exciting Additional Benefits – You will have the opportunity to enjoy access to our Advantages scheme, giving you access to a range of offers and discounts, and a subsidised on-site restaurant.
What are we responsible for?
- Supporting you in your training and ensuring you settle into your role and feel welcomed.
- Working sustainably and ethically.
- Providing you with the opportunity to bring your own ideas and develop yourself.
- Ensuring you are happy with your work-life balance and feel as though your contribution to the business is being valued.
- Encouraging you to develop your soft skills such as creating working relationships, communicating effectively, delivering presentations and gaining confidence in your own ability, supporting you in both your return to university and your future career.
What do you need to do now?
If this sounds like the opportunity for you then apply today using the link below.
The next stages of the recruiting process could include: online testing, video interview and then a face to face, telephone or virtual interview with the hiring manager. This may be in the form of an assessment centre.
We operate rolling recruitment, this means we may close the application window earlier than identified, if sufficient applications are received, so please apply early to avoid disappointment.
Please ensure that you complete all of the free text questions for your application to be progressed, and include a role relevant cover letter, explaining why we should consider you for this position.
To be eligible for this position, you must be returning to your studies, for a minimum of 6 months, after completion of this placement, and be able to provide proof of your legal right to work in the UK, if you are not a UK passport holder.
We are committed to promoting equal opportunities in employment and job applicants will receive equal treatment regardless of gender reassignment, marital or civil partner status, pregnancy or maternity, race, colour, nationality, ethnic or national origin, religion or belief, sex or sexual orientation.
Any further questions? Email us on FutureTalentRecruitment@bmwgroup.com