Sharon Medeiros was recently named chief accounting officer and senior vice president for BankNewport. She joined the bank in 2015 and previously served as senior vice president and controller. She has a bachelor’s degree in mathematics from Elon University and three master’s degrees: in financial mathematics from Worcester Polytechnic Institute, in science management with an accounting concentration from Bridgewater State University, and in finance from Bentley University. She is also a certified public accountant.
PBN: What does your new role with BankNewport entail?
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MEDEIROS: I will be responsible for researching accounting and tax regulations, determining their implications and then working with the chief financial officer and executive management to formulate strategies that will be beneficial to the company. I will also continue to oversee the accounting operations and financial reporting functions.
PBN: What are your top three priorities for the year ahead in this new position?
MEDEIROS: My top priorities for the year ahead are to provide timely data and analytics-based insights to executive management, support BankNewport’s strategic growth initiatives and digital transformation, while mentoring and developing the skill set of my team in an ever-changing technological environment.
PBN: How does your previous experience, including as BankNewport’s controller, lend itself to your new position?
MEDEIROS: My career in bank accounting has spanned 18 years, starting as a staff accountant at a small community bank and progressively moving upwards to become the controller at BankNewport.
During my tenure, I have built a solid knowledge of bank accounting and have continued developing my analytical, management and problem-solving skills. The experience I have gained over the past 18 years will provide a strong foundation for my new position, which will require a shift in focus from departmental operations to a more holistic strategic mindset.
PBN: Tax regulations and accounting standards have become increasingly complex and ever-changing, including for banks. What challenges does this present for you, the bank and the industry as a whole?
MEDEIROS: There have been several major tax regulation and accounting standard changes recently and more are set to take effect in the next two years. The upcoming changes to lease accounting in 2021 and the implementation of the new Current Expected Credit Losses accounting standard in 2022 will impact BankNewport and the industry as a whole.
To face the challenge of complying with these new accounting standards, we are utilizing technologies designed to assist in the proper accounting treatments of leases and CECL and communicating our implantation plans with our external auditors and tax consultants.
PBN: How has the pandemic changed accounting practices for banks? Do you expect those changes will be permanent?
MEDEIROS: The pandemic has accelerated not only the adoption of customer-facing technology but also how work is performed in the support areas, especially since moving to a hybrid-work model.
Our goal is to digitally transform all manual work processes. For example, a few years ago the bank automated accounts payable. Gone are the days of managers initialing paper invoices and dropping them off on the desk of a staff accountant. Now all invoices are scanned, entered into our AP system and then are sent on an automated approval process to the proper individuals to authorize payment of the invoice.
Our AP process is now fully automated and completely paperless, thereby generating greater efficiency throughout the organization. In the near future, the department will expand the use of Smartsheets to automate the reconciliation process and incorporate project management.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
