Property Accountant - Commercial Real Estate

Who this role is best for

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Skills & requirements

About the role

Position Summary

The Accountant provides primary accounting, bill processing, and financial reporting for assigned properties. This position is responsible for maintaining accurate and timely records using data bases, spreadsheets, and accounting systems to track expenditures, revenue, receipts, cash flow, and other financial activities.

Principal Duties and Responsibilities

This list of duties and responsibilities is not all inclusive and may be expanded to include other duties and responsibilities, as management may deem necessary from time to time.

· Perform accounting activities related to maintaining complete and accurate general ledger accounts and post necessary journal entries for assigned properties.

· Ensure Generally Accepted Accounting Principles (GAAP) is appropriately followed, and the Company’s books and records accurately reflect these standards for assigned properties.

· Responsible for new project start-up accounting as new properties are acquired, and disposition reporting as properties are sold.

· Perform account reconciliations and reconcile control accounts with subsidiary legers.

· Prepares monthly and annual financial statements for assigned properties.

· Analyze data to assist property managers in preparing meaningful variance reports.

· Report to outside parties, lenders, and owners.

· Assists in the preparation of annual budgets and updates projections as needed.

· Establish and monitor cash flow projections, including projected quarterly distribution amounts.

· Enter monthly fixed assets into fixed asset system and review depreciation for accuracy.

· Responsible for monthly mortgage and swap payments and for verifying mortgage balance and interest swap payment amounts.

· Responsible for monitoring compliance with mortgage documents and for computation and reporting of debt compliance.

· Track each entity’s cash balances to determine which payables will be included in each week’s check runs.

· Prepare annual tax work papers for outside accounting firm and review completed tax returns for accuracy.

· Prepare work papers and assist in annual financial statement audit process.

· Review tenant leases and track related tenant improvement costs and leave commissions.

· Interact with Property Management team to remain current on property level developments and proactively address related issues as they arise.

· Interface and effectively communicate with department and other company personnel.

· Update and maintain policies and procedures for accounting department systems.

· Assist with ad hoc requests from the SEC registered investment advisor and owner of the real estate properties.

· Manage the draw process and account for construction projects.

· Perform special projects for management as requested.

Knowledge, Skills & Abilities

The requirements listed below are representative of the knowledge, skills, and abilities required to perform this job successfully.

· Bachelor’s degree in Accounting, Finance, or other related field.

· A minimum of 2 years of progressive accounting experience; previous property management accounting experience a plus.

· Advanced knowledge of accounting terminology, principles, and procedures required.

· Must be able to handle multiple projects, changing priorities and a demanding, time-sensitive work load.

· Must be able to work independently and with minimal supervision.

· Exceptional oral and written communication skills.

· Strong customer service orientation.

· Strong analytical skills and attention to detail. Must be well organized.

· Ability to find solutions to moderate to complex problems.

· Ability to keep information strictly confidential.

· Must have intermediate to advanced knowledge of Microsoft Office (Word, Outlook, Excel) and experience working with real estate accounting software, preferably MRI and Yardi is a plus.

· Maintains sufficiently accurate records that withstand SEC examination.

Working Conditions

Hours of work will generally be during regular business hours and average close to 40-45 hours a week. However, business and department needs may dictate a variation in work hours due to special projects, deadlines, and other concerns which may require longer hours/days. Due to the nature of the position, the Accountant must exhibit excellent customer service when communicating with tenants, prospective tenants, owners, vendors, and company personnel while maintaining focus on productivity and results.

Source: Hammes careers (Ashby)