Property Accountant (2275)

POSITION TITLE: Property Accountant

DEPARTMENT: Accounting

REPORTS TO: Director of Accounting

CLASSIFICATION: Exempt

JOB SUMMARY: Property Accountants play a crucial role in our multifamily real estate company's finance team, responsible for overseeing and managing financial aspects related to our property portfolio.

VALUES MODELED: All employees are expected to bring our values to life every day by demonstrating:

• RESPECT: Treat people with courtesy and kindness, valuing inclusion and diversity.
• ACCOUNTABILITY: Honor commitments, focus on delivering solutions, and take ownership of responsibilities.
• INTEGRITY: Act with honesty, honor, and transparency in all activities.
• SERVICE: Be socially conscious, proactive thinkers, committed to improving well-being.
• EXCELLENCE: Strive for excellence, adapt, innovate, and exceed expectations.

ESSENTIAL DUTIES AND RESPONSIBILITIES:

Financial Reporting:

• Prepare and analyze monthly financial statements for each property, ensuring accuracy and compliance with accounting standards.
• Collaborate with property management teams to collect and verify financial data, including income, expenses, and capital expenditures.
• Generate accurate and timely detailed financial reports for stakeholders, providing insights into property performance and financial trends.
• Post monthly journal entries and prepare monthly financial reports for a portfolio of properties, including reclasses and accruals provided by onsite community managers.
• Prepare lender replacement reserve draws as needed.
• Record recurring monthly journal entries and update month-end reporting workbook to reconcile balance sheet accounts.
• Coordinate the accrual process with the on-site managers monthly.
• Review and code invoices in the AP processing system.
• Reconcile all bank accounts and credit card statements monthly.
• Complete routine real estate tax reconciliations
• Assist with the preparation of annual operating budgets.
• Attend monthly financial review meetings and provide insights to leadership related to financial reporting.
• Oversees treasury management, engaging in short-term and long-term cash planning on a daily and weekly basis.
• Closely monitor current cash balances held by properties.
• Provide forecasts of cash requirements routinely to management
• Assist in the calculation of cash available to distribute when applicable.
• Assist management with special projects and other tasks assigned.

Accounts Payable and Receivable:

• Process and review property-related invoices, ensuring accuracy and proper coding.
• Manage tenant billing and collections, addressing any outstanding balances and coordinating with property management on delinquencies.
• Reconcile property bank accounts and resolve discrepancies in a timely manner.

Tax and Audit Compliance:

• Work with external tax consultants to ensure timely and accurate filing of property-related tax returns.
• Stay informed about changes in tax laws and regulations that may impact property accounting practices.
• Assist in the preparation of schedules and documentation for annual audits.

EDUCATION/EXPERIENCE:

• Required: Bachelor’s degree in accounting, finance, or a related field.
• Preferred: CPA designation.

COMPETENCIES:

• Proficiency in accounting software (e.g., Onesite, MRI).
• Advanced Excel skills.
• Knowledge of Generally Accepted Accounting Principles (GAAP).

Key Qualities:

• Analytical Thinking: Utilize data and financial analysis to identify trends and opportunities for improving property financial performance.
• Attention to Detail: Ensure accuracy in financial reporting and accounting processes.
• Time Management: Efficiently manage multiple property accounting tasks and meet deadlines.
• Adaptability: Be flexible and adaptable to changes in the property portfolio and industry dynamics.
• Communication: Clearly communicate financial information to internal stakeholders and external partners.
• Uphold high ethical standards and integrity in all financial activities.
• Stay informed about accounting standards, tax regulations, and industry best practices through continuous learning and professional development.