Job Summary:
As a Real Estate Accountant, you will be responsible for overseeing financial transactions, reporting, and analysis within the real estate sector. Your primary focus will be on ensuring accuracy in financial records, maintaining compliance with regulatory standards, and providing financial insights to support strategic decision-making. This role requires strong analytical skills, attention to detail, and knowledge of accounting principles specific to the real estate industry.
Key Responsibilities:
1. Financial Reporting:
- Prepare and analyze financial statements including balance sheets, income statements, and cash flow statements for real estate properties and portfolios.
- Ensure accuracy and completeness in financial reporting, adhering to regulatory requirements and accounting standards (e.g., GAAP, IFRS).
2. Budgeting and Forecasting:
- Assist in the development of annual budgets and forecasts for real estate properties, considering factors such as rental income, operating expenses, and capital expenditures.
- Monitor budget performance, identify variances, and provide insights to management for informed decision-making.
3. Property Accounting:
- Manage property-level accounting processes, including rent roll reconciliation, accounts payable/receivable, and CAM (Common Area Maintenance) reconciliations.
- Perform periodic property valuations and impairment assessments in accordance with applicable accounting guidelines.
4. Lease Administration:
- Oversee lease administration functions, ensuring accurate recording of lease terms, rent escalations, and tenant allowances.
- Collaborate with property management teams to resolve lease-related discrepancies and maintain lease databases.
5. Tax Compliance:
- Coordinate with external tax advisors to ensure compliance with property tax, sales tax, and other tax filings.
- Assist in the preparation of tax provision schedules and respond to tax audit inquiries as needed.
6. Financial Analysis:
- Conduct financial analysis on real estate investments, evaluating performance metrics such as ROI (Return on Investment), NPV (Net Present Value), and IRR (Internal Rate of Return).
- Provide insights on investment opportunities, asset optimization strategies, and risk assessment.
7. Audit Support:
- Support external auditors during annual audits by providing documentation, explanations, and reconciliations as required.
- Implement audit recommendations and process improvements to enhance financial controls and efficiency.
8. Ad Hoc Projects:
- Participate in special projects and initiatives as assigned, which may include system implementations, process enhancements, or financial modeling exercises.
Qualifications:
- Bachelor's degree in Accounting, Finance, or related field; CPA (Certified Public Accountant) preferred.
- 3+ years of experience in accounting roles within the real estate industry.
- Strong understanding of real estate accounting principles, including lease accounting, property valuation, and revenue recognition.
- Proficiency in accounting software (e.g., Yardi, MRI) and Microsoft Excel.
- Excellent communication skills with the ability to interact effectively with cross-functional teams.
- Detail-oriented mindset with a commitment to accuracy and integrity in financial reporting.
- Analytical thinker with the ability to interpret complex financial data and provide actionable insights.
Note: This job description is intended to outline the general nature and level of work performed by employees within this role. It is not exhaustive and may be supplemented as necessary to reflect changes in business needs or job responsibilities.