Accountant

Job Summary

The Real Estate Accountant is responsible for maintaining accurate financial records for a portfolio of properties or real estate transactions. This includes tracking rental income, managing operational expenses, preparing financial statements, and ensuring compliance with local, state, and federal tax regulation

• Core Responsibilities
• 1. Property Financial ManagementRevenue Tracking: Monitor and record tenant rental payments, security deposits, and late fees.
• Expense Control: Process accounts payable for property maintenance, utilities, insurance, and property taxes.
• Lease Administration: Review lease agreements to ensure accurate billing, escalation charges, and Common Area Maintenance (CAM) reconciliations.
• 2. Financial Reporting & AnalysisStatement Preparation: Balance sheets, income statements, and cash flow statements for individual properties or the entire portfolio.
• Variance Analysis: Compare actual financial performance against monthly/annual budgets and explain discrepancies.
• Investor Reporting: Prepare financial packages for stakeholders, lenders, and joint-venture partners.
• 3. Tax & ComplianceAsset Depreciation: Calculate and track property depreciation and amortization.
• Tax Preparation: Organize financial data for year-end tax filings, including 1099s for vendors and K-1s for investors.
• Specialized Transactions: Assist in accounting for property acquisitions, dispositions, and 1031 tax-deferred exchanges.
• Key Skills & QualificationsTechnical SkillsIndustry Software: Proficiency in real estate accounting software such as Yardi, AppFolio, RealPage, or MRI Software, alongside standard platforms like QuickBooks and advanced Excel.
• GAAP Knowledge: Strong understanding of Generally Accepted Accounting Principles (GAAP) applied specifically to real estate (e.g., revenue recognition for long-term projects).
• CAM Reconciliation: Expertise in calculating and auditing tenant shares of operating expenses.
• Soft Skills & AttributesAttention to Detail: Crucial for managing complex ledgers across multiple entities or properties.
• Analytical Thinking: Ability to spot financial trends, inefficiencies, or budgeting errors.
• Communication: Capable of explaining financial data clearly to property managers, executives, and investors.