Residential Property Accountant - West Hartford, CT
Title: Residential Property Accountant
Job Summary: Responsible for all accounting and financial reporting for a portfolio of residential multi-family properties.
Scope of Duties: This position is responsible for full general ledger accounting and financial reporting, bank and account reconciliations, the monthly and year end preparation and analysis of financial statements and production of related work papers, and special projects related to the assigned portfolio. Assistance with cash management, annual budget preparation and cash flow projection and analysis, as required. Duties also include interaction with external accountants in connection with independent audits and tax return preparation and third party and lender reporting.
The right candidate must be bright and articulate with strong residential property accounting skills, results-oriented, with a positive can-do attitude and strong organizational and communication skills. A self-starter and team player with the ability to work independently. Must be detail oriented, able to multi-task, able to identify issues, have the self-confidence to raise issues and the communication skills to concisely convey issues. Must be able to problem solve and implement solutions. Strong accounting process skills are required.
BS in Accounting is required. Experience with real estate accounting software systems is required as well as experience with MS Excel spreadsheets and Word. Real estate industry accounting experience is required. Familiarity with HUD, CHFA and other regulatory agencies is an important element of the position. Yardi experience is a preferred. Public accounting experience is a plus.
Essential Duties and Responsibilities:
- Responsible for monthly and annual accounting for a portfolio of residential multi-family properties.
- Read and understand documents pertinent to sites, including: Operating, Partnership, Debt and Management agreements and their impact on accounting for sites.
- Generate, ensure accuracy of and distribute monthly financial reporting including balance sheets, income statements, statements of cash flow, variance analysis, cash flow analysis.
- Regular ongoing interaction with property management staff and respond to requests for information.
- Review and ensure accuracy of rent rolls, along with accounts receivable, payable and prepaid rent aging. Reconcile to the general ledger monthly.
- Input month end journal entries, Fixed Asset depreciation (using FAS software) as needed, adjust prepaids/accruals as needed, etc.
- Generate management and asset management fees, as needed.
- Monitor operating, security deposit, escrow, reserve and other cash accounts. Prepare and / or review monthly bank statement reconciliations.
- Assist in coding/entering certain invoices to pay. Ensure timely payment of real estate tax bills and mortgage payments. Monitor for cash flow issues.
- Analyze G/L accounts and prepare and / or review monthly account reconciliations.
- Monitor level of security deposit cash versus security deposit liability each month.
- Monitor and track equity accounts, including contributions and distributions.
- Generate and review monthly and year-end Balance Sheet, Income Statement, Cash Flow Statements and related work papers.
- Income and expense variation analysis and explanation on a monthly, quarterly and/or annual basis. Challenge explanations from Site personnel.
- Complete monthly Board Report for portfolio of responsible sites, including input/review of YTD amounts and explanations for material or unusual variances. Review other PA’s input and overall reasonableness of spreadsheet as needed.
- Generate necessary work papers and information in connection with annual audits, tax return and financial statement preparation.
- Supply lender reporting requirements. Monitor loans.
- Complete annual income and expense and personal property tax declaration filings.
- Participate in annual budget preparation process: supply requested information, attend annual budget meetings and import budgets into Yardi as required.
- Complete cash flow projections, pro formas and valuations, as requested.
- Suggest and assist in the implementation of process improvements.
- Assist Controllers and CFO in other duties as assigned. Support Division VP, Regional and Site Managers as requested; act as Accounting department liaison and resource.
Qualifications: Articulate with strong residential property accounting skills, results-oriented, with a positive can-do attitude and strong organizational and communication skills. A self-starter and team player with the ability to work independently. Must be detail oriented, able to multi-task, able to identify issues, have the self-confidence to raise issues and the communication skills to concisely convey issues. Ability to problem solve and implement solutions. Strong accounting process skills are required.
Education and Experience: BS in Accounting is required. Experience with real estate accounting software systems, MS Excel spreadsheets and Word is required. Real estate industry accounting experience is required. Familiarity with HUD, CHFA and other regulatory agencies is an important element of the position. Experience with Yardi, Development accounting, and job cost experience is preferred. Public accounting experience is a plus.
We are an Equal Opportunity Employer.