Property Accountant

Company: Creative Financial Staffing
Location: Chicago
Posted on: May 28, 2023

Job Description:

Property AccountantOverview: Our client is seeking a skilled and detail-oriented Property Accountant to join their dynamic accounting team. As a Property Accountant, you will be responsible for overseeing the financial aspects of their real estate portfolio. You will ensure accurate and timely financial reporting, analyze property performance, and maintain financial records. The ideal candidate has a strong background in accounting, exceptional analytical skills, and a thorough understanding of property management principles.About the Company:1. Full service real estate firm that has been in business for over a century2. Provides property management and real estate services to clients throughout Chicagoland area 3. Currently manage approximately 6000 for rent and owner occupied apartment units as well as 250,000 square feet of commercial space throughout Chicago Metropolitan area
Responsibilities:

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  Financial Reporting: Prepare and analyze financial statements for the assigned real estate properties, including income statements, balance sheets, cash flow statements, and variance analyses. Ensure accurate and timely reporting in compliance with accounting standards and regulations.
  
  
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  Verify and Catch Up on Monthly Accruals: Review and verify monthly accruals for accuracy, and identify any discrepancies or mistakes in prior months. Conduct a full review of previous months' financial records to rectify errors and ensure the accuracy of financial data.
  
  
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  Balance Sheet Cleanup: Perform a comprehensive review of balance sheets for the assigned properties. Identify and rectify any discrepancies, misclassifications, or errors in balance sheet accounts. Ensure the cleanliness and accuracy of balance sheet data.
  
  
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  Clean Up Audits: Work closely with the audit team to facilitate and support clean-up audits for approximately 25-30 properties. Provide necessary documentation, respond to audit inquiries, and assist in resolving any audit findings or issues.
  
  
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  Policy Enforcement and Procedure Setup: Enforce accounting policies and regulations within the accounting team. Collaborate with the team of seven to establish effective procedures and workflows, ensuring compliance with accounting standards and optimizing efficiency.
  
  
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  Rent and Lease Management: Oversee the rent collection process, including rent invoicing, tracking tenant payments, and resolving any billing discrepancies. Review lease agreements and ensure accurate recording of lease-related transactions.
  
  
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  Expense Management: Monitor and analyze property-related expenses, including utilities, maintenance, insurance, and property taxes. Identify cost-saving opportunities and provide recommendations for expense optimization.
  
  
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  Budgeting and Forecasting: Collaborate with property management teams to develop annual budgets and forecasts for each property. Monitor actual performance against budgets, identify variances, and provide insightful analysis on budget-to-actual comparisons.
  
  
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  Financial Analysis: Conduct regular financial analysis of property performance, evaluating key metrics such as occupancy rates, rental income, operating expenses, and capital expenditures. Identify trends, opportunities, and risks, and make strategic recommendations to optimize property profitability.
  
  
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  Financial Systems and Processes: Maintain and enhance accounting systems and processes to improve efficiency and accuracy. Recommend and implement system upgrades or changes as needed.
  
  
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  Stakeholder Communication: Collaborate with property managers, owners, and other stakeholders to provide accurate and timely financial information, respond to inquiries, and address any financial concerns or issues.
  
  
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  Ad hoc Projects: Participate in special projects and initiatives as assigned, which may include property acquisitions, dispositions, refinancing, or process improvement initiatives.
  
  
  Qualifications:
  

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• Bachelor's degree in Accounting, Finance, or a related field highly preferred but not required
  
• Proven experience working as an Accountant with a focus on property or real estate accounting- MUST
  
• Strong knowledge of Generally Accepted Accounting Principles (GAAP) and familiarity with real estate accounting standards.
  
• Proficiency in financial analysis, budgeting, and forecasting.
  
• Advanced Excel skills and experience working with accounting software or ERP systems.
  
• Excellent attention to detail and ability to prioritize and meet deadlines.
  
• Strong analytical and problem-solving skills.
  
• Effective communication and interpersonal skills to collaborate with various stakeholders.
  
• Ability to work independently and as part of a team, demonstrating adaptability and a proactive approach.
  
  Join our client's team as a Property Accountant and play a vital role in managing the financial health of their real estate portfolio.#INMAY2023#CBMAY2023

Keywords: Creative Financial Staffing, Chicago , Property Accountant, Accounting, Auditing , Chicago, Illinois