Alternate Titles: Accountant, Real Estate Accountant, RE Accountant
Property Accountants prepare accounting reports for management in a property management firm or department to ensure timely and accurate financial reports. They summarize activity reports on managed commercial properties and ensure compliance with applicable state or federal regulations. Property Accountants may work for small to mid-size organizations or in a very large organization may work collaboratively as members of a management team, which means they have an opportunity to apply their numbers-crunching skills while gaining real world experience.
Property Accountants review monthly financial statements and reports the property management firm submits to business partners. They review tenant billing calculations to make sure the management company is charging the proper rents. They review cash balances and bank statements. They review auditing reports for compliance with the Sarbanes-Oxley Act, a federal law requiring public companies to ensure they have adequate record keeping and internal financial controls. The experience level of the Property Accountant dictates assigned tasks.
Education, Experience, & Certifications
Bachelor’s degree in accounting, finance
2-5 years accounting experience
2+ years’ experience in property accounting
Proficiency in MS Office applications, expert in MS Excel
Proficiency in property accounting software such as MRI, Yardi, Skyline, Timberline, MAS 90 for example
Excellent analytical and research skills
Excellent written, verbal communication and people skills
Organized and detail oriented
Excellent time management skills
Typical Duties May Include:
Prepare monthly, quarterly, and annual financial statements and reports
Review general ledger reconciliations
Preparing billing statements
Reconcile accounts receivable and accounts payable
Prepare monthly reconciliation of accounts; prepare tenant account bank reconciliations
Monitor all billing aspects of lease administration
Manage cash balances in bank accounts
Disburse funds from bank accounts as needed for payment of invoices
Calculate common area maintenance charges (CAM charges) paid by tenants in multi-tenant commercial buildings. CAM charges cover such things as parking lot maintenance, snow removal, and common area utilities.
Prepare and distribute management reports and financial statements to property management departments and the property owner’s financial group
In larger organizations, Property Accountants may also assist in performing internal audits a control function to make sure financial records are accurate.
Prepare updated cash flow forecasts throughout the year