Property Accountant

Property Accountant

PURPOSE OF THE JOB: 

The Property Accountant is responsible for overseeing the complete financial cycle for a portfolio of multifamily communities. Our Property Accounting Department offers a unique blend of full-cycle accounting, treasury, and financial analysis, creating an environment that fosters growth and development.

ESSENTIAL FUNCTIONS AND RESPONSIBILITIES

General Accounting and Portfolio Management:

• Oversee the accounting, treasury and reporting of a portfolio of multi-family properties

• Review of the monthly financial package (GL, budget comparison, and 12 months rolling P&L) for required reclasses, accruals, and explanations in close collaboration with Community Managers and according to published guidelines.

• Confirm accuracy and upload petty cash transactions

• Review G/L and re-class to ensure operating/major expenses and capital expenditures are recorded accurately

• Calculate accruals for mortgage interest, property taxes, and insurance

• Calculate and pay management fees to HRP, ensuring the monthly true up is within established materiality thresholds of the actual fee.

• Review of the Balance Sheet for monthly submissions, focusing on the accuracy of accruals, escrows, and loan amortizations

• Develop deep understanding of ownership specific reporting requirements and accounting treatments

• Perform monthly Balance Sheet reconciliations

Treasury and Cash Management Functions:

• Review and process payables weekly, ensuring timely payments to vendors

• Process utility payments timely to avoid late fees and disconnects

• Review the daily cash position and forecast for all properties in the portfolio, ensuring timely communication of cash surpluses or deficits to HRP management.

• Perform daily and monthly bank reconciliations

• Ensure mortgages are recorded and paid timely

• Review and track all bank and self-escrows related to tax, insurance, and reserves

• Post Security Deposit payments and reconcile bank accounts

• Ensure all lender financial statements are submitted as required.

• Complete and submit quarterly Lender Replacement Reserve Draw Requests by the end of the month following quarter end.  Ensure Replacement Reserve submissions and receipts are tracked according to policy.

Owner and Investor Servicing:

• Distribute monthly financial reporting to owners per the management fee agreement

• Review and initiate ownership disbursements as necessary

• Prepare quarterly reporting as needed (Reserve Reimbursement Requests, Financial Statements, etc.)

Operations and Community Manager Support:

• Distribute variance reports and financial reviews to Community and Regional Managers

• Maintain clear and consistent lines of communication with site and regional teams

• Provide Accounting support for site teams

• Build positive working relationships with site and regional teams

Other Responsibilities:

• Review all necessary agreements for assigned properties and utilize organizational tools to document critical information for future reference

• Support the annual audit process and assist with year-end tax procedures

• Foster a team-oriented environment, working professionally with internal and external customers

• Attend and participate in periodic training sessions

• Promote the Live It Culture within the Department, leading by example to the other team members

• Perform all other duties as assigned

KNOWLEDGE, SKILLS, AND ABILITIES:

• Must possess strong attention to detail to be able to accurately process financial data, identify discrepancies, and ensure all accounting entries are correct.

• Must possess strong analytical skills to review financial reports, identify trends, and offer insights to management for decision-making.

• Must possess excellent verbal and written communication skills to interact with property managers, auditors, and other stakeholders.

• Must possess the ability to prioritize tasks, meet deadlines, and manage multiple property portfolios simultaneously.

• Must be able to maintain confidentiality.

• Knowledge of property management accounting is preferred.

FLSA STATUS:

Salaried, Exempt

ORGANIZATIONAL RELATIONSHIPS:

Reports directly to the Accounting Team Leader. Works with team members including Community Managers, Regional Managers, corporate team members, and outside vendors.

SUPERVISORY RESPONSIBILITIES:

None

OTHER REQUIREMENTS: 

Hours of Work: 7:45am/9:00am to 4:45pm/6:00pm Monday through Friday. Schedule may vary. Extended hours may be required during peak periods to meet business needs.

EXPERIENCE & EDUCATION:

Bachelor’s degree in Accounting, Business, or equivalent combination of education and experience is required. Prior experience in property management is preferred, but not required.

PHYSICAL DEMANDS: 

Must be able to perform the physical functions of the position, which may include but are not limited to: ability to effectively communicate with team members, supervisors, vendors and service providers. Must be able to see, hear, talk, sit, stand, walk, reach, climb, stoop, kneel and crouch. Must be able to moderately lift or move up to 5 pounds and occasionally lift or move up to 10 pounds as needed. 

COMMUNICATION:

Must be able to communicate effectively both verbally and in written form with Team Leader, Accounting Manager, Director of Property Accounting, VP of Property Accounting, Community Managers, Regional Managers, corporate team members, and outside vendors.

WORKING ENVIRONMENT:

Must be able to work in a general office environment.  The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. 

TRAVEL:

Some overnight travel may be required to attend company sponsored events such as conferences, training events, road shows etc.

PRE-EMPLOYMENT:

Drug testing and background screening required. Must complete online pre-employment assessment.

LANGUAGE SKILLS:

Ability to read, write and verbally communicate in English.

REASONING ABILITY:  

Has the ability to apply common sense understanding to carry out basic written or oral instructions.

MATHEMATICAL SKILLS:

Advanced knowledge of mathematics required. Ability to apply mathematical concepts to practical situations. Ability to calculate interest, fractions, percentages, and ratios. The ability to add and subtract two-digit numbers and to multiply and divide with 10’s and 100’s. Ability to perform the operations using units of American money and weight measurement, volume and distance.

COMPUTER SKILLS:

Intermediate knowledge of Microsoft Word, Microsoft Outlook, Microsoft Excel required. Yardi Voyager knowledge and General Ledger experience is preferred

PERSONAL APPEARANCE:

Dress, grooming and personal cleanliness standards contribute to the business image of Hawthorne Residential Partners.  During business hours or when representing the company, employees are expected to present a clean, neat and tasteful appearance.