The primary responsibilities of the Property Accountant include maintaining the accuracy and integrity of property financial reports and corresponding property management reporting for a portfolio of commercial properties. This position supports the property management accounting and lease administration functions ensuring timely and accurate preparation & distribution of financial reports in accordance with Management & Lender Agreements. The position is responsible for financial and property management functions including but not limited to receivables, payables, accruals, lease administration, variance analysis and budget preparation, setup and review. The Property Accountant works closely with the Property Manager and Accounting staff members to resolve issues, correct errors, and train where necessary.
Essential Duties and Responsibilities Other duties may be assigned.
Ensure timely and accurate preparation & distribution of financial reports in accordance with Management & Lender Agreements – includes monthly management financial package, quarterly and year-end GAAP ownership/lender package.
Perform monthly journal entries.
Preparation of all financial statements.
Coordination with outside management companies that provide financial information and include such information in the overall financial reporting of each relevant project.
Complete monthly bank reconciliations.
Assist Property Manager in the preparation of monthly and quarterly variance and forecast reports.
Perform cash flow analyses.
Develop lender tracking schedules for all reserve funding and reimbursements.
Prepare monthly general ledger reconciliations, income & expense accounts.
Prepare annual reconciliations of recovery pools.
Track sales to ensure recognizing percentage rent income.
Assist Property Manager in preparation of annual operating budget which includes, but not limited to, development of income projections, percentage rent projections, recoverable income projections, Common Area Expense & Real Estate Tax quote rates, ownership expenses, capital projections and debt service.
Participate in the preparation of budgets for the Metropolitan District property management duties.
Prepare additional rent pools and denominator calculations.
Perform on-going analysis of property revenue and expenses in an effort towards improving NOI.
Monitor and provide notification to Senior Management of property exposures.
Assist in meeting fiduciary responsibilities to ownership group.
Ensure timely payment of all payables; including but not limited to mortgage, taxes, operating expenses, cap-ex and leasing costs and management fees.
Support ownership in loan covenant compliance and other requirements, re-positioning and acquisition.
Support annual audits as directed by ownership including year-end audit process through to completed audited statements.
Work with Accounting team to develop, implement and manage necessary financial policies and controls.
Monitor retail tenant financial performance and notify Leasing & Management of potential exposures; perform analysis and support rent relief/work-out scenarios.
Monitor bank accounts, cash receipts, supervise asset allocations, and fund transfers in accordance with management agreement.
Support Senior Management in the annual property tax appeal. Prepare related vacancy reports.
Perform cash management analysis and planning.
Monitor sales and payment performance of tenants & notify Senior Management of property exposure/opportunity.
Support and coordinate capital improvement initiatives with Senior Management from a cash management and further accounting perspective.
Ensure tax and required municipality filings are made in a timely manner.
Manage and oversee the Accounts Receivable process and perform any necessary collection calls to support Property Management; alert Property Management of exposure to quickly mitigate exposure.
Monitor cash receipts and timely application of receipts.
Prepare and verify tenant recurring charges and billing adjustments.
Verify accuracy of rent rolls and occupancy reports.
Manage outstanding accounts receivables.
Review all reconciliation & CPI adjustment billings.
Supervise Accounts Payable process for operating properties.
Review invoice coding and approvals for operating properties.
Review and process disbursements for operating properties.
Execute monthly distributions and loan payments for operating properties.
Participate in lease review process.
Review financials/security requirements for prospective tenants.
Establish all leases within accounting software.
Supervise accuracy and timeliness of all necessary lease notices in conjunction with the Property Manager.
Review tenant allowance requests in conjunction with the Property Manager and make payments accordingly.
Respond to tenants, management, leasing, lender & ownership requests for information.
Provide support to all departments as directed by Senior Management.
Perform any other duties which from time to time may be required to successfully operate a Mixed-Use Development.
2-5 years experience working in Property Management Accounting
College accounting degree preferred
Yardi experience preferred
About Continuum Partners, LLC
Continuum Partners LLC is a progressive development firm. It specializing in building urban mixed-use developments that create successful pedestrian environments and integrate effectively with the surrounding urban fabric. The company was founded by Mark Falcone in 1997 and is headquartered in Denver, CO.