Property Accountant

As a Property Accountant for our client an esteemed real estate company based in Chicago, you will be an integral part of the financial team responsible for managing the financial operations and reporting for a diverse portfolio of real estate properties. Your primary focus will be on ensuring accurate and timely financial recording, analysis, and reporting related to the company's real estate assets.Responsibilities:Financial Reporting: Prepare and analyze monthly, quarterly, and annual financial statements for the assigned real estate properties, including income statements, balance sheets, and cash flow statements.General Ledger Management: Maintain and reconcile the general ledger accounts for the properties. Ensure all transactions are recorded accurately and in compliance with GAAP principles.Accounts Payable and Receivable: Oversee accounts payable and accounts receivable processes for the assigned properties. Process invoices, handle vendor payments, and monitor tenant payments to ensure timely collections.Budgeting and Forecasting: Assist in the preparation of annual operating budgets for each property. Collaborate with property management teams to forecast expenses and revenue, ensuring alignment with company goals.Lease Analysis: Review lease agreements and record lease-related transactions, such as rental income, operating expenses, and tenant allowances.CAM Reconciliations: Perform Common Area Maintenance (CAM) reconciliations, ensuring accuracy and transparency in tenant expense reimbursements.Tax Compliance: Work closely with external tax accountants to provide necessary financial information for property tax filings and other tax-related matters.Auditing: Assist in coordinating and providing financial data for external audits, ensuring compliance with accounting standards and regulations.Financial Analysis: Conduct variance analysis and ad-hoc financial analysis to identify trends, performance metrics, and potential cost-saving opportunities.Compliance and Policies: Stay updated on industry best practices and regulatory changes related to real estate accounting. Implement and adhere to company accounting policies and procedures.Special Projects: Participate in special financial projects, process improvements, and system implementations as required.Requirements:Education: Bachelor's degree in Accounting, Finance, or a related field. A Certified Public Accountant (CPA) qualification is a plus.Experience: Minimum of 3-5 years of relevant accounting experience in the real estate industry or property management field.Software Skills: Proficiency in real estate accounting software (e.g., Yardi, MRI) and Microsoft Office Suite, particularly Excel.Knowledge: Strong understanding of generally accepted accounting principles (GAAP) and real estate accounting principles. Familiarity with lease accounting standards (ASC 842) is advantageous.Attention to Detail: Strong attention to detail and accuracy in financial reporting and analysis.Communication: Excellent verbal and written communication skills to effectively interact with internal teams, external auditors, and other stakeholders.Time Management: Ability to prioritize tasks and work efficiently in a fast-paced environment, meeting deadlines with a high level of organizational skills.Analytical Skills: Proficient in financial analysis and data interpretation, capable of providing valuable insights and recommendations.Team Player: Ability to collaborate effectively with cross-functional teams and work cohesively towards common goals.

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