Description
Job Summary: The Senior Portfolio Accountant is responsible for ensuring accurate financial records and compliance with GAAP for a commercial real estate portfolio. This role involves coordinating with internal and external stakeholders to maintain proper accounting practices, overseeing month-end close procedures, performing account reconciliations, and analyzing financial activity. The position supports acquisition and disposition processes, assists with lease revenue recognition, and contributes to SEC reporting requirements. Additionally, the Senior Portfolio Accountant collaborates with third-party accounting personnel, improves accounting processes, and mentors team members to enhance overall efficiency and service excellence within the asset management team.
Job Duties and Responsibilities:
Portfolio Accounting
- Supervise an assigned portion of the portfolio monthly close process.
- Prepare and review journal entries, accruals, and monthly account reconciliations.
- Analyze financial statements and investigate unusual account activity and monthly variances.
- Review tenant receivable activity and prepare bad debt reserve analyses.
- Ensure financial records are maintained in accordance with U.S. GAAP.
Fixed Asset Accounting
- Preparing and reviewing fixed asset accounting for the commercial real estate portfolio, including capitalization, depreciation, transfers, retirements, and reconciliation of the fixed asset subledger to the general ledger.
- Record and maintain fixed asset additions and disposals.
- Review capital expenditures to ensure proper accounting treatment.
- Maintain detailed depreciation schedules and support fixed asset reporting.
Commercial Real Estate Accounting
- Review commercial lease agreements and prepare straight-line rent schedules in accordance with GAAP.
- Coordinate with Asset Managers and third-party Property Managers to ensure complete and accurate financial reporting.
- Assist with accounting for acquisitions and dispositions, including purchase accounting entries and coordination of purchase price allocation (PPA) consultants.
- Support portfolio consolidations and intercompany eliminations.
- Assist with quarterly and annual SEC financial reporting.
- Support internal and external audit requests.
Business Partnership & Continuous Improvement
- Partner with Asset Management by providing financial analysis related to lease activity, property performance, and strategic initiatives.
- Maintain the vendor master file and support internal control procedures.
- Identify opportunities to improve accounting processes and increase efficiency.
- Assist in streamlining the monthly close process.
- Mentor and support fellow accounting team members while fostering a collaborative work environment.
Requirements
Required:
- Bachelor's degree in Accounting.
- 5-7 years of progressive accounting experience.
- Strong understanding of U.S. GAAP.
- Experience managing month-end close, general ledger reconciliations, financial reporting, and fixed asset accounting, including depreciation.
- Advanced Microsoft Excel skills.
- Excellent analytical, organizational, and communication skills.
- Ability to manage multiple priorities while meeting deadlines.
Preferred:
- Commercial real estate, property accounting, REIT, or multi-entity accounting experience.
- Experience with lease accounting and revenue recognition.
- Experience with acquisitions, dispositions, and intercompany accounting.
- Experience with Yardi or similar ERP software.
- CPA or CPA-track candidate is a plus.
Physical Demands and Work Environment:
While performing the duties of this job, the employee will work inside an office environment and is required to use hands and fingers to handle, feel or operate objects, and reach with hands and arms. The employee is frequently required to sit, stand, walk, talk, and hear. Specific vision abilities required by this job include close vision, peripheral vision, and the ability to adjust focus. Employee may occasionally lift and/or move up to 10 pounds. The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job.