Staff Accountant

Job Description

Job Description

Staff Accountant

Media, PA

On-site, in Office, 5 days per week

(Full Time, Permanent Opportunity)

 

 

We are seeking an experienced Staff Accountant to join our Team.

 

The following Job Description is broken down into Responsibities that are performed Daily, Weekly, Monthly, Quarterly and Yearly.

 

We ask that you have experience with Real Estate and Property Management Accounting.

 

 

Daily Tasks:

 

Cash Management

• Review daily bank activity and cash balances.
• Record cash receipts and tenant deposits.
• Process ACH and wire transactions.
• Monitor lockbox activity.

General Ledger

• Prepare and post journal entries.
• Review general ledger transactions for accuracy.
• Investigate unusual account activity.
• Correct coding errors as needed.

Accounts Receivable

• Review rent collections.
• Monitor delinquent tenant accounts.
• Apply tenant payments.
• Coordinate with Property Management on collection issues.

Accounts Payable Support

• Review invoice coding for accuracy.
• Assist with approval workflow questions.
• Monitor vendor payment status.
• Respond to accounting inquiries from vendors and property managers.

Property Accounting

• Review daily property financial activity.
• Record tenant billings and adjustments.
• Monitor utility and operating expense allocations.
• Track capital expenditure activity.

Account Monitoring

• Review suspense accounts.
• Investigate outstanding reconciling items.
• Monitor prepaid expenses and accruals.
• Review intercompany transactions.

Communication

• Respond to requests from:
• • Property Managers
  • Asset Managers
  • Vendors
  • Executive Management
• Provide financial information as requested.

 

Weekly Tasks:

 

Bank Reconciliations

• Complete bank reconciliations.
• Review outstanding checks.
• Investigate unreconciled transactions.
• Resolve banking discrepancies.

Financial Review

• Review revenue trends.
• Analyze operating expenses.
• Compare actual expenses to budget.
• Investigate significant variances.

Accounts Receivable Review

• Review aging reports.
• Follow up on outstanding tenant balances.
• Coordinate collection efforts.
• Review bad debt reserves.

Capital Projects

• Review capital expenditure invoices.
• Update fixed asset records.
• Monitor construction-in-progress (CIP).
• Ensure proper capitalization.

Lease Accounting

• Review new lease activity.
• Record lease amendments.
• Verify rent schedules.
• Update lease accounting records.

Internal Controls

• Review journal entries prepared by others.
• Verify supporting documentation.
• Ensure compliance with accounting policies.
• Identify process improvement opportunities.

 

Month-End Closing Tasks:

 

Close Preparation

• Review month-end close checklist.
• Ensure all invoices have been recorded.
• Verify all rent has been billed.
• Confirm cash transactions are complete.

Journal Entries

Prepare and post:

• Accruals
• Prepaid expense amortization
• Depreciation
• Fixed asset additions
• Interest expense
• Intercompany entries
• Payroll allocations
• Recurring journal entries

Reconciliations

Reconcile:

• Bank accounts
• Accounts receivable
• Security deposits
• Escrow accounts
• Fixed assets
• Prepaid expenses
• Accrued liabilities
• Deferred revenue
• Intercompany accounts
• All balance sheet accounts

Financial Statement Preparation

Prepare:

• Income Statement
• Balance Sheet
• Cash Flow Statement
• Trial Balance
• Property operating statements
• Owner reports

Financial Analysis

Analyze:

• Budget vs. Actual
• Prior Month vs. Current Month
• Prior Year comparisons
• Occupancy trends
• Rental revenue
• Operating expenses
• Net Operating Income (NOI)
• Cash flow

Prepare explanations for material variances.

Fixed Assets

• Capitalize qualifying expenditures.
• Record depreciation.
• Dispose of retired assets.
• Reconcile fixed asset schedules.

Property Reporting

Prepare reports for:

• Property Managers
• Asset Managers
• Ownership
• Investors
• Lenders (if applicable)

Reports may include:

• Occupancy summaries
• Capital expenditure reports
• Cash flow reports
• Operating variance reports
• Budget performance reports

Compliance

• Review loan covenant requirements.
• Verify escrow balances.
• Monitor reserve accounts.
• Review insurance payments.
• Ensure GAAP compliance.
• Verify lease accounting compliance.

Close Review

• Review financial statements for accuracy.
• Investigate unusual balances.
• Obtain management approval.
• Finalize month-end reporting package.

 

Quarterly Tasks:

 

• Assist with quarterly financial reporting.
• Prepare lender compliance reports.
• Review property tax accruals.
• Update forecasts.
• Reconcile CAM (Common Area Maintenance) recoveries.
• Review tenant reconciliations.
• Perform internal control reviews.

 

Annual Tasks:

 

• Assist with annual audit preparation.
• Prepare audit schedules.
• Support external auditors.
• Assist with annual operating budgets.
• Prepare year-end journal entries.
• Coordinate 1099 reporting.
• Assist with tax reporting requests.
• Complete fixed asset inventory review.
• Reconcile year-end balance sheet accounts.
• Support annual property insurance renewals.

 

Core Responsibilities Throughout the Year:

 

• Maintain accurate property-level financial records.
• Ensure compliance with GAAP and company policies.
• Support timely and accurate financial reporting.
• Partner with Property Managers and Asset Managers.
• Improve accounting processes and internal controls.
• Maintain complete documentation for audits and regulatory compliance.
• Deliver financial insights that support operational and investment decisions.