Staff Accountant

Job Description

Job Description

Staff Accountant

Media, PA

(Full Time, Permanent Opportunity)

(On-Site, 5 days per week)

We are seeking a full time, permanent Staff Accountant to join our organization.

Below is a Job Overview which breaks down the various areas of responsibilities by Day, Week, Month, Quarter and Year.

Staff Accountant Task Outline:

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.

BS Degree in Finance / Accounting

5+ years of proven experience in Property and Real Estate Accounting

Extremely organized, ability to work well with a Team

Deadline driven