Property Management Cost Accountant

Description

A Property Management Cost Accountant is responsible for tracking, analyzing, and controlling costs related to real estate properties such as residential apartments, commercial buildings, and mixed-use developments. This role ensures that properties operate within budget and remain financially profitable.

Responsibilities:

Expense Monitoring & Cost Control

• Track and analyze property operating expenses, including maintenance, utilities, repairs, and vendor services.
• Monitor operating costs on a per-property or per-building basis.
• Identify opportunities to reduce operational expenses and improve cost efficiency.
• Analyze maintenance, renovation, and capital improvement expenses.

Budgeting & Forecasting

• Prepare and assist with the development of annual property operating budgets.
• Forecast future expenses related to repairs, capital improvements, and operational costs.
• Participate in the annual budgeting and financial forecasting process for assigned properties.

Financial Reporting & Analysis

• Prepare monthly, quarterly, and year-end financial statements for management review.
• Produce monthly financial reports for property owners and internal management teams.
• Analyze variances between budgeted and actual results and provide recommendations.
• Conduct financial analysis to identify trends, risks, and opportunities for improvement.

Accounts Payable & Vendor Management

• Review, audit, and process vendor invoices for accuracy and proper coding.
• Track and monitor payments for contractors, maintenance providers, and suppliers.
• Ensure vendor expenses are recorded accurately and timely.

Accounting & Compliance

• Maintain accurate financial records and supporting audit documentation.
• Prepare journal entries and maintain the general ledger for property accounts.
• Perform monthly bank reconciliations to the general ledger.
• Prepare Common Area Maintenance (CAM) and real estate tax reconciliations.
• Monitor weekly cash balances and support cash flow management.
• Perform accounting analyses and reconciliations for property management accounts.
• Review transactions and ensure proper accounting treatment in accordance with accounting standards.

Collaboration & Operational Support

• Maintain open communication with the accounting team and executive leadership.
• Assist with tax preparation and coordinate with external tax advisors.
• Support management with special projects and additional assignments as needed.
• Demonstrate initiative by recommending process improvements and operational efficiencies 

Requirements

Qualifications/Experience

• Potential candidates should have a Bachelor’s Degree (preferably in Accounting)
• At least 5 years of general accounting experience.
• Experience in real estate property accounting is encouraged but not required.
• Must be organized, self-motivated & has a ’can do’ productive attitude
• Strong time management skills
• Candidates must be proficient in Microsoft Word and Excel
• Experience with Appfolio or Yardi or other real estate accounting software is a plus.