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Real Estate - Portfolio Accounting Manager in Newton, MA at Northland

Date Posted: 6/1/2018

Job Snapshot

  • Employee Type:
  • Location:
    Newton, MA
  • Job Type:
    Real Estate
  • Experience:
    Not Specified
  • Date Posted:

Job Description

The Portfolio Accounting Manager is responsible for managing accounting and financial reporting for Northland’s multifamily and commercial properties and consolidated funds, including internal and external financial reporting, and assisting with year-end audits and tax returns, both property level and consolidated Fund level.  The Portfolio Accounting Manager is one of three managers that each oversee a team of accountants. In addition, the Portfolio Accounting Manager is responsible for working with the Accounting Management team in order to develop best practices, internal controls and opportunities to create efficiencies; and implementing those practices within the Accounting Department.  They play an integral part in employee selection, training and feedback, establishing performance standards, monitoring performance and identifying opportunities for staff development.

Essential Functions includes but are not limited to:

  • Review monthly financial packages prepared by a team of property accountants for a portfolio of 90+ properties (primarily multifamily, with some commercial and mixed use properties) contained within a seven-Fund series.
  • Review balance sheets and understand all significant accounts and changes from prior period with the team of accountants.
  • Review monthly operating statement variance reports and supporting schedules for accuracy with the team of accountants.Review 3rd party reporting, bank reconciliations, cash transfers, and mortgage payments prepared by property accountants.
  • Monitor compliance with debt covenants and review lender reporting.
  • Assist Real Estate Portfolio Controller and others in management team in other external reporting (lenders, partners, and investors).
  • Assist Real Estate Portfolio Controller and the accounting team in preparation and oversight of the annual audited financial statements and tax returns, including review of work paper packages and preparation of financial statements.
  • Ensure timely distribution of audited reports to Lenders.
  • Liaison with outside tax accountants to facilitate the timely preparation of Federal and State tax returns for managed properties.
  • Assist the Real Estate Portfolio Controller and the accounting team in understanding the impact of depreciation, amortization, state franchise taxes and 1031 Exchanges on the financial statements and tax returns.
  • Review and maintain accounting records, which include account analysis and financial statement analytical review, and also includes reviewing journal entries, bank reconciliation and tax returns.
  • Assist property accountants with accounting for dispositions, acquisitions, and refinancing of property mortgage notes.
  • Interview, train, counsel, and evaluate staff to ensure effective support. Review the efforts of staff and provide direction where needed, ensuring timely completion of tasks and projects in accordance with mutually agreed upon goals.
  • Analyze staff performance and develop and implement ways to increase efficiency and productivity and enhanced understanding of their roles and responsibilities.


Job Requirements

Specific Job Knowledge, Skill and Ability

  • Thorough understanding of full-cycle accounting transactions, and their effects on the General Ledger and financial statements.
  • Experience in preparing complete financial analysis and financial statements, including footnotes.
  • Must have a very good working knowledge of generally accepted accounting principles, income tax basis accounting, and knowledgeable in tax accounting theory and tax compliance rules with the aptitude to research and learn new concepts.
  • Strong organizational skills are necessary to succeed, together with a desire to create high quality finished work.
  • Familiarity with real estate concepts.
  • Advanced competency with computer, peripherals, and variety of software including Microsoft Office 365.
  • Strong verbal and written communication skills.

Education Requirements

  • Bachelor’s degree in Finance or Accounting.

Experience Requirements

  • At least 5 years of accounting experience, with 2 years of supervisory experience
  • Real estate and Fund accounting experience recommended.
  • CPA license and public/private accounting background is preferred, but not required.