Assistant Controller

We are seeking an experienced Assistant Controller to manage the full property-level accounting function for a 327,000SF commercial office property with approximately 5 tenants. This position will have primary responsibility for all day-to-day property accounting, financial reporting, tenant billing, cash management, job cost accounting, and bank draws.

The ideal candidate is a hands-on commercial real estate accounting professional who can independently manage the accounting cycle for a large property and has demonstrated experience preparing, reviewing, and managing construction draws for tenant improvement and capital improvements.

Key Responsibilities

Property Accounting & Financial Reporting

• Manage the full accounting cycle for the property, including general ledger activity, journal entries, accruals, prepaids, and account reconciliations.
• Prepare monthly GAAP financial statements and property reporting packages.
• Perform monthly and year-end closing activities.
• Prepare balance sheet reconciliations, investigate, and resolve discrepancies.
• Maintain supporting schedules and documentation for financial reporting, ownership reporting, and audits.
• Ensure property-level accounting is accurate, timely, and consistent with company policies and applicable accounting standards.
• Review invoices for proper coding, approvals, documentation, and allocation.
• Maintain organized accounting records and supporting documentation.

Construction Accounting & Draw Management

• Prepare construction draws from initial request through funding.
• Coordinate with lender, ownership, property management, asset management, contractors, and project teams regarding draw requirements and funding.
• Maintain detailed accounting and cost tracking for tenant improvements, capital expenditures, building improvements, and construction projects using Yardi Job Cost.
• Reconcile construction draws to the general ledger, project budgets, contracts, and approved funding.
• Maintain construction-in-progress and fixed asset schedules and coordinate the appropriate capitalization of completed projects.
• Monitor committed costs, costs incurred, costs to complete, and remaining project budgets.

Tenant Billing & Accounts Receivable

• Set up all new leases and lease amendments in Yardi.
• Prepare monthly tenant billings, including base rent, operating expense recoveries, utilities, taxes, insurance, and other lease-related charges for the property manager to approve.
• Coordinate with property management to ensure lease changes are accurately reflected in the accounting system.

CAM & Operating Expense Reconciliations

• Prepare annual CAM and operating expense reconciliations.
• Calculate tenant recoveries in accordance with lease provisions, including applicable caps, exclusions, base years, and pro-rata shares using Yardi.
• Prepare supporting documentation for tenant reconciliation statements.
• Assist with research and respond to tenant questions regarding reconciliations.

Audit & Year-End Support

• Prepare schedules and documentation for annual audits and tax preparation, including draft financial statements.
• Respond to auditor and ownership requests for property and construction-related information.
• Prepare year-end accruals and closing entries.

Qualifications

• A bachelor’s degree in accounting is required.
• 7+ years of commercial real estate/property accounting experience preferred.
• Demonstrated experience preparing lender and/or owner construction draw packages.
• Experience tracking construction costs, contracts, commitments, retainage, change orders, and project budgets.
• Strong understanding of commercial real estate accounting and GAAP.
• Experience with tenant billing, CAM reconciliations, operating expense recoveries, AP, AR, and monthly financial reporting.
• Ability to read and interpret commercial leases and construction-related agreements.
• Strong Excel skills.
• Experience with Yardi is required.
• Strong organizational skills and attention to detail.
• Ability to independently manage work and meet reporting deadlines.

Ideal Candidate

The successful candidate will be a hands-on accounting professional capable of owning the accounting function end-to-end each month. This individual should be equally comfortable completing the monthly closing, preparing financial statements, reviewing tenant billings, performing a CAM reconciliation, tracking a construction budget, or assembling and reconciling a construction draw package.

• This role requires someone who understands both ongoing property operations and the accounting complexities associated with construction, tenant improvements, and capital projects.