Investment Development Accountant

Westbrook Partners; Town of Florida (NY); On-site; USD 110,000 - 180,000; Full time

Job summary

Westbrook Partners, headquartered in Palm Beach Gardens, Florida, seeks an Investment Development Accountant with 10+ years of experience in development cost accounting to oversee all accounting and financial records for development and condo conversion assets. The role involves coordinating with asset managers and JV partners, reviewing budgets, preparing monthly cash flow schedules, and assisting with tax compliance and year-end audits.

Domestic travel may be required initially.

Qualifications

• 10+ years of development cost or real estate cost accounting experience.
• Bachelor’s Degree in Accounting preferred; but Business, Economics, Finance or related field also acceptable with relevant work experience.
• Sage Intacct (formerly Timberline) accounting software or similar preferred.
• Highly organized with a high level of attention to detail.
• Strong understanding of real estate fundamentals and institutional procedures.
• Self-motivated, ability to work independently, multi-task, prioritize workload and meet tight deadlines in a fast-paced environment.
• Strong analytical, written, verbal and interpersonal communication skills.
• Strong work ethic and collaborative “team player” mindset.

Responsibilities

• Record all transaction journal entries and maintain audit files.
• Monthly – update cash flow model schedules and reconcile cash balances.
• Update for actual cost and sales activity.
• Review budgets and actuals with asset managers.
• Prepare monthly asset fee calculations.
• Quarterly – prepare financial statements with workpapers and equity reconciliations.
• Provide accounting reports, analysis, and support schedules to WB teams.
• Review loan, legal, and closing documents related to financing or sale transactions.
• Set up schedules to track costs, contracts, vendors, and budgets.

Skills

Real estate cost accounting

Attention to detail

Strong communication

Team player

Independent work

Education

Bachelor’s Degree in Accounting

Business, Economics, Finance or related field

Tools

Sage Intacct

Job description

Westbrook Partners is seeking to hire an Investment Development Accountant for its global headquarters located in Palm Beach Gardens, Florida.

Job Description

We are seeking a professional with 10+ years of real estate development cost accounting experience. The accountant will be responsible for all accounting and financial records related to various projects owned and being developed by Westbrook Partners. Initially, travel may be required to visit and familiarize with the assets, meet the Westbrook asset management teams, meet and review contracts with contractors, etc.; however, we do not expect this to be required long term. Integrity, independent problem solving, and thoughtful communication are critical to this role.

Primary Responsibilities

Communicate with asset managers, joint-venture (“JV”) partners and owners regarding accounting, cash activity, or project concerns.

Responsible for all accounting and financial records of certain development and condo conversion real estate assets

• Record all transaction journal entries, including acquisitions, lot sales, condo unit sales, cash transactions, refinancings, etc., and maintain files for audit review.
• Monthly – update cash flow model schedules and reconcile cash balances.
• Update for actual cost and sales activity.
• Review budgets and actuals with asset managers.
• Prepare monthly asset fee calculations.
• Quarterly – prepare financial statements, including supporting workpapers and equity reconciliations.

Provide WB teams with accounting reports, analysis, and support schedules.

Review loan, legal, and closing documents related to financing or sale transactions.

• Test closing statements for calculation of unit prices using escalating formulas based on compounding rates.
• Review draft HUDs for appropriate allocation of prorated expenses.
• Assist with owner distribution estimates.
• Review draws for authorizations and documentation.

Set up schedules to track costs, contracts, vendors, and budgets, including approved contract changes.

• Update and authorize Contract Request forms based on approved budget, costs, and approved thresholds.

Prepare and organize tax compliance documentation.

• Prepare and review calculations of semi-annual taxable income estimates.
• Maintain current calculation of taxes owed to state governments.
• File personal property taxes as necessary.
• Process year-end 1099s.

Manage the audit process of year-end financial statements by external auditors.

• Provide accounting and legal records.
• Prepare and review footnotes to the financial statements.
• Ensure written policy and procedure documentation is up to date.

Responsible for the accounts payable process, including approving and coding each invoice based upon the appropriate contract, job, internal guidelines, and required approvals.

• Ensure all costs are within approved budgets and commitments.
• Enter and manage all vendor budgets and commitments in the accounting system
• Prepare payment packagefor internal review and obtainapprovals before releasing any payments.
• Communicate with vendors regarding timing of billing and payment procedures.

Job Qualifications

• 10+ years of development cost or real estate cost accounting experience
• Bachelor’s Degree in Accounting preferred; but Business, Economics, Finance or related field also acceptable with relevant work experience
• Sage Intacct (formerly Timberline) accounting software or similar preferred
• Highly organized with a high level of attention to detail
• Strong understanding of real estate fundamentals and institutional procedures
• Self-motivated, ability to work independently, multi-task, prioritize workload and meet tight deadlines in a fast-paced environment
• Strong analytical, written, verbal and interpersonal communication skills
• Strong work ethic and collaborative “team player” mindset