Property Accountant

First Midwest Group; Rockford (IL); On-site; USD 80,000 - 110,000; Full time

Job summary

First Midwest Group is seeking a Senior Property Accountant to oversee accounting and financial reporting for a diversified property portfolio. You will prepare statements, manage month-end closes, and provide analysis to leadership to support strategic decisions.

The role requires strong GAAP knowledge, 3+ years in property accounting, and advanced Excel skills, with experience using Yardi, MRI, RealPage, or similar platforms.

Qualifications

• Bachelor's degree in Accounting, Finance, or related field.
• 5–8 years of progressive accounting experience, including at least 3 years in property or real estate accounting.
• Strong understanding of GAAP.
• Experience managing accounting functions for multiple properties or complex real estate portfolios.
• Advanced proficiency in Microsoft Excel (pivot tables, formulas, financial analysis).
• Experience with property management software such as Yardi, MRI, RealPage, Entrata, AppFolio, or similar.

Responsibilities

• Prepare and review monthly, quarterly, and annual financial statements for assigned properties.
• Analyze financial results and investigate variances between actual results, budgets, and prior periods.
• Lead the month-end, quarter-end, and year-end closing processes and ensure accurate postings.
• Maintain and reconcile general ledger accounts in accordance with policies and GAAP.
• Oversee accounts payable/receivable, tenant billings, and cash receipts for the portfolio.

Skills

GAAP knowledge

Time management

Analytical skills

Communication skills

Problem solving

Education

Bachelor's degree in Accounting/Finance

Tools

Yardi

MRI

RealPage

Entrata

AppFolio

Job description

The Senior Property Accountant is responsible for overseeing and performing all accounting and financial reporting activities for a portfolio of commercial, residential, retail, industrial, or mixed-use properties. This role ensures the accuracy and integrity of financial records, prepares monthly and annual financial statements, manages the month-end close process, and provides financial analysis and support to property management and executive leadership teams.

The ideal candidate possesses strong technical accounting knowledge, extensive real estate accounting experience, and the ability to manage multiple properties and deadlines simultaneously. The Senior Property Accountant serves as a key business partner to property managers, asset managers, and company leadership by providing accurate financial information, budget analysis, and operational insights that support strategic decision-making.

Essential Duties and Responsibilities

• Prepare and review monthly, quarterly, and annual financial statements for assigned properties.
• Analyze financial results and investigate variances between actual results, budgets, and prior periods.
• Ensure all financial reporting is completed accurately and within established deadlines.
• Prepare supporting schedules and reports for investors, lenders, ownership groups, and management.
• Maintain and reconcile general ledger accounts in accordance with company policies and accounting standards.

Month-End and Year-End Close

• Lead the month-end, quarter-end, and year-end closing processes.
• Record journal entries, accruals, prepaid expenses, depreciation, amortization, and reclassifications.
• Review financial transactions for completeness, accuracy, and proper coding.
• Ensure all balance sheet accounts are reconciled and supported by appropriate documentation.
• Coordinate year-end closing activities and audit preparation.

Property Accounting Operations

• Oversee accounting activities for multiple properties within the assigned portfolio.
• Review accounts payable, accounts receivable, tenant billings, and cash receipts.
• Monitor rent rolls and verify tenant charges, recoveries, and lease-related accounting transactions.
• Account for operating expenses, capital expenditures, and construction-related costs.
• Manage security deposit accounting and escrow accounts where applicable.

Lease Administration and Tenant Accounting

• Review lease agreements and ensure proper accounting treatment of lease transactions.
• Calculate and reconcile tenant recoveries, common area maintenance (CAM) charges, tax pass-throughs, and operating expense reimbursements.
• Prepare annual CAM reconciliations and tenant settlements.
• Ensure lease data is accurately maintained within property management systems.

Budgeting and Forecasting

• Assist with preparation of annual property budgets and operating plans.
• Develop monthly and quarterly financial forecasts.
• Analyze trends in revenues, expenses, occupancy, and capital spending.
• Collaborate with property management teams to identify opportunities for cost savings and operational improvements.
• Prepare variance analyses and provide recommendations to management.

Cash Management

• Monitor property cash balances and prepare cash flow analyses.
• Reconcile bank accounts and investment accounts.
• Coordinate funding requests and distributions as needed.
• Assist with lender reporting and debt compliance requirements.

Audit and Compliance

• Support internal and external audits by preparing schedules, workpapers, and supporting documentation.
• Ensure compliance with GAAP, company policies, lender requirements, and regulatory guidelines.
• Assist with preparation of tax reporting information and annual tax packages.
• Maintain strong internal controls and accounting procedures.

Leadership and Process Improvement

• Serve as a subject matter expert for property accounting functions.
• Mentor and provide guidance to Property Accountants and Accounting Assistants.
• Review work completed by junior accounting staff when applicable.
• Identify opportunities to improve accounting processes, reporting efficiency, and internal controls.
• Participate in system implementations, upgrades, and process automation initiatives.

Required Qualifications

• Bachelor's degree in Accounting, Finance, or related field.
• Minimum of 5 to 8 years of progressive accounting experience, including at least 3 years in property or real estate accounting.
• Strong understanding of Generally Accepted Accounting Principles (GAAP).
• Experience managing accounting functions for multiple properties or complex real estate portfolios.
• Advanced proficiency in Microsoft Excel, including pivot tables, formulas, and financial analysis.
• Experience with property management and accounting software such as Yardi, MRI, RealPage, Entrata, AppFolio, or similar platforms.
• Strong analytical, organizational, and problem-solving skills.
• Excellent written and verbal communication skills.
• Ability to prioritize competing deadlines in a fast-paced environment.