Staff Accountant

Magnolia; Chicago (IL); Hybrid; USD 65,000 - 70,000; Full time

Benefits offered by this job

Medical Insurance

Dental Insurance

Vision Insurance

401(k) Plan

Hybrid Schedule

Volunteer days

Job summary

Magnolia Capital, a Chicago-based real estate investment firm, is seeking a Staff Accountant to support property financial reporting and accounting for a growing multifamily portfolio. You will review disbursements, accounts receivable, and general ledger data, and prepare reconciliations.

Based at our Chicago HQ, the role requires detail orientation, reliability, and timing. The team collaborates with STYL Residential to ensure accurate, GAAP-compliant reporting in a fast-paced environment.

Qualifications

• Bachelor's Degree in Accounting is required.
• 1-2 years of accounting experience.
• CPA strongly preferred.
• Experience with institutional real estate accounting and GAAP knowledge would be advantageous.

Responsibilities

• Oversee and review monthly, quarterly, and yearly information from related-party property management accounting.
• Compare financial results to budget and draft variance explanations.
• Review property level payables and receivables and address unusual activity or past due balances.
• Review and maintain property fixed asset records, including GAAP and tax depreciation.
• Enter property level financials into the corporate accounting system.
• Assist the Controller and asset management team with capital for renovations.
• Reconcile all parent company cash, investment, and equity accounts.
• Calculate and initiate payment for asset management and acquisition fees.
• Assist in development and implementation of accounting policies and procedures.
• Perform monthly, quarterly, and year-end closings of the general ledger in accordance with GAAP.

Skills

Excel

Verbal and written communication

Team collaboration

Education

Bachelor's Degree in Accounting

CPA preferred

Tools

Microsoft Excel

Job description

Magnolia Capital (“Magnolia”) is a Chicago-based real estate investment firm focused on finding and creating value within the residential real estate space. Magnolia was founded in 2016 with a focused vision to redefine rental housing investing through empowering a world-class real estate team with a technology-forward platform and sound investment principles unseen elsewhere in the industry. Magnolia is building a talented, highly motivated team of experts and a best-in class, data driven platform that will allow the firm to create exceptional results for its stakeholders- customers, partners, associates, and shareholders alike.

Magnolia, along with its multifamily and single-family operations and property management brands (STYL Residential and National Home Rentals), manages wholly- or partially-owned properties across the U.S., that are thoughtfully designed to be beautiful, community-spirited and create an elevated living experience.

Magnolia offers the culture and opportunity of an entrepreneurial start-up, supported by the scale, stability, and capital resources typically found in a seasoned business.

For more information visit:
www.magnoliacap.com, www.stylresidential.com or www.nationalhomerentals.com

Job Summary

Magnolia Capital is currently seeking a Staff Accountant to assist in property financial reporting and accounting functions. This role will assist in all accounting functions for a growing portfolio of institutional quality, multifamily properties including the review of all disbursements, accounts receivable, and general ledger data and the preparation of reconciliations and other analysis as needed. The Staff Accountant will work closely with Magnolia’s property management brand, STYL Residential, to ensure accurate and timely financial reporting. The successful candidate must be a self-starter, organized, trustworthy, reliable, punctual, detail-oriented, and personable.

This position is based out of Magnolia Capital's HQ in Chicago, IL.

Essential job functions

• Oversee and review monthly, quarterly, and yearly information from related-party property management accounting
• Compare financial results to budget and draft variance explanations
• Review property level payables and receivables; inquire of property management team about unusual activity or past due balances
• Review and maintain property fixed asset records, including GAAP and tax depreciation
• Enter/import property level financials into corporate accounting system
• Assist the Controller and asset management team in managing capital for renovations
• Research relevant accounting issues and document findings/conclusions
• Reconcile all parent company cash, investment, and equity accounts
• Calculate and initiate payment for asset management and acquisition fees
• Assist in development and implementation of accounting policies and procedures
• Perform monthly, quarterly, and year-end closings of general ledger in accordance with GAAP
• Perform other duties as assigned

Education and Experience

• Bachelor's Degree required in Accounting
• 1-2 years of experience in accounting
• CPA strongly preferred
• Previous experience with institutional real estate accounting
• Strong working knowledge of GAAP
• Excellence time management skills
• Strict attention to detail
• High degree of confidentiality required
• Strong written and verbal communication skills
• Proficient with Excel and other Microsoft Office Suite products
• Ability to collaborate and work in a team environment
• Ability to meet stringent deadlines in a fast paced, results-oriented environment

Base Salary Range

The expected base salary range for this position is $65,000- $70,000.The actual salary offered may differ based on several factors, such as location and experience. Additionally, this role is eligible for discretionary bonuses annual.

What We Offer

Magnolia Capital offers competitive compensation, bonus opportunities, and ambitious growth plans. Our robust package includes: medical/dental/vision/life insurance, 401(k) plan, flexible time off, hybrid schedule, business casual dress code, volunteer days, and more!

Promoting our associates’ career growth and providing opportunities for advancement is a cornerstone value of our company. Our startup culture will allow for the best and brightest talent to excel in an entrepreneurial setting, while our institutional funding and experience will offer the ability to execute an ambitious growth plan for the company.

Magnolia Capital is an equal opportunity employer. Magnolia Capital prohibits discrimination and harassment of any type and affords equal employment opportunities to employees and applicants without regard to race, color, religion, sex, national origin, age, disability or genetic information.