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Accounting Manager

Accounting Manager

Job ID 
2017-1226
# of Openings 
1
Job Locations 
US-MA-Boston
Posted Date 
12/11/2017
Category 
Accounting - Value Add

More information about this job

Overview

Colony NorthStar, Inc. is a global real estate investment manager with over $56 billion in assets under management, 17 global locations and over 500+ employee’s worldwide, owning and managing numerous real estate verticals including approximately 40 million square feet of light industrial space throughout the contiguous US (“Colony Industrial”). Colony Industrial’s asset management platform is based in Dallas, TX currently comprised of over 30 real estate professionals and is supported by a property accounting team based in Boston, MA and outsourced accounting professionals based offshore in India.

 

Opportunity
Colony Industrial desires to add a qualified professional as Manager to supervise and manage the property accounting and related reporting operations conducted by the Boston, MA team under the leadership of the management team of the Colony Industrial based in Dallas, TX and the guidance of the Colony NorthStar fund accounting team based in Los Angeles, CA. This position reports to the Assistant Controller of Colony Industrial in Boston.

Responsibilities

Accounting and Financial Reporting

  • Oversee and supervise scheduled property accounting tasks for Colony Industrial, including the review of the daily work flow of the property accounting staff, routine and non-routine assignments, and the monthly financial statement close process.
  • Manage the general ledger processes and related system functions.
  • Supervise the preparation and review of the monthly and quarterly internal and external reports and provide feedback to the Assistant Controller. Ensure that property reporting packages are compliant with GAAP, Sarbanes-Oxley, and additional prescribed policies and procedures.
  • Monitor third party property management teams’ reporting and workflow processes to ensure compliance with company guidelines and related procedures. 
  • Prepare financial and analytical reports, designing new custom financial analytic models and system reports to improve efficiencies.
  • Manage the bank statement reconciliation process, including the banks’ system interfaces, and the process participants’ deliverables; monitor cash concentration balances to ensure proper funding of future expenditures. 
  • Manage the fixed assets and job cost modules; supervise process participants to ensure proper general ledger account classification ; review related depreciation and amortization calculations and reconciliations; monitor the proper recording and timing of the recognition of building improvements, construction in progress, disposals, and lease capital expenses.
  • Approve the system straight-line rent calculations; ensure proper accounting treatment in areas relating to rent commencement, early terminations, lease renewals, space expansions and contractions, and leases with future termination options.
  • Ensure the onboarding of new leases and modifications is completed accurately, properly documented, and reviewed and approved accordingly; ensure there are no charge gaps within the lease period; validate the common area maintenance module set-up upon lease activation; troubleshoot issues.
  • Monitor the property management fee calculation function to ensure system inputs are complete and accurate. 
  • Manage the property tax payment processes:
    • Monitor modifications relating to acquisitions and dispositions and update internal schedules accordingly.
    • Monitor property tax escrow accounts to ensure payments are made timely, escrow accounts are reconciled to the general ledger, and all related transactions are property documented;
    • Monitor property tax abatements in process and pending to ensure payment obligations are accurately reflected in the general ledger and accounts payable systems.
  • Manage the quarterly and annual financial audits; oversee process participants to ensure deliverables are complete, accurate, and delivered timely.
  • Manage the budget and reforecast process and scheduling.
  • Assist with REIT compliance efforts.
  • Review support in connection with the preparation of state, federal, and sales tax returns.
  • Validate new entity and property setups, including the review all required attributes.
  • Coordinate and conduct training of both Boston and Dallas teams’ process participants in the areas applicable to their respective roles within established accounting and system workflows that fall under the Manager’s control, including relevant approved accounting policies and procedures, tenant billings, accounts receivable monitoring, accounts payable processing, annual budget preparation, and cash forecasting.
  • Develop and implement process improvements on an ongoing basis.

Monthly Close

  • Review journal entries (e.g., sales, reclasses, fixed assets), supporting schedules, account reconciliations, property consolidations, and budget variance reporting.
  • Review property level monthly workbook and supporting analyses.

Quarterly Close

  • Review Portfolio Operations budget variance reports and analyze identified exceptions.
  • Initiate the accounting for acquisitions and dispositions; review acquisitions and dispositions summaries, acquisition cost roll forward schedules, and real estate roll forward schedules; review final purchase price allocations and intangibles amortization to ensure their proper recording; review pending dispositions and evaluate for held for sale reclassification.
  • Monitor actual capital expenditures for compliance with approved plans; correspond with management on recoverable capital expenditures.
  • Review allowance for doubtful accounts; liaise with property managers to assess collectability and discuss reserve adjustments.
  • Offshore Team
  • Liaise with the offshore team; coordinate scheduled deliverables to ensure completion and Boston review on a timely basis; lead conference calls with team supervisor; discuss issues with Director of Global Client Services, when applicable.
  • Coordinate the preparation and review of components and supporting analyses to the Colony Industrial segment of public company financials.
  • Monitor workflows and related interfaces among the Boston, Dallas and offshore teams to ensure processes continue seamlessly and deliverables are timely, complete, accurate, reviewed, and approved.

Financing

  • Manage the loan payment process to ensure payments are timely; ensure the proper recording of refinancings, review amortization schedules and interest expense accounts (expense, prepaid and accrued.). 
  • Manage the production of debt compliance materials and lender financial reporting to ensure they are complete, accurate, and delivered timely.

Forecasting

  • Manage the annual roll-up of property budgets to ensure their timely review and completion.
  • Assist in the preparation of GAAP and cash flow based budgets that are responsive to day-to-day and long-term needs.

Miscellaneous

  • Participate in annual performance evaluation process for staff members,
  • Participate in interviewing candidates for new hires.
  • Respond to various ad hoc requests.

Qualifications

  • Experience as an accounting manager within the real estate industry preferred
  • Bachelor's degree in finance or accounting required
  • Minimum of 5+ years of relevant real estate accounting experience
  • Must be proficient in Yardi (Version 7s) 
  • Experience with REIT, SEC, Sarbanes-Oxley, fund reporting desired
  • Must have proven ability to initiate and complete work independently
  • Must have excellent communication, analytical and project management skills and effectively communicate with staff, supervisor, and all levels among all departments.
  • Must be systems and detail oriented with the ability to stay focused in a multi-task environment