A property accountant’s job entails tracking all cash activity for a property and collaborating with property managers to account for tenant payments accurately. This type of accountant is also trusted to keep track of all tenant refunds, such as security deposits that may be due after a tenant vacates the property. A property accountant must also review and keep track of a property’s cash position and all banking activity for an assigned property every day. Other responsibilities for this position include keeping detailed records of all maintenance costs and invoices, preparing monthly accounting and budgeting reports, and preparing audit packages for an auditor to use at the end of the property management company’s fiscal year.
A property accountant must also be aware of when a property’s property taxes, insurance payments, and other fees are due. This data must be kept in a legible format, and the accountant is in charge of ensuring that these payments are made on time to avoid additional fees or penalties. The accountant’s job also entails providing regular reports to a property’s owners, detailing when such payments are due and keeping track of receipts once payments have been made.
A property accountant may be assigned to work closely with a property’s outside investors in addition to working with property managers, owners, auditors, and tenants. An accountant may be hired to respond to investor questions and concerns about finances, as well as to provide detailed reports on a property’s overall performance. This type of accountant may also be asked to present financial reports at meetings on occasion. A good property accountant must have strong written and verbal communication skills, as well as the ability to work well with others, in order to effectively perform accounting tasks.
Most companies looking to hire a property accountant require applicants to have a bachelor’s degree in accounting and prior experience with general accounting procedures. In some cases, a company may also require candidates to have prior real estate work experience. A property accountant should be familiar with property management accounting software and spreadsheets, as both are likely to be used in the accountant’s daily tasks.