Senior Accountant, Real Estate
Arkfield Group is a vertically integrated real estate group that acquires, develops, constructs and manages commercial and residential real estate projects in Toronto. We are a quickly growing team looking for someone who will help us in the day-to-day accounting and financial reporting of the group.
Individuals with an entrepreneurial drive who want to help shape the future of our quickly expanding Arkfield team are highly encouraged to apply. The Senior Accountant will be involved with all aspects of accounting for the assigned projects including accounting of operations, reconciliations, internal reporting and year-end audits, among other responsibilities.
As a Senior Accountant, you will be responsible for:
Banking
- Reconcile bank accounts periodically for the companies from the assigned portfolio of projects.
- Upon bank reconciliation identify and resolve the discrepancies. Ensure that every cash transaction has proper supporting documentation.
Accounts Receivable
- Review and verify that the tenants are regularly billed in accordance with the signed leases and other agreements.
- Record Cash deposit in accounting system
- Review the Accounts Receivable reports received from the property managers. Investigate the reason for the rental arrears, suggest actions to improve the rent collection.
Accounts Payable:
- Review and code the invoices received from the vendors in accordance with the company policies.
- Responds to the vendors’ and internal requests regarding the amounts owed to vendors as per singed contracts / received invoices. Investigate and resolve any discrepancies.
- Produce short-term cash flow forecast outlining the amounts owed and cash available with the sources of the future cash receipts to cover the shortfalls.
- Prepare cheques to pay the invoices approved for payment
Loans
- Review the terms of Loan Commitment Letters and Loan closing documents to set up Loan accounts and periodic loan payments in accounting system
- Prepare analysis and reports requested by lender or company’s management required for Loan review or refinancing.
- Provide the information required to prepare the bank draws.
Equity accounts
- Setup Partners’ equity accounts as per signed Subscription Agreements / Units’ transfers
- Record Partners’ capital contributions / distributions in accounting system and reconcile them to the source documents and sent Capital Calls / Distribution Worksheets
- Calculate and record income (loss) allocation at the end of the year
- Reconcile Partner’s equity account balances for the year-end Partnership returns
Intercompany transactions
- Check and reconcile intercompany accounts balances as of the end of the reporting period. Investigate the differences, prepare and post missing accounting records.
- Issue and record the invoices to support the intercompany transactions
Financial Reporting
- Prepare and provide the internal periodic financial reports upon management request
- Prepare and post period-end closing entries
- Provide the draft Financial Reports and supporting documentation as per auditors' requests
- Verify the Draft Financial Statements prepared by the auditors, post necessary adjustments
Tax Filings
- Provide external tax accountants with the periodic accounting records required for tax filings (HST returns, Partnership returns, Corporate Tax returns)
- Verify and approve the draft tax returns prepared by external accountants for filing.
- Assist with CRA audits
- Organize the annual tax slips for distribution.
Commercial / Residential Leases
- Check the documents received from the property managers to ensure that the tenancy is in full compliance with the lease terms and current legislation.
- Upon request review or prepare CAM and Tax reconciliation regarding the tenant’s lease.
Real Estate Transactions
- Review and reconcile property acquisitions / dispositions to the closing documents
- Reconcile lawyer’s trust ledger to the source documents and record the transactions in accounting
Organizational Structures
- Analyze and understand complex organizational structures of real estate projects.
- Understand and follow the provisions of the Partnership Agreements regarding capital calls, distributions, units transfer and income (loss) allocations.
Requirements:
- 5+ years of experience in accounting/finance.
- Accounting designation (CPA or equivalent).
- Previous experience in Real Estate Development, Construction or Property Management is a strong asset.
- Post-secondary education in Accounting, Finance, Commerce, Business Administration or Economics.
- Experience working with QuickBooks and Microsoft Excel, Yardi knowledge would be an asset.
- Entrepreneurial drive and ability to work independently.
