What does a Property Accountant do?
Learn all about Property Accountant duties, skills and much more. Get expert advice on how to become a Property Accountant.
Published 4 min read
A property accountant is responsible for maintaining financial records for a property or portfolio of properties. This may include preparing and reviewing financial statements, tracking income and expenses, managing accounts receivable and payable, and overseeing budgets. The property accountant may also be responsible for preparing tax returns and ensuring compliance with regulatory requirements.
Property Accountant job duties include:
- Maintain and reconcile all property-level bank accounts.
- Prepare and distribute monthly financial statements for each property.
- Oversee and approve all invoices for payment.
- Maintain accurate records of all income and expenses.
- Calculate monthly property tax payments.
- Coordinate with property managers to ensure rent is collected in a timely manner.
- Prepare year-end financial reports for each property.
- Ensure compliance with all local, state, and federal regulations.
- Handle all aspects of insurance for each property.
Property Accountant Job Requirements
A Property Accountant is responsible for the financial management of a property or portfolio of properties. They prepare and maintain financial records, produce budgets and forecasts, and report on financial performance. A Property Accountant typically has a bachelor's degree in accounting or business administration. Some employers may require certification as a Certified Public Accountant (CPA) or Certified Property Manager (CPM). Property accountants typically have 2-5 years of experience in accounting or finance, with experience in the real estate industry preferred.
Property Accountant Skills
- Analytical skills
- Profit and loss statements
- Balance sheets
- Income tax returns
- Real estate
- Asset management
- Financial analysis
- Cost accounting
- Accounts payable/receivable
How to become a Property Accountant
A property accountant is responsible for the financial management of a property, including rent collection, budgeting, and financial reporting. They work closely with the property manager to ensure that the property is run efficiently and profitably. If you are interested in becoming a property accountant, here are a few things you need to know.
First, you will need to have strong math skills. As a property accountant, you will be responsible for keeping track of income and expenses, preparing financial reports, and creating budgets. You should be comfortable working with numbers and have a good understanding of basic accounting principles.
Second, you need to be organized and detail-oriented. Property accounting can be complex, so it’s important that you are able to keep track of various financial details. You should also be able to effectively communicate with the property manager and other members of the team.
Third, you need to have experience in the real estate industry. While it’s not required that you have experience as a property accountant specifically, it will be helpful if you have worked in a related field such as real estate development or management. This experience will give you a better understanding of the industry and the specific challenges that come with managing a property.
If you have the necessary skills and experience, becoming a property accountant can be a rewarding career choice. You will play an important role in ensuring that a property is run efficiently and profitably, while also providing valuable support to the property manager.
Related: Property Accountant Resume Example