Top 12 Real Estate Accountant Skills to Put on Your Resume

In the competitive field of real estate, having a keen understanding of both accounting principles and industry-specific financial nuances can set you apart. Showcasing a well-rounded set of real estate accountant skills on your resume is crucial for demonstrating your expertise and securing your place in this dynamic sector.

Real Estate Accountant Skills

1. QuickBooks
2. Excel
3. Yardi
4. MRI Software
5. SAP
6. Argus
7. Bookkeeping
8. Forecasting
9. Taxation
10. Compliance
11. Analysis
12. Reconciliation

1. QuickBooks

QuickBooks is an accounting software designed to manage financial transactions, including invoicing, expense tracking, and financial reporting, tailored to assist real estate accountants in managing property-related finances efficiently.

Why It's Important

QuickBooks is important for a Real Estate Accountant as it streamlines financial management and reporting, automates key transactions like rent and vendor payments, and provides accurate, real-time property and portfolio analysis, enhancing decision-making and compliance.

How to Improve QuickBooks Skills

Improving QuickBooks for a Real Estate Accountant involves customization and integration to cater to the unique needs of real estate accounting, focusing on automation, real estate-specific reporting, and transaction management. Here are concise strategies:

1. Customize Chart of Accounts: Tailor your chart of accounts specifically for real estate operations. This customization allows for more accurate tracking of income, expenses, and investment performance. Intuit’s guide provides a step-by-step approach.

2. Use Classes and Locations: Leverage QuickBooks’ classes and location tracking to separate properties, units, or projects. This enables more granular reporting and performance tracking. QuickBooks’ class tracking feature can be helpful.

3. Integrate Property Management Software: Connect QuickBooks with real estate-specific software like AppFolio or Propertyware for automated rent tracking, tenant communication, and maintenance requests handling. Zapier offers integration solutions.

4. Automate Expense Tracking: Utilize apps like Receipt Bank or Expensify to automate the tracking and categorization of expenses, saving time and reducing errors. These can be integrated directly into QuickBooks. QuickBooks Apps provides options.

5. Implement Project Tracking: Use QuickBooks’ Projects feature to manage individual real estate projects, tracking their profitability and costs all in one place. QuickBooks’ project tracking guide outlines how to use this feature effectively.

6. Regularly Reconcile Transactions: Ensure all transactions are accurately recorded by regularly reconciling bank and credit accounts within QuickBooks. This helps maintain accurate financial records. QuickBooks’ reconciliation guide offers detailed instructions.

7. Leverage QuickBooks Reports: Generate real estate-specific reports such as profit and loss by property, cash flow statements, and balance sheets. Customizing these reports can provide insights specific to real estate accounting needs. QuickBooks’ custom reports feature can be useful.

By implementing these strategies, a Real Estate Accountant can significantly enhance the functionality and efficiency of QuickBooks for their specific needs.

How to Display QuickBooks Skills on Your Resume

2. Excel

Excel is a spreadsheet software used for organizing, analyzing, and storing data, essential for a Real Estate Accountant for tasks like financial analysis, budgeting, forecasting, and transaction tracking.

Why It's Important

Excel is essential for a Real Estate Accountant because it efficiently manages and analyzes large volumes of financial data, facilitates budgeting and forecasting, and supports the calculation of complex real estate metrics, enhancing decision-making accuracy and efficiency.

How to Improve Excel Skills

Improving your Excel skills as a Real Estate Accountant involves mastering formulas, pivot tables, and data visualization techniques tailored to real estate financial analysis. Here’s a concise guide:

1. Master Key Formulas: Learn financial functions (e.g., PMT, NPV, IRR) crucial for real estate analysis. Excel Functions.

2. Pivot Tables: Utilize pivot tables for summarizing vast transaction data, comparing properties, or analyzing rents. Pivot Table Tutorial.

3. Data Visualization: Develop skills in creating charts and dashboards for visual presentations of financial forecasts and property performance. Excel Charts.

4. Advanced Excel Features: Learn advanced features like Data Tables, Conditional Formatting, and Macros to automate repetitive tasks and highlight key data. Advanced Excel.

5. Power Query and Power Pivot: Use Power Query for data manipulation and Power Pivot for complex data models and analysis. Power Query.

6. Continuous Learning: Excel is constantly updating. Stay informed about new features and best practices through forums, webinars, and courses. Microsoft Learn.

7. Practice with Real Estate Specific Data: Apply your skills on datasets specific to real estate accounting to solve real-world problems. Real Estate Financial Modeling.

By focusing on these areas, you can significantly enhance your Excel proficiency, making your analysis more efficient and insightful in the real estate sector.

How to Display Excel Skills on Your Resume

3. Yardi

Yardi is a comprehensive property management software widely used by real estate accountants for financial reporting, accounting, lease management, and operational tasks related to residential, commercial, and real estate investment properties.

Why It's Important

Yardi is important for a Real Estate Accountant because it provides a comprehensive, integrated platform for managing financial data, operations, and portfolio performance in real estate, enhancing accuracy and efficiency in accounting and financial reporting.

How to Improve Yardi Skills

Improving your proficiency with Yardi as a Real Estate Accountant involves a few key steps focused on training, customization, and utilization of advanced features. Here’s a concise guide:

1. Training and Certification: Enroll in Yardi's official training programs and seek certification to deepen your understanding of its functionalities. Yardi offers a range of eLearning courses tailored to various roles and skill levels.

2. Customization: Customize your Yardi dashboard and reports to suit your specific real estate accounting needs. Utilize Yardi’s Client Central for resources on customization options.

3. Automate Processes: Leverage Yardi’s automation features for repetitive tasks like rent collections, lease management, and financial reporting to increase efficiency.

4. Integrate Advanced Modules: Explore and integrate Yardi’s advanced modules like Yardi Voyager, Yardi Genesis2, or specialized platforms such as Yardi Investment Management depending on your firm's requirements.

5. Stay Updated: Regularly update your Yardi system and stay informed about new features or modules by subscribing to Yardi’s newsletters or joining user groups and forums like the Yardi User Group on LinkedIn.

6. Utilize Support and Resources: Make full use of Yardi’s customer support and online resources. Participate in webinars, workshops, and conferences to network with other professionals and share insights.

By focusing on these areas, you can significantly enhance your efficiency and expertise in using Yardi for real estate accounting.

How to Display Yardi Skills on Your Resume

4. MRI Software

MRI Software is a comprehensive real estate and property management software platform that offers accounting, financial management, and reporting tools tailored for real estate accountants to efficiently manage financial transactions, analyze property performance, and streamline operational processes across commercial and residential portfolios.

Why It's Important

MRI Software is important for a Real Estate Accountant because it provides integrated and comprehensive accounting tools tailored for real estate management, enabling efficient tracking of financial transactions, budgeting, and reporting, all in compliance with industry standards.

How to Improve MRI Software Skills

Improving MRI Software for a Real Estate Accountant involves enhancing functionalities that streamline financial reporting, property management, and compliance practices. Here are concise recommendations:

1. Automate Financial Processes: Implement or enhance automation features for recurring transactions, lease calculations, and financial reconciliations to save time and reduce errors. MRI Software Automation

2. Integrate with Accounting Software: Ensure seamless integration with popular accounting software like QuickBooks or Xero for efficient data transfer and consolidated financial reporting. MRI Software Integrations

3. Enhance Reporting Capabilities: Improve or expand the reporting module to include customizable, real-time reporting options that can cater to specific accounting needs or compliance standards. MRI Software Reporting

4. Improve User Interface (UI): Revamp the user interface for more intuitive navigation and efficient workflow, particularly focusing on the needs of real estate accountants for quick access to essential features. MRI Software Solutions

5. Strengthen Security Features: Ensure the software includes robust security measures to protect sensitive financial data, including multi-factor authentication and advanced encryption. MRI Software Security

6. Offer Comprehensive Training and Support: Provide detailed training materials and responsive customer support specifically tailored to real estate accounting practices to help users maximize the software’s utility. MRI Software Learning

Implementing these improvements can significantly enhance the efficiency and effectiveness of MRI Software for real estate accountants, streamlining their daily tasks and providing more value to their organizations.

How to Display MRI Software Skills on Your Resume

5. SAP

SAP is an enterprise resource planning (ERP) software used by businesses, including real estate firms, for integrating and managing financial, accounting, and operational data to streamline processes, improve reporting accuracy, and support decision-making.

Why It's Important

SAP is crucial for a Real Estate Accountant because it streamlines financial processes, enhances accuracy in financial reporting, and provides real-time data for better decision-making regarding property management and investment strategies.

How to Improve SAP Skills

Improving SAP for a Real Estate Accountant involves enhancing the efficiency, accuracy, and functionality of the SAP system. Here are concise steps with relevant external resources:

1. Customize and Optimize Reports: Tailor SAP financial reporting tools to meet specific real estate accounting needs. Utilize SAP Real Estate Management for better property portfolio management.

2. Integration with Other Systems: Ensure seamless data flow between SAP and other real estate tools for improved accuracy and time-saving. Explore SAP's Integration Suite for connecting different systems.

3. Automate Processes: Automate repetitive tasks like rent adjustments, lease management, and invoicing using SAP's automation capabilities. Visit SAP Intelligent Robotic Process Automation for insights on automation.

4. Use SAP Fiori for Mobile Access: Implement SAP Fiori for easy mobile access to SAP, enhancing flexibility and decision-making on the go. Learn more about SAP Fiori.

5. Training and Continuous Learning: Engage in SAP training specifically designed for real estate functionalities to improve skills and system utilization. SAP offers Training and Certification tailored to various roles and industries.

6. Implement Best Practices for Data Management: Ensure data integrity and security by following SAP's best practices for data management. The SAP Data Management Suite provides comprehensive tools and guidelines.

7. Regular System Evaluation: Periodically review the SAP system’s performance and user feedback to identify areas for improvement. SAP's Value Lifecycle Manager can help assess your system's performance and recommend improvements.

By focusing on these areas, a Real Estate Accountant can significantly enhance the functionality and efficiency of their SAP system, leading to more accurate and timely financial management within the real estate sector.

How to Display SAP Skills on Your Resume

6. Argus

Argus is a software used by real estate professionals, including accountants, for commercial real estate financial analysis, forecasting, management, and valuation, helping in creating financial projections and assessing investment property cash flows.

Why It's Important

Argus is important for a Real Estate Accountant because it provides industry-standard software for financial analysis and projection, enabling accurate valuation, forecasting, and management of real estate investments and portfolios.

How to Improve Argus Skills

Improving your skills as a Real Estate Accountant utilizing Argus can significantly enhance your efficiency and accuracy in financial modeling. Here are concise steps to do so:

1. Understand the Basics: Start with a strong foundation in the basics of Argus. Use Argus's official training resources for initial learning.

2. Practice Regularly: Apply your knowledge on real data. Regular practice helps in understanding complex scenarios better.

3. Stay Updated: Real estate and software updates happen frequently. Keep yourself updated through Argus Software Updates.

4. Networking and Forums: Join forums like CREModels or LinkedIn groups specific to Argus users. Sharing knowledge and solving problems together can be very enlightening.

5. Advanced Training: Consider advanced training courses or certifications to deepen your expertise. Check out Argus Certification Courses for more.

6. Implement Best Practices: Learn and implement industry best practices in your Argus modeling to enhance accuracy and efficiency. Networking and continuous learning are key.

7. Use Supporting Tools: Familiarize yourself with Excel and other financial tools that can complement your work in Argus for data analysis and presentation.

By following these steps and continuously seeking out new learning opportunities, you can significantly improve your proficiency in Argus as a Real Estate Accountant.

How to Display Argus Skills on Your Resume

7. Bookkeeping

Bookkeeping, in the context of a Real Estate Accountant, entails systematically recording and organizing all financial transactions related to real estate activities, including income, expenses, investments, and property management, to ensure accurate financial reporting and compliance with legal requirements.

Why It's Important

Bookkeeping is crucial for a Real Estate Accountant as it ensures accurate financial tracking and reporting, enabling informed decision-making, compliance with laws and regulations, and effective management of properties and investments.

How to Improve Bookkeeping Skills

Improving bookkeeping, especially for a Real Estate Accountant, involves streamlining processes, leveraging technology, and ensuring accuracy and compliance. Here’s a concise guide:

1. Automate and Use Software: Implement real estate-specific accounting software to automate repetitive tasks, reduce errors, and improve efficiency.
2. Regular Reconciliation: Ensure all transactions are regularly reconciled with bank statements to maintain accuracy. Tools like QuickBooks are pivotal for this.
3. Maintain Separate Accounts: Keep personal and business finances separate to simplify bookkeeping and tax preparation. Learn more about the importance of this from the American Institute of CPAs (AICPA).
4. Stay Compliant: Understand and comply with industry regulations, including those related to real estate accounting, to avoid penalties. Resources like the National Association of REALTORS® can provide valuable information.
5. Continuous Education: Stay updated with the latest in real estate accounting practices and regulations by engaging in continuous learning and professional development through platforms such as Coursera or Udemy.

By focusing on these areas, a Real Estate Accountant can significantly improve their bookkeeping practices, leading to more efficient and accurate financial management.

How to Display Bookkeeping Skills on Your Resume

8. Forecasting

Forecasting in the context of a Real Estate Accountant involves predicting future financial outcomes, such as revenues, expenses, and cash flow, based on historical data, market trends, and current property performance to support financial planning and investment decisions.

Why It's Important

Forecasting is crucial for a Real Estate Accountant as it aids in predicting financial trends, guiding investment decisions, optimizing asset management, and ensuring adequate cash flow for operations and development projects, ultimately enhancing profitability and minimizing risks.

How to Improve Forecasting Skills

Improving forecasting, especially for a Real Estate Accountant, involves a blend of accurate data collection, market analysis, and the use of advanced tools. Here's a concise guide:

1. Leverage Historical Data: Analyze past financial performance and market trends to predict future outcomes more accurately. Tools like Excel or Google Sheets can be pivotal for managing and analyzing historical data.

2. Utilize Forecasting Software: Adopt specialized real estate forecasting software like Argus or CoStar, which can provide detailed market analysis and projections.

3. Market Analysis: Stay updated with real estate market trends and economic indicators. Websites like Zillow Research or Real Capital Analytics provide insightful market data and analyses.

4. Scenario Analysis: Prepare for various outcomes by creating multiple forecast scenarios. This approach can help account for market volatility and unexpected changes.

5. Continuous Learning: The real estate market is ever-evolving. Engage in continuous learning through platforms like Udemy or Coursera for courses on real estate market analysis and forecasting techniques.

6. Collaborate and Network: Join real estate forums or networks such as BiggerPockets to exchange insights and learn from experienced professionals.

By integrating these strategies, a Real Estate Accountant can significantly enhance forecasting accuracy and make more informed financial decisions.

How to Display Forecasting Skills on Your Resume

9. Taxation

Taxation, in the context of a Real Estate Accountant, refers to the process of assessing and collecting taxes on property ownership, transactions, and income generated from real estate investments, ensuring compliance with relevant laws and regulations.

Why It's Important

Taxation is crucial for a Real Estate Accountant because it ensures compliance with legal obligations, optimizes financial performance through tax planning and strategies, and contributes to public revenue that supports infrastructure and services beneficial to the real estate market.

How to Improve Taxation Skills

Improving taxation, especially from a Real Estate Accountant perspective, involves a few key strategies aimed at maximizing tax efficiency and compliance:

1. Stay Informed: Keep abreast of the latest tax laws and regulations that affect real estate. The IRS Real Estate Tax Center is a valuable resource.

2. Accurate Record-Keeping: Maintain meticulous records of all transactions, expenses, and incomes. This practice not only simplifies tax filing but also optimizes deductions. Software like QuickBooks can be instrumental.

3. Leverage Depreciation: Take full advantage of depreciation deductions on real estate properties, which can significantly reduce taxable income. The IRS Guide on Depreciation provides comprehensive details.

4. Understand Deductions: Maximize tax deductions specific to real estate, such as mortgage interest, property taxes, and operating expenses. The National Association of REALTORS® offers insights and updates on deductions.

5. Seek Professional Advice: Consult with a tax professional or advisor who specializes in real estate to ensure compliance and optimization of tax benefits. The American Institute of Certified Public Accountants can help locate a specialist.

6. Utilize Technology: Implement tax software tailored for real estate to streamline the tax preparation process and uncover potential savings. TurboTax offers solutions that can be tailored to real estate needs.

Implementing these strategies can lead to substantial improvements in handling taxation for real estate accountants.

How to Display Taxation Skills on Your Resume

10. Compliance

Compliance, in the context of a Real Estate Accountant, refers to the adherence to laws, regulations, guidelines, and specifications relevant to the real estate industry and accounting practices.

Why It's Important

Compliance is crucial for a Real Estate Accountant to ensure adherence to legal and regulatory requirements, safeguard against financial risks and penalties, and maintain the integrity and trustworthiness of financial reporting within the real estate industry.

How to Improve Compliance Skills

To improve compliance as a Real Estate Accountant, follow these concise steps:

1. Stay Updated: Keep abreast of new regulations and standards in real estate accounting and taxation by regularly visiting official government and industry websites.

2. Implement Robust Software: Use industry-specific accounting software that is updated with the latest compliance requirements and automates compliance checks.

3. Continuing Education: Enroll in continuing professional education (CPE) courses focused on real estate accounting to stay competent and compliant.

4. Internal Audits: Regularly conduct internal audits to ensure adherence to laws, regulations, and internal policies.

5. Consult Experts: When in doubt, consult with legal and tax experts who specialize in real estate to navigate complex compliance issues.

By diligently following these steps, you can significantly enhance compliance in your role as a Real Estate Accountant.

How to Display Compliance Skills on Your Resume

11. Analysis

Analysis, in the context of a Real Estate Accountant, involves the examination and interpretation of financial data related to real estate investments, such as income, expenses, cash flows, and market trends, to support decision-making, optimize financial performance, and ensure compliance with accounting standards and regulations.

Why It's Important

Analysis is crucial for a Real Estate Accountant as it enables accurate financial assessment, enhances investment decision-making, ensures compliance with regulations, and identifies opportunities for cost savings and value maximization in property portfolios.

How to Improve Analysis Skills

Improving analysis skills, especially for a Real Estate Accountant, involves enhancing both technical and critical thinking abilities. Here's a concise guide:

1. Strengthen Financial Acumen: Deepen your understanding of real estate financial principles, focusing on areas like real estate finance, investment strategies, and market analysis. The Urban Land Institute offers resources and courses that can be beneficial.

2. Learn Advanced Excel and Data Analysis Tools: Proficiency in Excel is crucial for financial modeling and analysis. Consider courses on platforms like Udemy or Coursera that specialize in real estate financial modeling.

3. Stay Updated with Market Trends: Keeping abreast of the latest real estate market trends and forecasts helps in making informed analysis. Regularly read industry reports from CBRE, JLL, or Knight Frank.

4. Adopt Analytical Software: Learn to use real estate-specific analytical software like ARGUS Enterprise or CoStar. These tools provide in-depth analysis capabilities for real estate professionals. Training resources are available directly through ARGUS and CoStar.

5. Critical Thinking and Decision Making: Enhance your critical thinking skills by engaging in forums, discussions, and case studies related to real estate decisions. The Real Estate Financial Modeling website is a good place to find case studies and examples.

6. Networking and Professional Development: Join professional networks such as the American Institute of Certified Public Accountants (AICPA) or the Urban Land Institute for access to workshops, seminars, and networking opportunities with other real estate professionals.

By focusing on these areas, a Real Estate Accountant can significantly improve their analysis skills, contributing to more informed decision-making and strategic planning.

How to Display Analysis Skills on Your Resume

12. Reconciliation

Reconciliation, in the context of a Real Estate Accountant, is the process of comparing and matching the account balances from real estate transactions, rent rolls, and bank statements to ensure accuracy and consistency in financial records.

Why It's Important

Reconciliation is crucial for a Real Estate Accountant because it ensures accuracy in financial records by verifying transactions and balances, enabling the detection and correction of errors, and providing a true reflection of a company's financial health, which is essential for informed decision-making and compliance with regulations.

How to Improve Reconciliation Skills

To improve reconciliation as a Real Estate Accountant, follow these concise steps:

1. Automate Processes: Utilize accounting software like QuickBooks or Xero to automate the reconciliation process, reducing manual errors and saving time.

2. Regular Reconciliation: Schedule weekly or monthly reconciliation to stay on top of discrepancies and manage cash flow effectively. This consistent check ensures early detection of errors or fraud.

3. Standardize Procedures: Develop and adhere to standardized reconciliation procedures for all accounts, ensuring consistency and accuracy in your process. Document these procedures for training and reference.

4. Use Bank Feeds: Connect your accounting software directly to your bank feeds. This real-time access to transactions simplifies the reconciliation process and improves accuracy. Both QuickBooks and Xero offer bank feed options.

5. Reconcile All Accounts: Beyond just bank accounts, ensure you reconcile credit cards, loans, and escrow accounts to maintain a comprehensive financial overview.

6. Educate Yourself: Continuously educate yourself on the latest tools and best practices in accounting reconciliation. Websites like the American Institute of CPAs (AICPA) offer resources and courses for accountants.

7. Review and Verify: Always review and verify each transaction during reconciliation for accuracy. Double-check the details against bank statements and receipts.

8. Leverage Cloud Storage: Use cloud storage solutions to keep digital copies of receipts and bank statements, facilitating easy access and verification during reconciliation. Services like Google Drive or Dropbox can be used for storage.

Implementing these steps will lead to a more efficient, accurate, and streamlined reconciliation process in real estate accounting.

How to Display Reconciliation Skills on Your Resume