Vaco
Job title:
Development Accounting Analyst
Company
Vaco
Job description
About the Company
Our client is a leader in the real estate industry. They are looking for a Development Accounting Analyst to join their team!Why Work Here
- Top GTA/Canadian employer
- Team-focused, cohesive, collaborative environment
- Opportunities to learn and be promoted within the organization, succession planning is always top of mind
About the Opportunity
- Setup new pre-construction and construction projects jobs in Yardi in compliance with Delegated Authorities and Development Procedures.
- Joint Venture Projects: managing on behalf of Partners and Third-Party managing:
- Provide support with setting up new joint ventures projects templates, including mapping into accounts and including the construction cost categories, preparing accounting profit and loss analysis and balance sheet reports, documenting of variance analysis by applying critical thinking on identifying the root reason of variance and identifying the required corrections. Additionally prepare the funding & construction loan draw, financial & construction reporting, draw & equity reconciliation in compliance with protocols and ensure the compliance with agreements by coordinating with various parties including Co-owners, Partners, Development Executive, Project Management, Head Office Finance & Treasury, Property, Lawyers.
- Responsible for monthly mapping process of new third-party managed projects into the construction account and create Journal Entries for further approval & posting. Conduct monthly audits and identify any data discrepancies with posted accounting records.
- Review monthly report submitted by third-party: work in progress construction account, budget & actual variances, bank reconciliation, owners’ equity and follow up with third-party manager to rectify the discrepancies. Communicate issues and resolutions with interested stakeholders to ensure alignment for financial reporting and compliance with accounting policies.
- Responsible for the review and approval of monthly development construction draws request and co-owner cash call request by ensuring compliance with loan draws & cash call procedures and internal controls. Coordinate with Tax, Treasury and Finance to execute the cash calls. Coordinate with the third-party manager for any discrepancy, rectify them and communicate with Development Executive to fully approve construction draws request.
- Produce Monthly and Quarterly Reports for partners.
- Provide supporting documentation and share information with Properties, Finance, Tax, Valuation teams.
- Assist the Manager with the preparation of year-end tax and statutory financial statements and related notes to the financial statements.
- Responsible to Review, Approve (or Reject) and Post development project invoices in Yardi by ensuring compliance with tax requirements, correct coding, contract and budget variance review, prepare construction draw and related supporting documentation and reconciliation of project draw, job costing and ledger.
- Ensure project bank account has sufficient funds for emergencies and rush payment request by coordinating with various teams.
- Review monthly job costing for appropriate accruals are posted (including TI installments) relating to development project and monitor Ledger & Job Costing posted with Development approval. Communicate with stakeholders in Development and Property to rectify any discrepancies.
- Monthly and Quarterly review of budget variances, cash flow forecasting in Yardi and coordinate with the Development Team to ensure compliance with budget revisions procedures. Process Budget revision in Yardi.
- Provide support for closing the final project proforma cost and profit return and reconciling accounting records for the completed development project and liaise with various stakeholders.
- Produce quarterly reports on project recoverables; Prepare monthly reconciliation and follow up with Development Property Accounting, Finance teams regarding any discrepancies and status of recoverable from tenants and operations.
- Other ad-hoc support for Development Accounting Team and Development Department.
- Overall support the Finance initiatives.
About You
- CPA designation preferred
- 2+ years working experience in accounting with a minimum of 2 years of direct real estate mixed-use development, property management and construction industry exposure
- Very good understanding of financial analysis, NPV, IRR, cash flows and profit return analysis related to real estate development & redevelopment projects
- Working experience with the IFRS and financial reporting
- Working experience in communicating with all cross-functional organization teams
- Working experience with project/s in a joint ventures business environment
- Excellent proficiency in advanced Excel required (this includes, but is not limited to, H-lookup, V-lookup, macros, pivot tables); excellent proficiency in Yardi Voyager an asset
Salary Range
$80,000 – $90,000/yearHow to Apply
Click the “Apply Now” button and follow the instructions to submit your resume. Please know that we only accept documents in MS Word or Rich Text formats.
When referencing this job, quote #424937.You must currently reside within the Greater Toronto Area and be permitted to work in Canada to be considered for this opportunity. A recruiter will be in touch with you if your profile meets our client’s requirements for this role
Expected salary
$80000 – 90000 per year
Location
Toronto, ON
Job date
Sat, 28 Sep 2024 01:12:13 GMT
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