What are the responsibilities and job description for the Development Accountant position at Weston Inc.?
About The Role
The Development Accountant plays a crucial role in overseeing the company's finances, generating financial reports, and managing cash flow for multiple construction projects. Key responsibilities include analyzing, reconciling, and reviewing specific Real Estate Accounting (REA) general ledger accounts, as well as preparing and reviewing the annual budget for Weston’s portfolio. This role also involves preparing and assisting in the review of journal entries, supporting regular management reporting, handling ad hoc reporting requests, and participating in special projects. The Development Accountant collaborates closely with the Development, Legal, Real Estate Operations, Lease Administration, and Property Management teams. This position supports both the Corporate Accounting and Development Accounting departments, ensuring accuracy, compliance, and efficiency in financial reporting and operations.
Duties And Responsibilities
Development Accounting:
This extends to all aspects of employment, including hiring, recruitment, promotion, termination, layoff, recall, leave of absence, compensation, benefits, training, and apprenticeship. Our hiring decisions are based solely on qualifications, merit, and business needs at the time.
The Development Accountant plays a crucial role in overseeing the company's finances, generating financial reports, and managing cash flow for multiple construction projects. Key responsibilities include analyzing, reconciling, and reviewing specific Real Estate Accounting (REA) general ledger accounts, as well as preparing and reviewing the annual budget for Weston’s portfolio. This role also involves preparing and assisting in the review of journal entries, supporting regular management reporting, handling ad hoc reporting requests, and participating in special projects. The Development Accountant collaborates closely with the Development, Legal, Real Estate Operations, Lease Administration, and Property Management teams. This position supports both the Corporate Accounting and Development Accounting departments, ensuring accuracy, compliance, and efficiency in financial reporting and operations.
Duties And Responsibilities
Development Accounting:
- Project and Construction Cost Accounting:
- Perform project and construction cost accounting, including draw preparation, billing, and accounts payable.
- Maintain the construction management system by setting up projects (jobs), budgets, job costs, cost codes, contracts, change orders, purchase orders, and various construction progress reports.
- Invoice and Contract Management:
- Manage the process for proper coding of construction invoices (payment applications) and lien releases for contractor and vendor invoices.
- Maintain contract documents and records of lien releases in appropriate files.
- Process AIA invoices, summarize contract amounts, and submit them for ownership approval.
- Handle both owner and subcontractor change orders.
- Communication and Reporting:
- Communicate effectively with ownership and on-site project management regarding contract documents, change orders, and other contract modifications, approvals, and any additional service-related billing.
- Process monthly reports and journalize properties in MRI.
- Ensure all monthly, quarterly, and annual financial reporting to all stakeholders.
- Prepare and issue monthly financial statements for the managed portfolio.
- Prepare requested management reports.
- Financial Reporting:
- Prepare and analyze monthly, quarterly, and annual financial statements for various departments.
- Ensure accurate and timely submission of financial reports to senior management.
- Collaborate with departmental heads to review financial performance and address variances.
- General Ledger Management:
- Maintain and reconcile general ledger accounts.
- Prepare and post journal entries for month-end and year-end close processes.
- Ensure accuracy and compliance with accounting standards and company policies.
- Budgeting and Forecasting:
- Assist in the preparation of departmental budgets and forecasts.
- Monitor budget performance and provide variance analysis.
- Support department heads in financial planning and budget management.
- Accounts Payable and Receivable:
- Oversee the processing of accounts payable and receivable transactions.
- Ensure timely and accurate invoicing, payment processing, and collections.
- Reconcile accounts and resolve discrepancies.
- Internal Controls and Compliance:
- Implement and maintain effective internal controls to safeguard company assets.
- Ensure compliance with GAAP and other regulatory requirements.
- Support internal and external audits by providing necessary documentation and explanations.
- Special Projects and Ad Hoc Reporting:
- Participate in special projects as assigned by management.
- Prepare ad hoc financial reports and analysis to support decision-making.
- Collaborate with cross-functional teams on initiatives to improve financial processes and systems.
- Assist with the year-end audit by compiling reports and answering auditor requests.
- Conduct analyses on an as-needed basis for special requests.
- Perform other duties as assigned.
- This position does not have direct supervisory responsibilities but may provide guidance to junior analysts or interns and work collaboratively with other departments to ensure seamless integration of tasks and responsibilities.
- 5-7 years of experience, preferably in construction or development.
- Relevant work experience in the field.
- Strong analytical skills with keen attention to detail.
- Proficiency in computer applications, including Microsoft Office Suite and Adobe.
- General knowledge of accounting principles.
- Clear and effective communication skills.
- Ability to quickly and accurately evaluate and choose among alternative courses of action.
- Initiative in job performance, anticipating needs before they become necessary.
- Composure and objectivity under pressure.
- Problem-solving skills, including the ability to anticipate, prevent, identify, and resolve issues in the workplace.
- Ability to assimilate complex information and data from various sources and adjust or modify to meet specific needs.
- Effective listening, understanding, and clarifying of concerns and issues raised by coworkers and customers.
- Competence in working with and understanding financial information and data, as well as performing basic arithmetic functions.
- Bachelor's degree in finance, accounting, real estate, or related field required; master’s degree or CFA designation preferred.
- This role primarily operates in a professional office environment and routinely uses standard office equipment such as computers, phones, photocopiers, and filing cabinets.
- Ability to travel as needed. The position may occasionally require the employee to work outside the office, visiting properties or attending meetings with external stakeholders.
- While performing the duties of this job, the employee is regularly required to talk or hear. The employee frequently is required to stand; walk; use hands to finger, handle or feel; and reach with hands and arms. Must be able to lift, carry, or push/pull up to (25) pounds.
- This is a full-time position. Days and hours of work are Monday through Friday, 8:00am to 5pm. This position may require longer hours and occasional weekend work as job duties demand.
This extends to all aspects of employment, including hiring, recruitment, promotion, termination, layoff, recall, leave of absence, compensation, benefits, training, and apprenticeship. Our hiring decisions are based solely on qualifications, merit, and business needs at the time.
Salary : $66,000 - $99,000
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