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Job Description
What youll be do:
- Responsible for overall property level accounting including:
- Work closely and oversee 3rd Party Property Teams
- Review 3rd party property accounting for consistency, accuracy and proper accounting – Review of audit workpapers – Bank rec, AP/AR ageing, Fixed asset additions/deletions amort/Dep
- rent rolls and lease maintenance – Agree to lease agreement
- cash management including weekly check fundings
- financial reports – Draft audited FS as per Tax & GAAP (Tax: Allowance for DD, Depreciation life differs, Legal Leasing costs – tax allows, interest rate cap)
- annual budgets and quarterly budget re-projections -
- tax basis amortization and depreciation calculations - Life
- Provide support to 3rd party MRI users
- Review and approval of operating and tax escalations -
- annual estimates
- quarterly and annual reconciliations
- cost pools, expense caps, exclusions, gross ups and base year calculations
- Manage Loan Compliance
- Mortgage payments – Debt service recalculation
- Lender reporting including debt service coverage ratio calculations – repayment/rent sweep/expense budget
- Loan and escrow draws – RE Tax, TI/LC Reserve
- Prepare unaudited financial reports as required by the ownership of the property
- Provide comprehensive audit support
- Prepare audited financial statements with footnotes (FV and Tax basis), as required
- Work with Beacon construction professionals to provide accounting for development projects
- Prepare ad-hoc financial analysis and reporting as needed – Flux analysis
Joint Venture Accounting
- Review and comply with operating agreements
- Prepare financial reporting on a consolidation or combined level, as required, including audited financial statements with footnotes (FV and Tax Basis)
- Cash management including capital calls and distributions
- Calculate and process management fees - % of Gross receipt
- Calculate income allocations including waterfalls, as required
Acquisitions
- Work with Acquisitions team to review diligence materials
- Review settlement statements including, prorations and buyer/seller credits
- Review estoppels
- Record opening entries
- Monitor all post-closing activity for true up with Seller
- Onboard properties and train 3rd party teams on Beacon financial standards and reporting
- Dispositions
- Work with Disposition team to respond to Buyer diligence requests
- Prepare prorations
- Work with 3rd party teams to prepare estoppels
- Prepare and record closing entries including gain/loss calculation
- Monitor all post-closing activity for true up with Buyer
Skill & Experience:
- 5-8 years property accounting experience, with the majority in commercial real estate
- Experience with Funds and/or Joint Ventures
- Experience with fair value GAAP, tax accounting. IFRS a plus
- Experience with TRS (Taxable REIT Subsidiaries) a plus
- Proficient with tenant recoveries (CAM)
- Understanding of waterfall calculations
- Experience in year-end audit including preparation of financial statements and footnotes
- Experience with loan compliance including loan-draw and escrow-draw packages, covenant calculations
- Ability to work independently and communicate effectively
- Ability to work in a fast-paced environment
- Detail oriented and ability to multitask and prioritize
- Proficiency with financial software systems applications and proficiency with Microsoft Windows software programs, MRI experience a plus
Skills
AccountingCash ManagementFinancial StatementsGaapIfrsReconciliationsProcess ManagementCashIf a job posting appears fraudulent, asks for payment, contains misleading information, or violates our guidelines, please report it immediately. Our team will review it promptly, Jobaaj does not charge any fee from the applicants.
About Company
As an industry-focused consulting and managed services company, Xceedance partners with insurers, reinsurers, brokers and MGAs/MGUs worldwide. Clients rely on us to launch new products, drive operations, implement cutting-edge technology, and deliver advanced analytics capabilities and process optimization. With clients on four continents, our ever-growing workforce is knowledgeable and responsive, serving a wide range of insurance providers in distinctive business ecosystems.
By leveraging our deep technical knowledge and extensive understanding of insurance processes, our clients gain significant enhancements to their direct distribution platforms, rating and pricing, and policy and claims management workflows. With unique solutions and services from Xceedance, insurers can effectively evaluate risk, understand customer behaviors and improve policyholder experiences.
Xceedance provides strategic operations support, technology, and data services to drive efficiencies for insurance organizations worldwide. The company helps insurers launch products, implement intelligent technology, deploy advanced analytics, and achieve business process optimization. The company’s proficiency extends to underwriting, actuarial services, catastrophe modeling, and exposure management, policy services, claims, BI and reporting, finance and accounting, and application development.
Insurers are faced with new challenges, affecting policyholder service, product and distribution strategy, company culture, the nature of the today’s workforce, and the cadence of technology-enabled operations. Today’s insurers can share some of this burden — and effectively relieve many of their challenges — by turning to an industry-focused partner who can bring expertise and focus on speed-to-market for new business, new products, and new service paradigms.
Xceedance provides insurers a measured gateway to modernization, incorporating talent and expertise, not only with new technologies, but also with best practices, processes, and regulatory considerations. We productively supplement insurer’s internal resources or act as a knowledgeable surrogate resource, providing knowledgeable talent without the need for extensive investment or training. The experience and success of Xceedance clients on four continents demonstrate the value of our technology-enabled services across the insurance lifecycle.
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