Outsourced Fund Accounting

About Client

Role Overview

Responsibilities

1. Cash Management & Transfers

• Coordinate and execute wire transfers related to capital calls, distributions, and property-level operations.
• Ensure accurate and timely cash movements between funds, properties, and investors, keeping track of each transactions purpose and impact on the portfolio.
• Maintain daily and monthly cash positions, ensuring that cash movements are properly recorded and reconciled across the portfolio.

2. Fund Reconciliations & Reporting

• Retrieve and organize monthly bank statements from various property and fund accounts.
• Prepare detailed bank reconciliations for each fund and property, ensuring consistency with system records and investigating discrepancies.
• Compile, organize, and archive monthly property-level reporting packages, ensuring all documentation (financials, supporting schedules) is complete and stored accurately.
• Generate and distribute investor reporting packages, including quarterly and annual financial statements, capital account updates, and distributions.

3. Audit Support & PBC Deliverables

• Manage and respond to external audit Prepared by Client (PBC) requests, including organizing financial and property-level documentation, capital calls, distributions, and debt service schedules.
• Draft and manage audit confirmation requests for third-party service providers, investors, and lenders, ensuring timely responses.
• Prepare financial schedules and supporting documentation for annual audits, working closely with auditors to ensure clarity and accuracy.

4. Data & Journal Entry Management

• Prepare and validate batch journal entries for accounting system uploads, including the accurate recording of income, capital expenditures, debt, and distributions.
• Validate and reconcile quarterly and annual fund performance data, including calculating and reporting NOI, capital returns, and distributions for investors.
• Ensure timely updates of property-level data, including lease terms, rent collections, and operating expenses, for accurate fund performance reporting.

5. Capital Call and Draw Packages

• Collect and organize property-level draw packages, including capital expenditure requests, project funding needs, and loan disbursements for developments in progress.
• Prepare and review capital call templates for funds under construction, ensuring all development costs, fees, and funding schedules are accurate.
• Collaborate with project managers to ensure timely and accurate tracking of development progress, including sustainability initiatives for the firm’s Impact team.

6. Investor Relations & Distribution Tracking

• Assist in tracking investor capital commitments and distributions, ensuring proper recording and timely updates to investor records.
• Support investor communication by providing relevant financial reports, capital account summaries, and distribution updates for fund investors.
• Assist in preparing investor K-1s, capital statement reports, and other investor-specific financial documentation for tax and reporting purposes.

7. Process Improvement & System Maintenance

• Assist in streamlining accounting processes by identifying opportunities for automation and enhancing existing workflows.
• Maintain accurate documentation and version control for all financial and property reports, ensuring accessibility and compliance with internal and external standards.

Skills & Qualifications

• Bachelor’s degree in Accounting or a related field.
• 2-4 years of experience in real estate fund accounting or property accounting, with a strong understanding of the unique processes involved in real estate financial reporting.
• Advanced proficiency in Microsoft Excel (required), with experience in data analysis, financial modeling, and variance analysis.
• Familiarity with fund accounting software such as Yardi, MRI, or RealPage is highly preferred.
• Strong understanding of GAAP principles related to real estate investments and funds.
• Ability to perform financial analysis, prepare reports, and interpret financial data related to properties, funds, and investments.
• Excellent organizational and communication skills, both written and verbal.
• High level of attention to detail, accuracy, and the ability to handle large amounts of financial data.
• Ability to work under tight deadlines while maintaining high-quality output.

Preferred Qualifications

• CPA or CA designation or eligibility.
• Experience working in outsourced fund accounting or within a large real estate investment firm is a plus.
• Familiarity with Yardi fund accounting software is highly preferred.