Development Accounting Analyst x2 POST NUMBER: 424937
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/year
How 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
Vaco values a diverse workplace and strongly encourages women, people of color, LGBTQ+ individuals, people with disabilities, members of ethnic minorities, foreign-born residents, and veterans to apply.
EEO Notice
Vaco is an Equal Opportunity Employer and does not discriminate against any employee or applicant for employment because of race (including but not limited to traits historically associated with race such as hair texture and hair style), color, sex (includes pregnancy or related conditions), religion or creed, national origin, citizenship, age, disability, status as a veteran, union membership, ethnicity, gender, gender identity, gender expression, sexual orientation, marital status, political affiliation, or any other protected characteristics as required by federal, state or local law.
Vaco LLC and its parents, affiliates, and subsidiaries are committed to the full inclusion of all qualified individuals. As part of this commitment, Vaco LLC and its parents, affiliates, and subsidiaries will ensure that persons with disabilities are provided reasonable accommodations. If reasonable accommodation is needed to participate in the job application or interview process, to perform essential job functions, and/or to receive other benefits and privileges of employment, please contact HR@vaco.com .
Vaco also wants all applicants to know their rights that workplace discrimination is illegal.
By submitting to this position, you agree that you will be giving Vaco the exclusive right to present your as a candidate for the foregoing employment opportunity. You further agree that you have represented information about yourself accurately and have not affirmatively misrepresented your qualifications. You also agree to maintain as confidential, to the fullest extent permitted by law, any information you learn from Vaco about the position and you will limit disclosure of information about the position only to the extent necessary to perform any obligations in furtherance of your application. In exchange, Vaco agrees to exercise reasonable efforts to represent you through all solicitation, job screening and resume dispersal.
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- California residents may access Vaco’s HR Notice at Collection for California Applicants and Employees here.
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Pay Transparency Notice
Determining compensation for this role (and others) at Vaco depends upon a wide array of factors including but not limited to:
- the individual’s skill sets, experience and training;
- licensure and certification requirements;
- office location and other geographic considerations;
- other business and organizational needs.
With that said, as required by local law, Vaco believes that the following salary range referenced above reasonably estimates the base compensation for an individual hired into this position in geographies that require salary range disclosure. The individual may also be eligible for discretionary bonuses.