The Procopio Companies (TPC) is a multifamily developer founded in 1950, and based in Middleton, Massachusetts. Our residential projects range from $40mm-$200mm in and around southern New England. TPC is a vertically integrated firm, with development, construction management and asset management in-house.
Real Estate Development Accountant
TPC is looking for a creative, collaborative, and forward-thinking individual who strives for excellence and personal growth and performs equally well in a fast-paced team environment or working as an individual. The ideal candidate would work under the general direction of the Controller as a member of the finance department.
The Development Accountant will be responsible for the preparation and oversight of construction accounting records, budgets, draws, metrics, reconciliations, institutional reporting, and accounts payable for multiple large construction projects with budgets from $10mm-$100mm. The Development Accountant will act as the primary point of contact for the internal development team on institutional accounting and review of all draw packages for the Project Accounting team. Recording of all accounting transactions and documentation will be done using various systems which include QuickBooks, ProCore, Excel, DocuSign & other applications as needed. All project accounting must be completed in a manner that will produce timely and accurate financial reporting that conforms to GAAP accounting standards and meets the reporting timelines set by lenders and investors.
Responsibilities:
· Knowledge of Generally Accepted Accounting Principles (GAAP) is required to accurately prepare project financial statements
· Requires an honest, dependable work ethic, strong organizational skills, and the ability to be consistently accurate. Must be capable of working on multiple projects and able to prioritize the workload for timely completion of responsibilities
· Strong attention to detail with an ability and desire to question and verify transactions; to be accountable for and engaged in the end result
· Maintain confidentiality of all information related to the project as well as information related to institutional and individual investors
· Requires implementation, troubleshooting and utilization of various computer systems and third-party integration as needed to complete all tasks and improve processes
· Identify and communicate inefficiencies and recommend new processes
· Coordinate with the development and construction teams to finalize project budgets
· Determine needs and implement required ProCore, Excel and Accounting Systems for budget versus cost reporting
· Oversight & implementation of project setup in accounting and other software applications
· Prepare and record closing draws, equity installments and loan conversions
· Prepare and process institutional investor reporting spreadsheets and data files
· Attend, in person or electronically, project meetings and contribute information and follow up as needed
· Effectively communicate with Project Manager (PM, Development Project Manager (DPM) and Project Executive (PX), regarding contract documents, change orders and other contract modifications, approvals, and additional services-related to billing
· General oversight of project tracking and follow up
· Work with the Development Associate (DA) to process and record transactions as they relate to capital calls, pre-development, marketing & property management
· Assess and pursue opportunities for maximization of equity/draw/client billing; discuss observations with the DPM to determine if action should be taken
· Prepare and distribute monthly draft draw packages containing draft invoices for assigned billable projects, including all applicable backup for review and approval by the Controller, DPM and PX
· Distribute approved draw packages and reporting to the appropriate parties as designated by the project. Maintain final invoice/draw package filing and store copies as needed (electronic and/or paper)
· Prepare project LLC financial statements, balance sheets, etc. in accordance with GAAP and for review by the Controller
· In concert with the Controller: coordinate, communicate, prepare & present project & financial reporting to internal and external
parties including institutional investors, lenders, construction project teams and tax advisors
· Maintain and review lien waivers and materialman’s waivers
· Maintain and track project control budgets and prepare variance reports
· Research any unbilled issues to optimize the requisition possibilities for the billing period
· Maintain the billing/requisition folders for all assigned projects, with all the appropriate documents, including contracts, expenses
and consultant invoices, and monthly invoices, in accordance with standard procedures
· Develop a working relationship and process with the staff accountants for them to prepare and post transactional project accounting activities including vendor/contractor bill data entry and coding in QuickBooks, check processing, filing, etc.
· Monthly - analyze the P & L accounts and process journal entries as necessary
· Monthly –prepare balance sheet account reconciliations
· Upon project completion, process final construction loan close out entries in Quickbooks and prepare final project financials.
Make sure all project related Dropbox folders have all project documents organized and appropriately filed for future reference.
· Transition closed project to the Controller for ongoing corporate & property accounting while Procopio still owns/manages the site.
· Prepare special project analysis as requested
· Provide year-end support of project LLC audit requirements, with third party auditor which may include research and reconcilement
· Perform additional assignments, as directed by the Controller
· Effectively communicate with the Development and Construction Team personnel, regarding contract documents, change orders, contract modifications, approvals, and any additional services-related to assigned projects
· Assist team members with processes as needed
· Communicate with all team members, vendors, customers, and investors professionally and courteously always
· Review and assist other Project Accountants with work on their draw packages prior to submission to ensure excellent work product.
Qualifications:
· 5-7 years relevant accounting experience required
· Accounting degree preferred
· Experience in full month end close and reconciliation process through financial preparation
· Understanding financial statements and GAAP
· Construction/re development experience strongly preferred
· Experience in assembling monthly draws for real estate development projects
· Knowledge of construction accounting principles
· Knowledge of private equity and joint venture accounting
· Excellent Excel skills
· Fast paced /multi entity work environment preferred
· Experience with Sage Intacct preferred
· Experience with ProCore and Titanium strongly preferred
