Accountant - Real Estate

JOB TITLE: Project Accountant

DIVISION: Finance

DEPARTMENT : Accounting

REPORTS TO: Director, Operational Accounting & Reporting

LOCATION: 200 Kings Street W

POSITION OVERVIEW (Purpose):

Graywood is an industry-leading real estate development company with a proven history of success. Graywood is focused on residential mixed-use development in the Greater Toronto Area and other major Canadian markets. During its 37-year history, Graywood has managed 54 projects, with 31,400 housing units and a combined value of $8.8 billion. The management team has overseen development across several asset classes including for-sale residential, seniors housing, office, retail, and industrial, providing Graywood with first-class depth and breadth of experience.

Primary responsibility: Preparation of accurate and timely financial information of the Real estate development partnerships and/or joint ventures through established internal control practices (Month end accounting process). Maintain proper records and reconciliations on a monthly basis ensuring compliance with policies and procedures. Perform day to day tasks through established internal control practices.

Details:

Project Cost Reporting:

Prepare:

• Monthly Project Cost Reporting (PCRs); preparation and review to ensure expenses are properly coded; follow up on unrecorded expenses understanding why they were not incurred.
• Monthly PCR Meetings: Active participation and preparation is required during each PCR meeting. Ensure budget re-allocations are completed, liaise with the development team during and after each PCR meeting to ensure changes are in line with the latest pro-forma and appropriate questions are asked.
• Provide project financial support (ad hoc reports and reconciliations) relating to Contract and Project management as requested
• Consultant and contractor reconciliations / hold back reconciliations
• Assist with gathering data required for cash flow forecasting

Analyze:

• Understand cost to complete; amounts and percentages, follow up with project managers regarding items which look unusual. Ensure communication with Manager, Operational Accounting & Reporting
• Analyze and question project costs and ensure their accuracy and validity
• Cost variance analysis and the overall impact on the project budget with an understanding of key issues and drivers and determining the root cause
• Monitor monthly activity and maintain a strong understanding of project status
• Preparation of monthly electronic working papers including all supporting documentation and completion of operational reconciliations
• Prepare and file commodity remittances (HST) (monthly, quarterly, yearly) as well as preparation of CRA audit back-up (as required)
• Reconcile purchaser deposits and upgrades as well as sales commissions
• Preparation of bank reconciliations and updating the cash report (Weekly)
• Ensure adherence to the appropriate accounting standards in preparation of financial reports

Analyze/review:

• Peer review of monthly electronic working papers, providing detailed review notes and comments. Final review to be completed by Manager, Operational Accounting & Reporting
• Record monthly entries as required. E.g. revenues, cost of sales, marketing expenses, costs to complete, accrued liabilities, retail rental income and all other required journal entries to ensure trial balance completeness with all supporting back-up/documentation
• Improve efficiency and quality of project reporting and models and discover opportunities to streamline analysis and processes

Prepare:

• Act as main point of contact for all project related inquiries with help of Manager, Operational Accounting & Reporting
• Prepare and deliver monthly Co-owner reporting packages (as required)
• Preparation of interim and year-end audit supporting files for submission to auditors and to assist with audit queries
• Open new bank accounts and new HST business accounts with assistance from appropriate external parties
• Ensure all cheques are cashed within appropriate amount of time; reversal of stale dated cheques; Ensure enough funds are available to release all cheques cut. All signed cheques should be verified by Manager, Operational Accounting & Reporting before being mailed out to vendors/suppliers
• Ensure accuracy of all invoices entered including but not limited to amounts and expense coding

Analyze:

• Analyze cash requirements by understanding project costs and working capital and preparing all project funding requests to corporate team; to be reviewed prior to submission by Manager, Operational Accounting & Reporting.
• Assist with providing and gathering data for project loan draw requests
• Assist with the development of business cases and implementation of new process improvement initiatives

Month End Reporting:

• Prepare:

Other duties and reporting:

• Ensure collection/payment of all receivables/ payable; ensure they are current
• Project cash management and other analysis:

Requirements

QUALIFICATIONS:

Education (include any required designations):

• Bachelor’s degree in accounting

Experience (# years/specific skills/experience):

• Relevant experience a plus!

Key Competencies:

• Detailed oriented
• Process driven
• Works with a sense of urgency
• Multitasker & problem solver
• Excellent communication skills

We are an equal opportunity employer that values the unique skills and experiences of each of our candidates; recognizing that each prospective team member of Graywood Developments Ltd. contributes to our efforts in building a diverse and inclusive place to work.

Should you require any disability-related accommodation to support your participation in our recruitment process, please notify us and we will work with you to meet your accessibility needs.