Senior Development Accountant

Position Summary

The Senior Development Accountant is responsible for supporting financial accounting, reporting, and analysis for real estate development projects and related accounting functions. Working closely with the Development Portfolio Controller, Development Manager, and project management teams, this role serves as a key resource for accounting matters related to fixed assets, tenant improvements, capital expenditures, third-party transactions, and development activities.

The Senior Development Accountant applies a strong understanding of Generally Accepted Accounting Principles (GAAP), financial systems, and real estate development processes to evaluate complex transactions, determine appropriate accounting treatment, and maintain accurate financial records. This position also monitors project budgets and costs, prepares financial reports, oversees capitalized interest calculations, and collaborates with internal stakeholders to provide timely and reliable financial information that supports business decisions.

Key Responsibilities

Development Accounting and Financial Reporting

• Oversee and support accounting activities for assigned real estate development projects, ensuring compliance with GAAP, internal accounting policies, and established procedures.
• Analyze leasing activity to identify, evaluate, and process required fixed asset transactions, adjustments, and related accounting entries.
• Review complex business transactions and contracts to determine the appropriate accounting treatment based on the underlying economic substance of each transaction.
• Research accounting issues independently, gather relevant information, and document conclusions with appropriate supporting analysis.
• Maintain accurate financial records for assigned development projects and related accounting activities.
• Prepare quarterly project financial updates and other periodic reports for management and relevant stakeholders.
• Provide accurate, timely, and relevant financial information to support project oversight, business planning, and management decision-making.
• Review accounting calculations and supporting documentation to ensure accuracy, completeness, and compliance with applicable accounting standards.
• Coordinate with accounting leadership and other departments to resolve accounting questions and discrepancies.

Project Cost Accounting and Budget Management

• Track and maintain budgets, forecasts, and cost estimates for development projects within the job cost accounting system.
• Review project expenditures to ensure costs are properly classified, coded, recorded, and allocated.
• Monitor vendor invoices, contracts, and change orders to ensure accurate financial recording, appropriate approvals, and timely payment processing.
• Track payments against approved project budgets and expenditures, investigating and resolving variances as needed.
• Collaborate with project managers and development teams to obtain updated cost estimates and assess the financial impact of project changes.
• Analyze actual costs against budgets and forecasts to identify discrepancies, cost trends, and potential financial risks.
• Monitor the status of active development projects and maintain accurate project records based on construction progress and development milestones.
• Support the preparation and maintenance of project cost reports to ensure stakeholders have current and reliable financial information.

Fixed Assets and Capital Expenditures

• Monitor leasing and development activity to identify transactions requiring fixed asset recognition, capitalization, reclassification, or adjustment.
• Review capital expenditure transactions to ensure costs are appropriately accounted for under GAAP and internal accounting policies.
• Support accounting processes related to tenant improvements, capital projects, and other development-related expenditures.
• Evaluate supporting documentation to determine the appropriate treatment of capitalized costs and fixed asset transactions.
• Coordinate with relevant teams to ensure fixed asset records accurately reflect project activity and completed development work.

Capitalized Interest and Development Accruals

• Prepare and process monthly capitalized interest calculations for active development projects.
• Review underlying calculations to ensure they are completed accurately and on schedule in accordance with GAAP and established accounting policies.
• Monitor active project status and relevant financial information to support accurate interest capitalization.
• Coordinate and facilitate quarterly development accrual processes, working with project management and accounting teams to gather supporting information.
• Review accruals and related calculations for accuracy, completeness, and appropriate accounting treatment.
• Investigate discrepancies and follow up with relevant stakeholders to resolve outstanding accounting items.

Process Improvement and Stakeholder Support

• Serve as a trusted accounting resource for assigned processes, including fixed assets, tenant improvements, capital expenditures, third-party transactions, and development accounting.
• Apply knowledge of accounting principles, business operations, and financial systems to evaluate transactions and resolve complex accounting issues.
• Independently research accounting guidance and consult appropriate internal or external resources when additional expertise is required.
• Adapt reporting metrics and financial analyses to address changing business needs and provide meaningful insights to stakeholders.
• Collaborate with development, project management, and accounting teams to improve reporting accuracy and operational efficiency.
• Identify opportunities to strengthen accounting processes, documentation, and financial controls.
• Perform other accounting and job-related duties as assigned.

Qualifications

Education and Certifications

• Bachelor's degree in Accounting, Finance, or a related field preferred.
• Certified Public Accountant (CPA) designation preferred.

Professional Experience

• Four to six years of relevant accounting experience preferred.
• Experience in real estate accounting, property development accounting, construction accounting, or project cost accounting preferred.
• Experience with fixed assets, capital expenditures, tenant improvements, and development-related transactions is an advantage.
• Familiarity with project budgeting, cost tracking, forecasting, and financial reporting.
• Experience evaluating complex transactions and determining appropriate accounting treatment under GAAP preferred.

Technical Skills

• Strong understanding of GAAP and general accounting principles.
• Knowledge of fixed asset accounting, capitalized costs, development accounting, and project cost management.
• Experience reviewing vendor invoices, contracts, change orders, and other financial documentation.
• Ability to analyze project budgets, cost estimates, financial reports, and accounting calculations.
• Proficiency in Microsoft Office applications, particularly Excel.
• Experience with accounting software, job cost systems, and financial reporting tools.
• Ability to research accounting issues, interpret complex transactions, and prepare well-supported accounting conclusions.