Property Accountant Salary
Property Accountants in the United States pull down an average of $51K per year. Total cash compensation for Property Accountants runs from $39K to $67K depending on bonuses that can occasionally exceed $6K and profit sharing that can reach almost $3K. Geography and career duration each impact pay for this group, with the former having the largest influence. Men are in the minority of survey respondents, with female Property Accountants making up 74 percent. Medical benefits are awarded to a large number, and a fair number earn dental coverage. Job satisfaction is high and work is enjoyable for most Property Accountants.
Job Description for Property Accountant
Property accountants are in charge of handling property accounting tasks for their company. They are responsible for completing sound financial analysis and balance sheet account reconciliation. In addition, they prepare regular reports (usually monthly) based on organizational objectives.Read More...
These accountants also conduct financial maintenance for a variety of properties, initiate payments for debts incurred by their organization, calculate monthly management fees, and assist management staff with annual budget activities. In all tasks, property accountants must keep accurate financial records and resolve any discrepancies as they arise. These accountants also help with special projects related to property financial incentives, as well as prepare tax forms and stay up to date on changes to relevant financial laws. Property accountants also handle currency in an accrual or cash basis. Generally, these accountants report their progress to the accounting manager or supervisor in their department.
A bachelor's degree in accounting or a related discipline is needed for this position. In addition, previous experience in property management may be preferred. Property accountants must work well independently, but also work well with other accountants in a team setting. They should also possess strong organizational skills, pay close attention to detail, and have excellent interpersonal skills to communicate with other departments about property financial matters. They must also be able to multitask and be proficient with specialized accounting software and basic computer software.
Property Accountant Tasks
- Reconcile balance sheets, accounts, and invoices.
- Prepare monthly, quarterly, and ad hoc reports with variance explanations.
- Prepare and post entries to the general ledger and manage the monthly close process.
- Prepare and implement audit schedules and process re-engineering to reduce financial errors.
Common Career Paths for Property Accountant
As Property Accountants transition into upper-level roles such as Financial Controller, they may see a strong upturn in salary. Financial Controllers earn $77K on average per year. A common career progression for a Property Accountant is to become a Senior Accountant or an Accounting Manager. Compared to Property Accountants, the first group earns $9K more on average, and the second group earns $10K more.
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Popular Skills for Property Accountant
Property Accountants generally report applying a varied skill set to their work. Most notably, skills in Accounting, Budgeting, Microsoft Excel, and Financial Analysis are correlated to pay that is above average. Skills that pay less than market rate include Accounts Receivable and Accounts Payable. Most people experienced in Accounts Payable also know Financial Reporting.
Pay by Experience Level for Property Accountant
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For many Property Accountants, extensive experience does not lead to significantly more money. Salaries for the relatively untried average out to around $48K, but survey participants with five to 10 years of experience earn a significantly higher median of $55K. The average pay reported by folks with 10 to 20 years of experience is around $56K. Survey participants who have spent more than 20 years on the job report a predictably higher median income of $60K, demonstrating that compensation is roughly commensurate with experience in the end.
Pay Difference by Location
For Property Accountants, New York provides a pay rate that is 29 percent greater than the national average. Property Accountants will also find cushy salaries in Austin (+20 percent), Chicago (+18 percent), San Francisco (+15 percent), and San Diego (+12 percent). In Virginia Beach, salaries are 18 percent below the national average and represent the lowest-paying market. Employers also pay below the national average in Orlando (17 percent lower) and Los Angeles (6 percent lower).