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The Assistant Controller position is primary suitable for organizations where finance controllers spend significant (often majority) portion of their time in performing routine property specific accounting activities such as posting routine accounting entries, month end closing, maintaining schedules and preparing reports.

By utilizing the services of our Assistant Controller, the in-house Financial Controller’s time is better spent on analyzing property and portfolio level performance and trends, reviewing monthly/quarterly operating reports, improving investor reporting, analyzing financials of new acquisitions opportunities, exploring refinancing possibilities, enhancing accounting systems and controls. In sum, this role helps finance controller take a more analytical and critical role in the finance department

Real Estate Accounting Services

Contact Us for a customized NO OBLIGATION proposal for outsourcing your Assistant Controller Role

Assistant Controller Role

40-60% cost savings compared to in-house hired staff

Six-eight years of real estate accounting experience and ten-twelve years of accounting experience

50+ commercial and residential real estate clients

ABOUT OHI

OHI is a specialized finance and accounting outsourcing service with over twelve years of  finance and accounting outsourcing experience. We are based out of New Delhi(India) with a sales office in NY (USA). We work with companies across the real estate value chain right from real estate agents to property management firms to real estate developers to fully integrated real estate companies. We have worked with more than 50 real estate businesses and more than 300 other businesses based in United States.

Fully integrated real estate service provider providing services in Property Accounting, Investor Reporting, Financial Analysis, Leasing, Administrative Activities and allied services

OHI works with a cumulative portfolio of 80000 units across residential and commercial real estate firms in US. We have real estate accounting expertise  across  single family/multi-family residential , student housing, retail, commercial and industrial real estate sectors. We also have experience in accounting for HUD properties

We serve 300+ businesses (50+ Real Estate Clients) in USA (across 12 states), UK and Canada with an annual revenue from USD 10 mn to 800 mn.

High expertise in Real Estate software such as Yardi (Yardi Genesis, Voyager, Allied Yardi Services such as PayScan, RentCafe),  AppFolio, MRI, OneSite(Real Page), Spectra, Timberline, and QuickBooks

40+ team comprising of accountants, MBAs and CAs with at-least six years of real estate accounting outsourcing experience

Spacious office set-up (2000 square feet) with modern facilities, uninterrupted power supply (24-hour backup) and dedicated 10 MBPS high speed internet connectivity

The key activities done by an assistant controller are as follows:

  • Review AP postings for accuracy
  • Entry of checks and performing check-runs
  • Prepare documents for ACH and wire transfers
  • Track bank balances to ensure availability of funds for debt servicing, escrow payments, check-runs and other important disbursements
  • Bank, Escrow and Card Reconciliations including Operating Bank and Security Deposit Bank Accounts, Real Estate Tax, Insurance, Replacement Reserve Escrows and Mortgage Loans and Debit Card/Credit Card Reconciliations
  • Reconciliation of balance sheet and general ledger accounts to supporting schedules
  • Reclassify expense, income and other journal entries to ensure accurate and consistent financials
  • Post monthly accruals of unreceived utilities, invoices and taxes
  • Prepare and analyze budget revenue and expense variances and review explanations with Operations for accuracy
  • Draft monthly financials including detailed monthly reporting packages
  • Calculate monthly owner distributions and management fee schedules
  • Perform intercompany reconciliations to ensure consistent accounting and matched balances across intercompany transactions in properties
  • Prepare monthly accounts payable cash management sheets to help the property managers properly manage the buildings’ cash flows

SERVICES

Monthly Accounting Activities

Quarterly Activities

  • Update distribution tables, equity schedules and waterfall charts and prepare property cash forecast and distributions
  • Prepare and review quarterly replacement reserve draws
  • Update quarterly forecasts/budgets based on actuals 
  • Prepare portfolio level reports and compute consolidated ownership level contribution, disbursement, cash-flow, and returns(IRRs)

Year End Activities

  • Review fixed asset general ledger accounts for proper classification and update depreciation/amortization schedules
  • Prepare annual audit related documentation and supporting schedules
  • Assist in preparation of quarterly/annual operating budgets and cash-flow projections

Other Activities

  • Record journal entries for the sale/purchase of real estate assets and post-closing transactions based on agreements and closing settlement statements
  • Assist site managers in budget reforecasts and revise projections
  • Assist in personal property tax filings and business licenses
  • Prepare simple debt refinancing spreadsheets and perform analysis such as debt yield analysis, LTV analysis among others
  • Assist the finance controller in software transition projects including entry of trial balances, importing prior transactions, inter software reconciliations, preparation of training documents and other miscellaneous transition related activities

High knowledge in Yardi, Appfolio, OneSite, MRI, Spectra and Timberline

We have high expertise across multiple real estate, property management and accounting software used in USA.

Software Expertise

Expertise Level

Yardi-Voyager, Genesis


MRI (by Intuit Real Estate Solutions)


QuickBooks


Propertyware


Timberline Property Management


Spectra Property Management


Realpage - Onesite


Appfolio


ResMan

High


High


High


Medium


High


High


High


High


Medium

SOFTWARE EXPERTISE

80 hours dedicated monthly staffing

80 HOUR PACKAGE

$1750

FULL TIME

$3200

160 hours dedicated monthly staffing

Onwards

HOURLY CHARGES

$23

Our indicative standard charges for the Assistant Controller are listed below. Custom packages of 25, 50 and 80 hours per month are available.

PRICING

ASSISTANT CONTROLLER PROFILE

  • Masters’ (Advanced) degree in Accounting, Business and Finance. Senior profiles may have a Chartered Accountant (CA) degree (Indian equivalent of CPA qualification)
  • Well versed with standard US GAAP accounting with six-eight years of real estate accounting experience and ten-twelve years of accounting experience. Accountants are well versed with standard real estate accounting processes such as rent rolls, rent receipting, expense allocations across property, buy-sell transactions, real estate specific accruals and expense amortizations, escrow accounting , month end closing and investor reporting
  • Proficient in general ledger accounting and reporting in MRI, Yardi, Appfolio, Onesite, Spectra and Timberline
  • Well Versed in MS Excel, Outlook, Word and PowerPoint
  • Advanced MS Excel Skills including knowledge of tools such as conditional formatting, Pivot Tables, Macros, and finance formulae
  • Highly motivated, self-starter with good verbal and written communication skills
  • Organized with an eye for detail

Assistant Controllers can be reached readily on emails, US phone numbers and instant messengers. They will also be working with 2 hours overlap with US time-zone.

COMMUNICATION

Our clients include 300+ businesses with an annual revenue from USD 1 mn to 350 mn spread across California, Florida, Texas, New York, New Jersey, Washington, Colorado, Illinois and other major US states. A few examples are provided below. More samples and reference can be provided upon request.

A midsized real estate property management firm based out of Beverly Hills, CA. The firm manages over 50 properties, across 9 states, encompassing over 1200 tenants and nearly 1.5 million square feet.

A well known real estate firm in Tampa (FL). The company currently manages over $60M in commercial real estate assets.

A well known Canadian retail estate developer based in Vancouver with proven expertise in construction and developing high rise concrete homes.

A well-known commercial real estate firm based in Tampa (FL). They manage close to 5 million sf of office and retail space.

A vertically integrated, full service real estate company based out of Bellevue, WA. They specialize in commercial properties.

A leading independent commercial real estate brokerage and property management firm in the Central Valley

A privately owned real estate management firm that specializes in the management of commercial and multi-family properties in the Greater Los Angeles area.

A full service real estate investment management company. The company is based in Denver, CO

OUR CLIENTS

LEARN MORE ABOUT THE ASSISTANT CONTROLLER ROLE

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