Operations Controller (Onsite)

Substantial goals for your area of responsibility: Describe the major outcomes and opportunities that your area directly drives.

We are seeking a skilled and experienced Multifamily Real Estate Operational Accounting and Financial Controller to join our team. The successful candidate will be responsible for overseeing all aspects of accounting and financial operations for our multifamily real estate portfolio. This includes preparing financial reports, managing budgets, analyzing financial data, and ensuring compliance with accounting standards and regulations. The ideal candidate will have a strong background in real estate accounting, as well as experience with financial analysis and reporting.

Ashford Communities currently manages a portfolio of 23 multifamily properties located in 5 cities in Texas for a total of 5,350+ apartment units.

Key Responsibilities:

• Manage day-to-day accounting operations for the multifamily real estate portfolio, including financial reporting, budgeting, and forecasting.
• Monitor and analyze financial data to ensure compliance with accounting standards and regulations.
• Prepare and present financial reports to senior management, including balance sheets, income statements, and cash flow statements.
• Oversee the annual budgeting process for the portfolio and ensure that budgets are properly communicated to stakeholders.
• Analyze financial data and develop strategies to improve the financial performance of the portfolio.
• Coordinate with property management teams to ensure accurate and timely reporting of financial data.
• Manage and develop a team of accounting professionals, ensuring they are properly trained and motivated to achieve department goals.
• Implement and maintain internal controls to ensure the accuracy and completeness of financial data.
• Collaborate with other departments to develop and implement strategic plans for the portfolio.

Current year:

• Quickly become familiar with the company's existing accounting systems, processes, and procedures to assess their efficiency and effectiveness.
• Ensure that all financial data is accurate and up to date by working closely with property management teams to reconcile accounts and resolve any discrepancies.
• Implement more efficient and streamlined accounting processes and procedures to improve accuracy, reduce errors, and speed up reporting cycles.
• Build strong working relationships with the company's other departments to gain a better understanding of their business goals and objectives.
• Streamline and automate manual accounting processes to increase efficiency and accuracy.
• Implement internal controls to mitigate the risk of fraud or financial misstatements.
• Develop and maintain financial models to support budgeting and forecasting.
• Ensure compliance with all relevant tax laws and regulations.
• Develop and maintain strong relationships with key stakeholders, including investors, lenders, and auditors.

Longer term:

• Implement financial reporting dashboards and KPIs to provide real-time visibility into portfolio performance.
• Develop and implement strategies to optimize financial performance and drive value creation for investors and stakeholders.
• Identify opportunities to enhance revenue and reduce expenses by analyzing market trends, conducting benchmarking analyses, and evaluating cost-saving measures.
• Ensure that the company remains in compliance with all relevant financial regulations, while proactively monitoring for changes in laws and regulations that could impact the business.
• Develop and implement financial strategies to optimize portfolio performance and drive value creation.
• Ensure that the portfolio is prepared for potential sale or acquisition by maintaining accurate and up-to-date financial records.
• Identify opportunities for cost savings through operational efficiencies, vendor negotiations, or other means.
• Lead efforts to implement new financial reporting standards or regulatory requirements.
• Provide guidance and mentorship to junior staff to foster their professional development.

Actions: Describe the actions needed to achieve your area’s goals and how you personally drive them.

1. Identify and prioritize goals: The first step is to identify the short and long-term goals for the role and prioritize them based on their importance and urgency.
2. Develop a roadmap: Once the goals have been identified, the controller should develop a roadmap for achieving them. This may involve creating a timeline, assigning responsibilities to specific team members, and setting milestones for progress.
3. Streamline and automate accounting processes: The controller should work to streamline and automate manual accounting processes to increase efficiency and accuracy. This may involve implementing software solutions, developing standardized procedures, and using data analytics to identify inefficiencies and areas for improvement.
4. Develop financial models: The controller should develop financial models to support budgeting and forecasting. This may involve creating dashboards, identifying key performance indicators (KPIs), and using data analytics to identify trends and insights.
5. Ensure compliance with regulations and standards: The controller should work to ensure that the portfolio follows all relevant regulations and standards. This may involve working closely with legal and compliance teams, staying up to date with changes in regulations, and conducting regular audits to identify areas for improvement.
6. Build and maintain relationships with stakeholders: The controller should build and maintain strong relationships with key stakeholders, including property management teams, executive leadership, investors and lenders, auditors, and legal and compliance teams. This may involve regular communication, providing accurate and timely financial data, and responding to inquiries or requests for information.
7. Provide guidance and mentorship to junior staff: The controller should provide guidance and mentorship to junior staff to foster their professional development. This may involve setting performance goals, providing regular feedback, and creating opportunities for learning and growth.

Competencies: Describe the skills and behaviors needed to be successful in this position.

• Master’s degree in accounting, Finance, or a related field
• CPA or CFA designation preferable and desired.
• Minimum of 10 years of experience in accounting, with at least 5 years in real estate accounting
• Strong understanding of accounting standards and regulations, including GAAP and IFRS
• Excellent analytical and problem-solving skills, with the ability to interpret and analyze financial data.
• Proven experience in financial reporting, budgeting, and forecasting
• Strong communication skills, with the ability to effectively present financial information to senior management
• Excellent leadership and management skills, with the ability to motivate and develop a team of accounting professionals.
• Advanced proficiency in Microsoft Excel and accounting software such as RealPage or Entrata.

Obstacles: Describe obstacles that need to be overcome in order to accomplish your goals.

1. Complex accounting and financial reporting requirements: Multifamily real estate accounting can be complex, with multiple properties, units, and revenue streams to manage, which can create challenges in accurately reporting financial information and staying in compliance with accounting standards and regulations.
2. System and process integration: The controller will need to work closely with other departments to ensure seamless integration of financial data across various systems and processes. This may require significant communication and coordination efforts to ensure consistency and accuracy in financial reporting.
3. Market volatility: The multifamily real estate market can be subject to fluctuations in supply and demand, rental rates, and economic conditions, which can impact the performance of the portfolio and require the controller to adapt to changing circumstances.
4. Resource constraints: The controller may face challenges in managing accounting and financial operations with limited resources, which can impact their ability to meet reporting deadlines, provide timely analysis and recommendations, and maintain accurate records.
5. Rapid growth: If the company is growing quickly, the controller may need to manage financial operations across an increasing number of properties and units, which can create challenges in maintaining consistency, accuracy, and compliance in financial reporting and management.
6. Changing regulatory landscape: The regulatory landscape for multifamily real estate can be complex and may change rapidly, which can create challenges in staying up-to-date with the latest regulations and ensuring compliance. The controller may need to work with legal and compliance teams to ensure that the portfolio is in compliance with all applicable laws and regulations.

Resources and Collaborators: Describe the functions that report directly to you. Describe the other resources with whom you work most closely.

1. Property Management Teams: The controller will work closely with property management teams to ensure that financial data is accurate and up-to-date, and to reconcile accounts and resolve any discrepancies.
2. Executive Leadership: The controller will collaborate with executive leadership, including the Chief Executive Officer (CEO), Vice President and Chief Operating Officer (COO), to develop and implement financial strategies, optimize portfolio performance, and drive value creation.
3. Accounting and Finance Team: The controller will collaborate with other members of the accounting and finance team, including staff accountants and financial analysts, to ensure that financial reporting is accurate and timely.
4. Investors and Lenders: The controller will work closely with investors and lenders to provide accurate financial data and respond to any inquiries or requests for information.
5. Auditors: The controller will collaborate with external auditors to ensure that financial statements and other disclosures are accurate and comply with accounting standards and regulations.
6. Legal and Compliance Teams: The controller will collaborate with legal and compliance teams to ensure that the portfolio is in compliance with all applicable laws and regulations.

Success Measurables: Describe the performance metrics that you and your employees track to know if your efforts are succeeding.

1. Accuracy and timeliness of financial reporting: The accuracy and timeliness of financial reporting can be measured by comparing the actual completion dates of financial reports to the target completion dates. The number of material errors in financial reports can also be tracked over time.
2. Portfolio performance metrics: Various metrics can be used to evaluate the performance of the portfolio, such as occupancy rates, net operating income (NOI), return on investment (ROI), and cash flow.
3. Budgeting and forecasting accuracy: The accuracy of budgeting and forecasting can be measured by comparing the actual financial results to the budget and forecasted results. This can be done by tracking variances in revenue, expenses, and other key financial metrics.
4. Cost savings: The amount of cost savings achieved through operational efficiencies, vendor negotiations, or other means can be tracked over time.
5. Compliance with regulations: Compliance with relevant laws and regulations can be tracked through regular audits and assessments.
6. Employee satisfaction and retention: Employee satisfaction and retention can be tracked through surveys, exit interviews, and turnover rates to evaluate the effectiveness of leadership and management practices.