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The role of an accountant is changing by the year. Not only because of being more involved with key business decision-making, but because stakeholder management and senior level ownership is now more and more commonplace. Accountants are no longer seen as simply a back-office function. More often they are now the ones who are up and about throughout the office asking questions, chasing invoices and presenting information.
Within real estate, this is no different. When speaking to candidates and clients, the thing that most interests them about working within property is the hands-on nature of the industry. This could mean working on a new development where you can see the changes on a daily basis, from the concrete foundations to putting the finishing touches on a block of flats. In the investment world, this could mean talking to key investors, liaising with internal colleagues and being immersed in the start to finish process of a transaction.
Real estate accounting can also offer you exposure from the start to the finish of accounts across: financial accounting, management reporting and analysis associated with a tangible asset. There is a real variety of roles associated with real estate including, fund accounting, investment accounting, financial accounting, group accounting, development accounting, management accounting, finance business partnering and financial modelling, just to name a few.
Real estate is also an incredibly entrepreneurial sector with private equity, family offices and large corporations all wanting a slice of the next project, development or investment. For accountants, this means the opportunity to work with forward-thinking and driven individuals and allows accountants to navigate a career that suits their skillsets and personality.
One thing to be aware of is that there are very few examples within real estate accounting of businesses sticking to the initial job description. The career journey one takes can be incredibly varied, ranging from starting as an accounts assistant to leading the modelling on new developments. Alternatively, one can become a champion in reporting heavy roles offering advice to MRICS-qualified individuals on where money would best be placed to maximise returns. Regardless, there is always a clear route to the top and what needs to be achieved to become the next FD or CFO.
A role in real estate for an accountant is certainly like no other. It brings challenges, excitement and the chance to see your work adapt and develop along the way, as well as being an incredibly rewarding career path.
If you’re looking for your next accountancy role in real estate, we are very busy and have many active roles with a huge variety of real estate businesses. Get in touch today for a confidential chat. I’d love to help.
Article written by William Dodds, Managing Consultant, Accounting & Finance.