Controller

Magnolia Capital•Chicago, IL

10d•Hybrid

About The Position

Magnolia Capital is seeking a Controller to report directly to the Managing Director of Finance & Accounting, leading accounting functions across our Single-Family Rental platform (National Home Rentals), with scope expanding to oversight of existing corporate accounting team. This role is strategic in nature, you'll begin by identifying and formalizing processes, then build and standardize workflows before transitioning into an ongoing oversight and review capacity. You'll direct a blended team of onshore and offshore accountants, setting standards and driving timely, accurate reporting across all entities. The ideal candidate is a self-sufficient operator who can work independently, thrives in a scaling environment, and brings strong real estate finance experience with a proven ability to lead distributed teams. This position is based out of our HQ in Chicago with a hybrid schedule.

Requirements

Bachelor’s Degree required in Accounting.
Minimum 7 years of progressive accounting experience, with at least 1 year in a Controller role.
CPA required.
Previous experience with institutional real estate accounting required; SFR or multifamily investment management experience strongly preferred.
Demonstrated experience managing or overseeing offshore or outsourced accounting teams strongly preferred.
Yardi and/or Quickbooks experience strongly preferred.
Strong working knowledge of GAAP, including real estate-specific accounting standards.
Demonstrated experience managing month-end close, financial statement preparation, and external audit coordination.
Excellent time management skills and strict attention to detail.
High degree of confidentiality required.
Ability to think strategically, solve problems, and thrive in a fast-paced, growth-oriented environment.
Strong written and verbal communication skills; ability to communicate clearly and effectively with distributed onshore and offshore teams.
Proficient with Excel and other Microsoft Office Suite products.
Ability to collaborate effectively across teams and meet stringent deadlines in a results-oriented environment.

Nice To Haves

SFR or multifamily investment management experience strongly preferred.
Demonstrated experience managing or overseeing offshore or outsourced accounting teams strongly preferred.
Yardi and/or Quickbooks experience strongly preferred.

Responsibilities

Serves as the primary oversight lead for a blended accounting team that includes onshore staff accountants and offshore accounting resources, ensuring all work product meets Magnolia’s standards for accuracy, timeliness, and compliance.
Reviews, approves, and provides feedback on work prepared by onshore and offshore team members, including journal entries, reconciliations, financial statements, and supporting schedules.
Coaches, trains, and mentors team members at all levels; identifies skill gaps and supports professional development across the onshore and offshore accounting functions.
Serves as the escalation point for accounting issues identified by onshore or offshore team members, providing timely guidance and resolution.
Oversees full-cycle accounting for the National Home Rentals (NHR) portfolio, including general ledger management, month-end and year-end close, and property-level financial statement preparation across all SFR assets and markets.
Reviews and approves monthly, quarterly, and annual accounting close processes and reporting prepared by the onshore and offshore accounting team.
Ensures that all balance sheet accounts are reconciled monthly in compliance with company policies and that any outstanding variances are identified and corrected in a timely manner.
Reviews property-level payables and receivables; coordinates with the National Home Rentals property management team regarding unusual activity or past-due balances.
Reviews and approves variance explanations comparing financial results to budget for submission to ownership and investors.
Oversees the review and maintenance of property fixed asset records, including GAAP and tax depreciation schedules across the SFR portfolio.
Reviews and approves property-level financials imported into the corporate accounting system; oversees the transition and onboarding of newly acquired properties.
Ensures monthly, quarterly, and year-end closings of the general ledger are performed in accordance with GAAP.
Reviews research on relevant accounting issues and approves documented findings and conclusions.
Oversees all corporate financial functions including accounting, budgeting, credit, risk, tax, and treasury as responsibilities expand beyond the SFR platform.
Reviews and approves corporate required reports including the Monthly Operating Report, Monthly Certifications, Corporate Disclosures, and Forecasts prior to submission.
Leads the budgeting, forecasting, long-term planning, and business strategic analysis of the firm; provides financial leadership to owners and company executives.
Reviews quarterly valuation summaries, capital call and distribution projections for GP cash planning.
Oversees reconciliation of all parent company cash, investment, and equity accounts.
Reviews and approves asset management and acquisition fee calculations prior to payment initiation.
Establishes internal auditing processes and coordinates external audits and annual tax preparation with outside advisors.
Reviews analysis results and develops insightful recommendations for investment, sourcing, and cost reduction; provides input on strategic business decisions.
Implements and maintains finance and accounting policies and procedures aligned with the short- and long-range goals and objectives of the company.
Performs other duties as assigned.