Project Accountant

Job Description

Job Description

The Project Accountant is responsible for the financial management and cost tracking of multiple individual construction projects. This role works closely with project managers, field staff, subcontractors, and the accounting team to ensure accurate job costing, timely billing, budget compliance, and financial reporting. The Project Accountant plays a critical role in supporting operational efficiency and ensuring projects stay on budget and within financial controls.

Essential Job Functions, Duties and Responsibilities

The following statements are intended to describe the general nature and level of work being performed by individuals assigned to this position. They are not intended to be an exhaustive list of all duties, responsibilities and skills required of personnel so classified.

· Set up and maintain job cost codes and budgets in the accounting system.

· Monitor and track project costs against budgets and forecasts.

· Prepare cost-to-complete reports and support project managers with financial data.

· Prepare and submit monthly progress billings, including AIA billings if applicable.

· Track receivables and follow up on outstanding invoices with clients or project managers.

· Process and reconcile change orders and ensure they are reflected in billing and budgets.

· Process subcontractor pay applications, lien waivers, and compliance documentation.

· Review and code subcontractor/vendor invoices for appropriate project and cost code allocation.

· Track subcontractor commitments and payments against project budgets.

· Provide financial updates and variance analysis to project managers and executive leadership.

· Participate in project review meetings to discuss job performance and financial status.

· Ensure all financial activities are compliant with company policies, GAAP, and contract requirements.

· Maintain accurate and organized project financial documentation.

· Assist with audits, both internal and external, by providing documentation and explanations as needed.

· Set-up and maintenance of all accounting related files for specific project including subcontract files, A/P files, DPO files, NTO files, etc.

· Processing of all AP/AR for specific project, consisting of AIA G702 and G703 formats as well as regular invoicing from vendors.

· Subcontractor Billing Review – ensure that all subs bill in the proper format with proper amounts for contract items, change orders, dpo's, previous amts, etc. Route all invoices to PMs for approval, then process as coded. Communicate changes to subs and vendors in a timely fashion with an audit trail.

· Subcontractor Compliance – ensure that executed contracts, change orders, insurance, bonds, releases of liens, sworn statements, etc. are received and within proper parameters. Information is kept timely in software and/or logs.

· Track vendor invoices and submit to client for payment, release payments when processed, collect releases of lien. Maintain and track all information on logs to report on monthly billing to client. Reconcile with client on a frequent basis.

· Ensure that only approved cost codes are used and adjustments to contract items and cost codes are made on a monthly basis – (SOV Adjustments).

· Monthly review and analysis of budget with special attention paid to areas where cost over-runs may occur. Committed costs to be adjusted accordingly.

· Attend meetings with client and subcontractors/vendors as needed.

· Identify possible problems regarding subcontractors/vendors in financial distress and communicate these issues to management immediately.

· Work closely with Project Manager to discuss all pertinent accounting information related to your project.

· Preparation of final payments to all subs/vendors and ensure receipt of all closeout docs before release of final payment. Final project financial reports and analysis.

Educational, Skills, and Experience Requirements

· Four (4)-year degree in an accredited Accounting or Finance program required. Equivalent work experience will be considered in lieu of degree.

· At least three (3) years of accounting experience in the construction industry.

· Familiarity with job cost accounting and project-based financial tracking.

· Strong attention to detail and accuracy.

· Solid understanding of accounting principles.

· Proficiency in Excel and financial reporting.

· Effective communication and organizational skills.

· Ability to work independently and collaboratively.

· Knowledge of AIA billing formats and construction contracts.

· Understanding of lien waiver and compliance documentation.

· Strong analytical skills and ability to work under pressure in a fast-paced environment.