Project Accountant

Construction Project Accountant

We are seeking an experienced, detail-oriented Construction Project Accountant to join our finance team in Philadelphia, PA. This role is responsible for supporting the financial management of construction projects through accurate job costing, WIP reporting, project billing support, payroll reconciliation, month-end close activities, and financial analysis. The Construction Project Accountant will partner with project managers and internal accounting staff to ensure project costs, budgets, forecasts, and financial reports are accurate, timely, and aligned with company policies and accounting standards.

Duties and Responsibilities:

Project Financial Reporting and Analysis:

Prepare accurate and timely financial statements and project reports, including income statements, balance sheets, cash flow reports, job cost reports, WIP schedules, and management summaries.

Analyze project costs, budgets, forecasts, and financial performance to identify trends, risks, and opportunities for cost control.

Partner with project managers and department leaders to develop realistic forecasts, monitor budget adherence, and explain variances between actual results, budgets, and forecasts.

Support construction accounting processes including job costing, retainage tracking, change order reporting, contract billing, and project profitability analysis.

Develop and deliver management reports with key financial metrics, trend analysis, and actionable recommendations.

Month-End and Year-End Closing:

Prepare and post journal entries to the general ledger, ensuring accuracy and compliance with accounting principles.

Prepare and review monthly account reconciliations, including reconciliation of job cost reports to the general ledger.

Maintain the accuracy of general ledger activity and reconcile balance sheet accounts to subsidiary ledgers.

Review cash reconciliations prepared by accounting staff and ensure transactions are recorded properly.

Support cash flow projections to assist with liquidity planning and operational funding needs.

Perform month-end and year-end close activities, reconcile accounts, research discrepancies, and resolve issues promptly.

Monitor accruals, prepaids, and other adjusting entries to maintain the integrity of financial data.

Payroll Reconciliation:

Reconcile payroll accounts and address discrepancies in payroll tax filings or employee pay records.

Prepare payroll journal entries and allocate labor costs using job costing methods.

Support construction payroll processes, including labor cost allocation, certified payroll reporting, and related compliance documentation as applicable.

Process Improvements and Internal Controls:

Identify opportunities to improve efficiency and accuracy in accounting processes.

Document and implement internal controls to safeguard company assets and ensure compliance with corporate policies.

Stay updated on changes in accounting standards and best practices to enhance processes and maintain compliance.

Requirements:

Education: Bachelor's degree in accounting or finance, strongly preferred.

Experience: Minimum of 2 years of accounting experience in the construction industry, with exposure to job costing, WIP reporting, project billing, retainage, and general ledger accounting.

Technical Proficiency: Experience with financial software and Microsoft Office. Strong Excel skills, including pivot tables, VLOOKUPs, and financial modeling. Experience with payroll systems preferred.

Accounting Knowledge: Working knowledge of GAAP and construction accounting concepts, including job cost accounting, percentage-of-completion revenue recognition, WIP schedules, contract billing, retainage, and account reconciliations.

Analytical Skills: Exceptional attention to detail with the ability to identify and resolve errors. Strong organizational skills and the ability to manage multiple priorities effectively.

Communication: Excellent verbal and written communication skills, with the ability to collaborate effectively with project managers, accounting staff, vendors, and subcontractors.