Project Accountant

JMG Limited

Accounting, Auditing & Finance

The Project Accountant is responsible for all financial administration and reporting for assigned projects. This includes tracking costs, managing billing, forecasting revenue, and ensuring project profitability. The role acts as a crucial business partner to Project Managers, providing the financial data and analysis needed to make informed decisions and keep projects on budget.

Key Responsibilities:

1. Project Setup & Cost Tracking:

• Set up new projects in the accounting system (e.g., Sage 300, Viewpoint, QuickBooks for Contractors) with the correct budget, Work Breakdown Structure (WBS), and billing terms.
• Code all project-related costs (labor, materials, equipment, subcontractors, other direct costs) to the correct job and cost code.
• Review and verify accuracy of timesheets charged to projects.
• Process accounts payable invoices, ensuring they are correctly assigned to projects and properly approved.
• Reconcile project-specific credit card statements and expense reports.

2. Billing & Revenue Recognition:

• Prepare and submit accurate and timely client billings (progress billings, milestone billings, time-and-materials invoices) in accordance with contract terms.
• Manage the accounts receivable for assigned projects, following up on overdue payments and resolving billing disputes.
• Apply cash receipts to the correct projects.
• Calculate and report revenue according to the appropriate accounting method (Percentage-of-Completion is common in this industry).

3. Financial Reporting & Analysis:

• Generate weekly/monthly project financial reports for Project Managers and management, including:
• Job Cost Reports
• Budget vs. Actual (Cost-to-Completion) Reports
• Gross Margin Analysis
• Project Profitability Statements
• Assist Project Managers in preparing project forecasts and Estimates-To-Complete (ETC).
• Analyze project performance and identify potential financial risks and opportunities (e.g., cost overruns, change orders, underbillings/overbillings).

4. Project Close-Out & Compliance:

• Manage the financial close-out process for completed projects, ensuring all costs are captured, final billings are issued, and retention is collected.
• Prepare final project profitability analysis and report on lessons learned.
• Ensure compliance with company policies, contract terms, and relevant accounting standards.
• Assist with internal and external audits by providing project documentation and explanations.

5. Administrative Support:

• Maintain organized and auditable financial records for each project.
• Support the procurement team with purchase order tracking and reconciliation.
• Process and track change orders, ensuring they are properly approved and reflected in project budgets and billings.

Qualifications and Experience:

Required:

• Education: Bachelor’s degree in Accounting, Finance, or a related field.
• Experience: Minimum of 3-5 years of accounting experience, with at least 2 years in a project accounting role , preferably within the construction, engineering, or electromechanical industries .
• Technical Skills:
• Proficiency with accounting software (e.g., QuickBooks, SAP, Oracle) and strong advanced Excel skills (PivotTables, VLOOKUPs, complex formulas).
• Solid understanding of job costing principles and revenue recognition methods (especially Percentage-of-Completion).
• Industry Knowledge: Familiarity with standard contract types in construction (Lump Sum, Cost-Plus, T&M) and billing processes (AIA progress billing forms).

Key Competencies and Soft Skills:

• Analytical & Problem-Solving Skills: Ability to dissect financial data, identify trends, and pinpoint discrepancies.
• Attention to Detail: Extreme accuracy is non-negotiable when tracking costs and preparing billings.
• Communication Skills: Ability to communicate complex financial information clearly and effectively to non-financial colleagues like Project Managers and Engineers.
• Organizational & Time Management Skills: Must be able to juggle multiple projects and deadlines simultaneously in a fast-paced environment.
• Proactive & Inquisitive: Doesn't just record data; investigates variances and asks questions to understand the "why" behind the numbers.
• Collaboration: A true team player who works effectively with cross-functional teams to achieve project goals.
• Integrity: Handles sensitive financial information with the highest degree of ethics.
  

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