Project accountant job description
/What Does a Project Accountant Do?
A project accountant is responsible for monitoring the financial aspects of projects while they are being completed. This includes investigating variances, approving expenses, and ensuring that project billings are issued to customers and payments collected. Project accountants may also be involved in best practices activities to streamline the flow of project-related information.
Principal Accountabilities
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Create project accounts in the accounting system
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Maintain project-related records, including contracts and change orders
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Authorize access to project accounts
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Authorize the transfer of expenses into and out of project-related accounts
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Review and approve supplier invoices related to a project
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Review and approve time sheets for work related to a project
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Review and approve overhead charges to be applied to a project
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Review account totals related to project assets and expenses
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Investigate project variances and submit variance reports to management
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Confer with receivables staff regarding unpaid contract billings
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Report on project profitability to management
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Report to management on any opportunities for additional billings
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Report to management regarding the remaining funding available for projects
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Create or approve all project-related billings to customers
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Investigate all project expenses not billed to customers
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Respond to requests for more detail from customers
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Approve the write-off of any project-related billings that cannot be billed to or collected from customers
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Close out project accounts upon project completion
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Create and submit government reports and tax returns related to projects
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Compile information for internal and external auditors , as required
Project Accountant Experience Requirement
A project accountant has one of the more detail-oriented and demanding jobs in the accounting department. For this reason, you should usually require at least three years of prior experience in project accounting, with additional years for someone in a lead role. You might give preference to someone who already has experience using your project accounting software.
Desired Qualifications
A bachelor's degree in business or engineering, with detailed knowledge of project contracts and change order documents. Must have excellent communication and writing skills.
Supervises
None
Related AccountingTools Courses
FAQs
What Industries Typically Hire Project Accountants?
Project accountants are commonly hired in industries where work is organized by projects, such as construction, engineering, and architecture. They are also in demand in sectors like information technology, government contracting, and consulting, where accurate tracking of project budgets and costs is critical. These industries rely on project accountants to ensure financial accountability and compliance throughout the project lifecycle.
