Project Accountant (in office in Spartanburg, SC)

Created Date: September 10, 2024

Salary Range: $55,000 - $65,000 annually

Overview

The Project Accountant manages the accounting for a large-project and/or multiple projects. This individual is independent and maintains good rapport with project staff and the business group Managers and Director of Finance. The manager is responsible for managing the accounts of various construction projects by assisting in detailed budgets, supplier contracts, evaluating production costs, and verifying invoice statements. To ensure success as a construction accountant, they will display excellent business acumen and the ability to accurately record production costs through efficient accounting. A top-notch construction accountant is an analytical and detail-oriented individual with an elevated level of financial accuracy. A construction accountant is a financial specialist who reviews construction budgets, investigates variances, approves expenses, and ensures that construction billings are issued to clients and payments collected.

This role is saddled with the responsibility of performing professional-level accounting work in the review and adequate maintenance of fiscal records. A construction accountant refers to an individual responsible for the accounts payable, and job cost and assisting with general ledger and bank reconciliations.

Essential Duties

  • Reviews and processes subcontracts, subcontract change orders and Performance and Payment bonds to ensure they are in compliance with specified terms.
  • Collects and reviews project subcontractor/supplier lien waivers.
  • Collects, reviews, and processes subcontractor/supplier monthly project invoices. Needs to ensure all invoices have been accrued properly and timely to the correct cost reports and phase codes. Ensures proper payments to all subcontractors and major suppliers.
  • Individual exhibits a high-level understanding of the True North cost report and all of the accounting functions related to the costs posted to the cost report.
  • Individual has a strong understanding of the True North monthly P&L process and ensures timely submittal of project P&Ls and reviews the P&Ls for accuracy.
  • Processes cost transfers on project cost report for Project Management staff.
  • This position requires an in-depth monthly analysis of the owner billing and ability to produce owner billing independently, when applicable.
  • Collects, reviews, and submits monthly owner billings to the Accounting Manager or Controller for processing.
  • Monitors cash flow and communicates with the project staffs on tracking A/R and when the projects are paid.
  • Works independently and manages the accounting operations for mega-projects or multiple large projects.
  • Collaborating with the project manager to maintain and analyze a detailed, cost-effective budget for the project.
  • Performing accounting duties throughout the project, such as preparing invoices, estimating cash flow, and signing off on purchase orders.
  • Analyzing all transactions and assisting in working unforeseen costs into the budget.
  • Keeping a record of all project finances for internal/external auditing and tax purposes.
  • Preparing cost analyses by interpreting projects’ financial data and information.
  • Reporting any financial risks and budgetary discrepancies to management for review.
  • Researching market trends and projecting construction-related price increases/decreases.
  • Developing and maintaining strong relationships with vendors and suppliers.
  • Keeping abreast with both the construction and accounting industry.
  • Managing the preparation of monthly invoice packages for all billable projects, including all applicable backup.
  • Running monthly accounting meetings with the construction/project management team to review upcoming projections/billings
  • Maintaining or reviewing accounting files, performing monthly closings, and preparing/organizing various reports, financial forms, and analyses.
  • Responsible for issuing invoices and purchase orders, as well as paying consultants, vendors, subcontractors, and supplier bills.
  • Setting up new projects in Job Cost and the necessary spreadsheets daily
  • Investigating the project variances and submitting these variance reports to the management
  • Assisting in the creation and approval of all project-related billings to customers to foster effective communication and avoid issues.
  • Reviewing project budgets, including fee structures, staffing, and work plans.
  • Ensuring a smooth cash flow by auditing, generating, and sending invoices promptly.

Core Competencies

  • Working knowledge of Microsoft Products-Outlook, Word, Excel.
  • Demonstrated leadership abilities along with an open and willing attitude and eagerness to learn.
  • Exceptional knowledge of construction cost accounting and related financial procedures.
  • Familiarity with construction and accounting software, such as Spectrum, Procore, Smart bid and NetSuite.
  • Working knowledge of the construction industry.
  • Meticulous attention to detail and an elevated level of accuracy.
  • Ability to multitask and thrive in a fast-paced environment.
  • Excellent communication skills towards effective & efficient collaboration and clientele services.
  • Advanced proficiency in managing account reconciliations, general ledgers, and journal entries
  • Exceptional ability to prepare construction/project budgets, tax reports, and financial forecasts.
  • Efficient and experience in project invoicing and billing to ensure adequate payment services
  • Outstanding communication skills verbal and written. Establishes collaborative relationships with internal as well as external stakeholders.
  • Excellent computer and technology skills.

Educational and Experience Requirements

  • Bachelor’s Degree in accounting or similar.
  • Certified Public Accountant (CPA) or Certified Management Accountant (CMA) would be advantageous.
  • 3-5+ years’ experience as a project accountant or similar.
  • Proficiency in electronic accounting systems, SAGE, SPECTRUM etc
  • Ability to report to the Accounting Supervisor and other project managers.
  • Advanced proficiency in managing general ledgers, journal entries, and account reconciliations.
  • Exceptional ability to prepare project budgets, financial forecasts, and tax reports.
  • Extensive experience in project invoicing and billing.
  • In-depth knowledge of best practices in accounting.
  • Excellent communication skills toward effective collaboration and client services.

Benefits

  • Health, Dental, and Vision Insurance: Your well-being matters, and we’ve got you covered with top-notch insurance options.
  • Life Insurance: We’ve got your back and your loved ones with life insurance coverage.
  • 401(k) retirement plan with a guaranteed match: Start building your future with a generous 401(k) plan and a guaranteed match.
  • Flexible Spending Account: Take control of your finances with a flexible spending account tailored to your needs.
  • Paid time off: Everyone needs a break, and we make sure you have plenty of time to recharge and enjoy life outside of work.
  • Holiday pay: Celebrate special moments with the peace of mind that you’ll be rewarded for your holiday dedication.