Project Accountant

Description:

Project Accountants (occasionally referred to as job cost accountants) create financial reports specifically designed to trace the financial progress of projects, this information is then used by managers to aid project management.

Standard accounting is primarily directed at analyzing and monitoring financial progress of organizational elements as a whole over a defined time period. Project accounting however differs in that it frequently crosses organizational boundaries, projects can last from as little as a few days, or extensively over a number of years, during this period budgets are revised many times, it could also be one of a number of projects that make up a larger overall project.

Large corporations and governments are chiefly concerned with major investment projects that have upfront costs and long term benefits. Because projects are decided upon by the Nett value it will produce to the corporation, Project accountants aid in this decision making by analyzing the costs and benefits which provide critical feedback and allow quality decisions to be made, therefore eliminating loss to the company.

Essential Functions/Responsibilities:

1.         Develop, analyze, interpret and provide internal distribution of financial information in order to appraise operating results in terms of profitability and performance against budget.  Provide services as an “Internal Auditor” assuring controls are being followed.

2.         Work closely with Project Manager in preparing monthly progress invoices to Owner/Consultant for work performed during the month.

3.         Prepare Sub Request for Payment forms for all Subcontractors for work performed which will include joint cheques to numerous Suppliers. Ensure all required paperwork such as Signed Subcontract; WSIB and Insurance are in place and up to date.

4.         Maintain all Sub guard records for all Subcontractors including expiration of accounts and acknowledgement of Contract amounts that surpass the established ratings through the Change Order process.

5.         Upon early release of any Subcontractors holdback prior to Substantial Completion of the Project, work closely with Project Manager, Subcontractors, Sub/Subcontractors and their Suppliers, Trade Unions (etc.)  to determine all committed costs are identified and proper releases are provided prior to payment being made. Joint cheques may be required.

6.         Assist Project Manager in preparing monthly progress invoice to Lenders for financing portion of the Guaranteed Project Cost.

7.         Maintain accurate and timely Cash Flow data, both current and forecasted as compared to projected Cash Flow assumed in Financial Model.

8.         Administer all approved Change Orders and increases to Prime Contract and pertinent Subcontracts.  Ensure all Contract Purchase Order Changes are issued to Subcontractors on a regular basis.

9.         Assist Project Manager in maintaining up to date and accurate records in tracking Contemplated Change Notices, Change Directives and Requests for Information.

10.       Manage all project accounting data bases to ensure timely upkeep, security and control.

11.       Provide direct financial communication with all required parties including Owner, Subcontractors, internal Financing department and project team.

12.       Coordinate and ensure parallel accuracy of financial information between the AS400 system and EdgeBuilder.

13.       Assume other special activities and responsibilities under the direction of the Construction Manager / Project Manager.

Qualifications & Experience:

1.         Experience, at least five years accounting experience, the majority of which should have been in a construction related environment.

2.         Computer literacy with experience in MSWord, Excel

3.         Extensive knowledge of all relevant provincial and local requirements including Bonding, Insurance and Construction Lien legislation will be required. Must be able to work independently and meet deadlines in a team environment.

4.         The ability to function efficiently on a jobsite is essential.