Construction Accountant / Project Accountant

Role & responsibilities

The Construction Accountant manages the financial health of assigned construction projects and the overall corporate entity. This role differs from standard accounting as it focuses heavily on job costing, percentage-of-completion revenue recognition, subcontractor lien waivers, and multi-layered project budget tracking.

1. Job Costing & Project Accounting

• Budget Tracking: Set up and maintain project cost codes (e.g., CSI MasterFormat) to monitor actual expenditures against estimated project budgets.
• WIP Reporting: Prepare monthly Work-In-Progress (WIP) schedules and calculate revenue using the Percentage-of-Completion Method (PCM).
• Variance Analysis: Identify and analyze variances between budgeted costs and actual expenditures; flag overruns to Project Managers immediately.

2. Subcontractor & Vendor Management

• Accounts Payable (AP): Process subcontractor pay applications, verify progress billing milestones, and ensure proper approvals from site managers.
• Compliance Checks: Collect and verify required compliance documents, including lien waivers, certificates of insurance (COI), and performance bonds, before releasing payments.
• Retention Tracking: Manage subcontractor retention/withholding accounts and reconcile balances for final payout upon project closeout.

3. General Accounting & Financial Compliance

• Accounts Receivable (AR): Generate and submit progress billings (e.g., AIA G702/G703 forms) to clients and track timely collections.
• Tax Compliance: Oversee construction-specific tax requirements, including payroll taxes for multi-jurisdictional sites and contractor tax deductions.
• Audit Support: Prepare schedules and documentation for external financial audits, insurance audits (workers' comp/general liability), and bank monitoring reviews.

Preferred candidate profile Having an experience of construction industry