Project Accountant

We are looking for a Project Accountant to take ownership of the finance and accounting aspects of our capital projects, including new plants, plant expansions, and major equipment investments.

The role will manage the project accounts from the first rupee spent through commissioning and capitalisation of the asset.

This is a hands-on role requiring strong knowledge of CWIP, capitalisation, contractor bill verification, project fund utilisation, fixed assets, and capital project cost control.

1. Project Expense & Cost Accounting

• Maintain a complete and accurate expense record for each capital project.
• Track project expenditure against approved budgets and cost heads.
• Ensure proper accounting and documentation of all project-related expenses.
• Identify and report cost overruns and deviations from approved budgets.

2. Project Fund Utilisation

• Track sources and utilisation of project funds, including:
• Term loans
• Equity
• Internal accruals
• Government subsidies
• Monitor utilisation against sanctioned project limits.
• Prepare fund utilisation statements and reports for management and lenders.
• Coordinate documentation required for loan disbursements.

3. CWIP Accounting

• Maintain accurate Capital Work-in-Progress (CWIP) accounting.
• Account for advances, materials at site, contractor expenses, and pre-operative expenses.
• Ensure appropriate allocation of project costs to individual assets/projects.
• Reconcile project records with the General Ledger.

4. Contractor Bill Verification

• Verify contractor Running Account (RA) bills against approved work orders and engineer certifications.
• Check quantities, rates, taxes, advances, recoveries, and retention money.
• Track contractor advances and ensure timely recovery as per contractual terms.
• Coordinate with project engineers and site teams to resolve billing discrepancies.

5. Capitalisation & Fixed Assets

• Capitalise assets when they are ready and put to use, in accordance with applicable accounting standards.
• Ensure correct allocation of project costs to individual assets.
• Capitalise borrowing costs wherever applicable.
• Maintain an accurate Fixed Asset Register (FAR).
• Calculate depreciation and ensure timely updates to fixed asset records.

6. Lender, Subsidy & Audit Support

• Prepare project utilisation statements and supporting documentation for lenders.
• Coordinate for CA certificates and documentation required for loan disbursements.
• Support documentation and accounting requirements for capital subsidy claims.
• Provide project accounting records and schedules for statutory, internal, and lender audits.

7. Project Cost Control & Reporting

• Prepare periodic project cost reports for management.
• Highlight cost overruns, delays, budget deviations, and potential financial risks.
• Provide reasons and supporting analysis for significant variances.
• Work closely with Project, Engineering, Procurement, and Operations teams.

• Hands-on experience in capital project accounting within a manufacturing environment.
• Strong practical knowledge of:
• CWIP accounting
• Capitalisation
• Fixed Asset Register
• Depreciation
• Project cost tracking
• Contractor bill accounting
• Experience verifying civil, mechanical, electrical, and other project contractor bills against work orders and engineer certifications.
• Working knowledge of Ind AS 16 / AS 10 – Property, Plant & Equipment.
• Knowledge of borrowing cost capitalisation and applicable accounting requirements.
• Experience with term loan disbursement documentation and fund utilisation reporting.
• Proficiency in Tally Prime or SAP.
• Strong Excel skills, including data analysis and financial reporting.
• Strong attention to detail and ability to work with project/site teams.

• Experience in agrochemical, fertiliser, chemical, or process manufacturing plant projects.
• Exposure to state or central government capital subsidy schemes.
• Experience working closely with project engineers, contractors, procurement, and site teams.
• Experience with large-scale plant construction, expansion, or major equipment installation projects.

We are looking for someone who is not just a bookkeeper, but a hands-on project finance professional who understands how project expenditure moves from budget → utilisation → CWIP → commissioning → capitalisation → fixed asset.