Project Accountant Job Description, Skills, and Salary
Get to know about the duties, responsibilities, qualifications, and skills requirements of a project accountant. Feel free to use our project accountant job description template to produce your own. We also provide you with information about the salary you can earn as a project accountant.
Who is a Project Accountant?
The concept of project accounting can be described as a financial concept that allows individuals to track revenues and costs that are associated with a particular project. It allows them to ensure that projects are budget-friendly and track fluctuations in costs and pinpoint issues that need to be addressed when the project is progressing. This accounting type differs from other types of accounting since instead of covering a company as a whole or a particular department over an agreed-upon time frame, it covers all the costs that are associated with a particular project for the time it is.
Project accountants provide financial assistance as well as guidance and supervision for specific business ventures. They typically are associated with the finance aspect of the project at all stages of the project’s duration. They are responsible for any authorizations, or preauthorizations. They examine, verify, and then process all invoices and purchase orders. They also look over and process expenses and mileage reports, as well as payments to contractors and vendors, as well as ensure that all tax forms are completed. They also prepare expense reports along with the appropriate documentation if they are required, and prepare the final report summary.
Project accountants usually hold a bachelor’s degree in finance, accounting, or another related area. They must be proficient in important accounting software programs as well as office applications like Excel. Experience with standard billing procedures and strong project management abilities are necessary.
Jobs in project accounting are usually included in the management accounting process. Managerial accounting is focused on the recording and reporting of internal financial information.
The professions under project accounting include cost accounting, budget analysis, and staff accounting.
Cost accountants are the people who assign costs to the production of goods and services. Budget analysts develop cash flow projections as well as other budgets to make sure that the company can fund its business activities. Staff accountants integrate managerial and financial accounting by taking the costs accounting entries and putting these into the general ledger.
Cost accountants are typically the most commonly employed job in project accounting. They look over production reports and determine the cost of materials and labor costs for each project. To apply the least cost of a completed project, a cost accountant could also provide recommendations for the best allocation process. Other tasks include the creation of variance reports, keeping track of the percent of completion, and preparing entries for the general ledger of the company.
Budget analysts are a different group of project accounting positions. They look at the possible cash flows for new projects and then compare them with the expected cash flow. Analysts examine different pieces of data to develop budgets and evaluate the return on investment. Project accounting jobs typically examine the amount of money that is allocated to new and ongoing projects to ensure that the organization does not spend too much money on projects. The position of a budget analyst could include the title of finance analyst which is a similar job but with slightly more tasks than budgets.
Staff accounting is a common position for the project and financial accounting positions. The staff accountant is responsible for taking the data that is prepared by the costs accountant and then entering this information into the general ledger. This kind of accountant might perform reconciliations of accounts to ensure that the entries posted fully reflect all costs as well as other information that are in the ledger. This is also an intermediary between the department of financial accounting as well as other project accounting roles within the company. With only a few responsibilities, generally, staff accountants make connections between two types of accounting.
A majority, if certainly not all of these project accounting positions require formal education. Four-year bachelor’s degrees in accounting with specializations can prepare students for these jobs. In certain instances, professional certification might be required. The internationally renowned Certified Management Accountant license is usually the most popular for project accounting jobs since its primary goal is to give you technical expertise that can be applied to project accounting.
Project Accountant Job Description
What is a project accountant job description? A project accountant job description is simply a list of duties and responsibilities of a project accountant in an organization. Below are the project accountant job description examples you can use to develop your resume or write a project accountant job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.
The duties and responsibilities of a project accountant include the following:
- Subscribing to the Accounting Supervisor or any other project managers when required.
- Reviewing budgets, such as the work plan, staffing, and fees structures.
- Preparing the actual cost as well as working capital and tax reports.
- Monitoring receivables income and assisting project managers in collecting.
- Issuing purchase orders and invoices in addition to paying consultant, subcontractor vendor, and supplier invoices.
- Assuring that cash flows are steady by creating, auditing, and sending invoices promptly.
- Updating contracts according to customer specifications and budget changes.
- Creating projects accounts in the accounting system.
- Keeping track of project-related documents, such as contract documents and change orders
- Authorizing access to the project accounts
- Allowing the transfer of expenses to and from the project-related accounts
- Reviewing and approving invoices from suppliers for a particular project.
- Reviewing and accepting timesheets for work that is related to a particular project
- Examining and approving overhead costs for use on the project
- Reviewing account balances for project assets and expenditures
- Finding out if the project has variance and submit variance reports to management.
- Contacting the receivables department concerning unpaid contract invoices
- Providing reports on the project’s profitability is sent to the management
- Informing the management of any potential opportunities to bill additional fees
Qualifications
- Bachelor’s Degree in Accounting, or a similar degree.
- Certified Public Accountant (CPA) or Certified Management Accountant (CMA) is a good idea.
- 2-5 years of working experience as a Project Accountant or something similar.
- Expertise in accounting software for electronic systems, like FINSYNC or FreeAgent.
- Ability to report to Accounting Supervisor as well as other project managers.
- Advanced skills in managing general ledgers journal entries, as well as the reconciliation of accounts.
- Astonishing ability to write financial forecasts, project budgets as well as tax reports.
- A vast amount of experience in the invoicing of projects and billable.
- Deep understanding of the most effective methods of accounting.
- Excellent communication skills for effective collaboration and customer service.
Essential Skills
- Innovation
Project accounting has been a vital tool for business from the beginning. The idea of launching a business cannot get going without a well-controlled process and an effective method of applying the figures. Innovation is required since as the world of business grows, so do the accounting needs associated with it. In many cases, recruiters are looking for people with fresh concepts – ready to change the future of project accounting.
- Understanding
In tandem with the necessity for creativity is the requirement to be aware of the field that you’ll be working. Incorporating new data and information as well as managing projects or getting new clients on board form the foundation of your daily work. Therefore, understanding information fast is vital and it’s by asking the right questions that can be straightened out in no time.
- Communication
As a fundamental requirement in any field, time, and communication is crucial. Project accountants must communicate complex data in the easiest method possible. If you’re an external company hired by an organization or working as part of an internal account team, you’ll be working with colleagues from all levels.
The ability to communicate effectively both personally and in writing can assist you in getting the job you want or working with your colleagues, connecting with customers, and, over time, developing professionally.
- Interpersonal skills
A well-developed interpersonal skill will help you network. When you need to go to an event at work or just welcome a new employee into the office with confidence, the ability to make yourself known when you meet new people to build successful relationships will serve you very well. Don’t overlook the importance of creating the right impression.
- Commercial Awareness
It’s possibly a bit odd that people don’t think about this. While some skills are offshoots of common knowledge, the requirement for commercial awareness is vital. Commercial awareness is in essence, the understanding of where and how your company fits into the marketplace – how it is affected by social, economic, or political trends as well as how you can move ahead and develop. It’s about understanding the art of doing business.
- Enthusiasm
In any job passion is an essential factor that recruiters look for. It is important to inspire the team and to truly believe in what you’re doing is vital. The enthusiasm of your team members indicates that you are willing to study your craft.
- Initiative
In close alignment with understanding and enthusiasm, this initiative is an absolute must. It shows you can do things on your own and that you’re an independent thinker. In the end, this will make you more dependable with greater responsibility. This is particularly crucial if you decide to be an accountant on a freelance basis in the later stages of your career.
- Credibility/Integrity
We all have certain brands that we love and use. The majority of the time the reason behind our choices boils down to one factor that is trust. The same is true when it comes to developing your career. People want to believe in you. Credibility is the currency you can invest in. With greater credibility comes greater opportunities.
- Resilience
An ability to put in the effort is highly recommended. In this profession, you’ll begin with the entry level and, more likely, will need to climb the ladder. It’s not always going to be a straightforward path. The ability to meet strict deadlines, manage several clients’ demands and keep a positive attitude through the challenges shouldn’t be taken for granted. The ability to maintain the cool and confident in your capabilities is essential.
- Stability
While this might not be a priority, however, it is something to consider before you embark on your journey to professional success. Perhaps one of the most appealing perks of accounting careers is flexibility. But, it’s crucial to establish an established foundation early throughout your career. Changes in project accounting and finance jobs each year could be an issue as employers will be looking for CV stability as well as a career that has been able to grow.
- Detail-oriented
Being focused on detail means paying close focus to the finer points. Senior accountants should be meticulous to ensure that they review their financial statements in a precise manner and identify the smallest of errors.
- Time-management skills
Time management is the ability to manage and prioritize tasks in a way that allows you to complete your work promptly while maintaining a healthy time-to-work balance. Project accountants are often spending the majority of their time doing multiple tasks and must prioritize their tasks and delegate tasks to the other members of the accounting team.
- Computer skill
Computer skills are a mix of system, typing, and software expertise. Senior accountants require computer skills since theirs is to type and use programs like Microsoft Office and QuickBooks to finish their job.
- Analysis
Working in conjunction with customers, it may be crucial for accounting professionals to be able to analyze important financial documents to identify difficulties or problems. A thorough analysis will help accountants know how they can assist their clients and enhance their finances.
- Problem-solving
Effective problem-solving abilities can aid project accountants in finding amazing solutions to their client’s financial problems. These abilities, in conjunction with their knowledge, may aid project accountants in determining where to look for specific financial issues to solve accounting issues faster.
How to Become a Project Accountant
- Earn a bachelor’s degree
You must earn a bachelor’s degree in business administration, accounting, or a related area. Employers are also likely to require a Graduate Diploma of Chartered Accounting or the completion of the Certified Public Accountant (CPA) program or Certified Management Accountant (CMA) designation.
- Ain relevant experience in the field
time to build your experience in the field. A well-organized and comprehensive list of your accomplishments can help you attract employers’ attention when you are looking for new opportunities.
- Look for advancement opportunities
Make sure you are improving your organization management, leadership, computer, and math abilities when you’re prepared to take on a more professional position. The evidence of your growth in your professional career could provide you with an advantage over others who are seeking positions in leadership or management.
Where to Work as a Project Accountant Job Description
Project Accountants can be employed by various businesses, including those in the health, construction, or engineering industries.
Project Accountant Salary Scale
The average salary a Project Accountant earn is $64,876 in the United States.
