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