project accountant

Scope of Work Project Accountant ? Residential Development & Home Building Position Summary The Project Accountant is responsible for managing the financial administration of residential development and home-building projects from land acquisition through construction and project close-out. The role ensures accurate project costing, budget tracking, financial reporting, and compliance with company policies and accounting standards. Key Responsibilities 1. Project Cost Accounting * Establish and maintain project budgets within the accounting system. * Track and monitor project costs against approved budgets. * Allocate costs accurately to individual projects, phases, lots, and cost codes. * Review and reconcile construction and development expenditures. * Investigate and resolve cost variances. 2. Budget Management & Forecasting * Assist project managers and development managers in preparing project budgets. * Update project forecasts based on actual costs and projected expenditures. * Monitor committed costs and anticipated cash requirements. * Prepare monthly budget-to-actual variance analyses. * Identify financial risks and recommend corrective actions. 3. Accounts Payable & Vendor Management * Verify invoices against contracts, purchase orders, and approved change orders. * Ensure proper coding and approval workflows. 4. Construction Draws & Progress Billing * Prepare and review lender draw requests. * Compile supporting documentation for construction financing submissions. * Track draw schedules and funding receipts. * Reconcile construction loan balances and project financing activities. * Monitor holdbacks, retainage, and release schedules where applicable. 5. Revenue Recognition & Sales Tracking * Track home sales, deposits, closings, and occupancy schedules. * Coordinate with sales and legal teams regarding purchaser transactions. * Record revenue and cost of sales in accordance with applicable accounting standards. * Monitor inventory and work-in-progress balances. 6. Financial Reporting * Prepare monthly project financial statements and reports. * Generate project profitability analyses. * Report on: * Budget vs. Actual Costs * Cost-to-Complete * Cash Flow Projections * Work-in-Progress (WIP) * Lot and Unit Costing * Support executive management reporting requirements. 7. Development Accounting * Track land acquisition costs, development charges, permits, and soft costs. * Maintain detailed records of development expenditures by phase. * Monitor municipal fees, levies, and servicing costs. * Assist in capitalization and cost allocation processes. 8. Job Costing & Inventory Management * Maintain accurate job-cost records. * Track construction costs by trade, phase, lot, and unit. * Reconcile inventory and work-in-progress accounts. * Assist with project close-out and final cost reporting. 9. Audit & Compliance Support * Maintain organized financial records and project documentation. * Support annual audits and lender reviews. * Ensure compliance with accounting standards, tax regulations, and company policies. * Assist with GST/HST reporting and project-related tax filings where applicable. 10. Stakeholder Collaboration * Work closely with: * Project Managers * Site Supervisors * Development Managers * Purchasing Teams * Sales and Marketing Teams * External Auditors * Lenders and Financial Institutions * Provide financial insights to support project decision-making. Deliverables The Project Accountant shall provide: Monthly * Budget vs. Actual Reports * Project Cost Reports * Cash Flow Forecasts * Variance Analysis Reports * Work-in-Progress Reports * Construction Draw Summaries Quarterly * Updated Project Forecasts * Profitability Reviews * Financial Risk Assessments Annually * Audit Support Schedules * Year-End Project Reconciliations * Financial Statement Support Documentation Key Performance Indicators (KPIs) * Accuracy of project cost reporti