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 reporting.
• Timeliness of monthly financial reporting.
• Budget variance management.
• Accuracy of cash flow forecasting.
• Reduction of invoice processing delays.
• Successful completion of lender draw submissions.
• Audit compliance and documentation quality.

Required Qualifications

• Bachelor's degree in Accounting, Finance, or related field.
• CPA designation (preferred not required).
• 3–7+ years of project accounting experience in residential construction, land development, or home building.
• Strong knowledge of:
• Job Costing
• Construction Accounting
• Budgeting and Forecasting
• Work-in-Progress Accounting
• ERP and Accounting Systems (e.g., Sage, Jonas, Newstar, Viewpoint, Acumatica)
• Advanced Microsoft Excel skills.

Pay: From $85,000.00 per year

Benefits:

• Dental care
• Disability insurance
• Life insurance
• On-site parking
• Paid time off
• Vision care

Work Location: In person