The function of the Project Accountant can vary from strict application of technical accounting to filling a variety of roles important to the success of project administration. On large projects an individual assumes the role, with the Project Manager or Project Engineer assuming it on smaller projects.
The Project Accountant is the financial watchdog over project administration. He or she will be involved with monitoring cost performances, verifying cost information from all internal and external sources, maintaining all appropriate records, and reporting both to accommodate the technical requirements of the central accounting effort and to quantify performance. Because of its nature, the position naturally lends itself to that of Office Manager. In this role, the Project Accountant’s responsibility can expand to that of auditor of company procedure. Responsibilities include:
- Establishing all vendor files relating to contracts, billings, payroll and labor records, and material costs
- Maintaining job-cost information on a current basis and producing cost-progress reports, highlighting areas potentially exceeding estimates in time to implement corrective action
- Enforcing compliance with payroll and EEO reporting and securing lien waivers from vendors of all tiers as condition of payment
- Performing periodic audits of office procedure to monitor company performance
- Reporting project financial information to central accounting
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