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