Project Accountant|Scope of Work Project Accountant – Residential Development & Home Building

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 $70,000.00 per year

Benefits:

Dental care
Disability insurance
Life insurance
On-site parking
Paid time off
Vision care
Work Location: In person