About this role
*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