Project accounting is a job providing financial statements and reports specifically designed to trace the financial progress of the projects that will be used by the management office to be a guide during project management and with high perspective in the project. A person working in the field is the Project Accountant.
Project accountant is very important in a company or any project proposal. Some of them are assigned in government establishments and usually in government contractor to account the cost in every contract. He will be the one to in the computation of the project cost and expenses and the ability of accounting completion.
The job duties of a Project accountant are the following:
- To have data and financial statements and report it to the project team in preparation of financial project.
- His duty is to validate the submitted data coming from different sources in preparation for the project.
- His duty is to prepare the project proposal financial report such as Business gain, Project estimates, Joint business enterprise, and Profit projection.
- He is assigned in scheduling in a project package.
- His work also is to review all the monthly transaction.
- He is assigned to posting the transaction every month.
- All the adjustments on entries will be prepared by the project accountant for proper account balance.
- Monitoring of recurrent expenses skill is necessary.
- Expertise in monitoring the purchase order for the project.
- Skill in accounting very important.
- Communication skills needed for the team.
- Skills in monitoring the daily expenses and balances to reduce effect of rate instability.
Most of his work is an office-based work. He will also have some visitations to contractors and project heads for adjustments in different vicinity or place.
In this kind of work there is a need of a higher qualification because of the degree of responsibility.
- Must be a Certified Public Accountant by profession.
- A longer year of experienced in the field for a higher competence level especially in the auditing establishment or in any real estate field.
- He must be a well organized person in his work and every details of the job.
- He must possess excellent communication skills.
- A project account must be a goal and people oriented individual needed for a teamwork success.
All these qualifications and skills are essential in this kind of job for the growth of the business, higher competence level, and profitable firm. And some tips are listed below for guide.
Tips for the Job
- Must have a good attitude towards the business and the people.
- Must be passionate in the work and growth oriented person.
- He must pursue continuing education on strategies and methods in accounting for better result for the future projects.
- Excellent in office tools needed for the job for easy and fast facilitation of the project.
- Confidence is needed in the work and good client relationship.