Project Accountant Jobs in the Middle East

Project Accountant Job Description – Summary

Typical Roles & Responsibilities

As the name suggests, a Project Accountant is specifically concerned with the accounting and finance surrounding specific large projects, rather than of the organization as a whole – in effect a combination of accountancy and project management. The role is typically found within a large corporate entity or government body and may be on a contract rather than permanent basis. The purpose of the role is to manage the finances involved with the project, to track its progress, and to increase profit and minimise overheads. The role is also referred to as Job Cost Accounting.

Projects can last for weeks, months or years and may cross many different departments of an organisation, so the ability to work with a variety of different people and functions is essential.

Duties can include:

    • Scoping and planning the financial requirements of the project
    • Communicating with the Project Manager(s), or Operations Manager(s) and other senior colleagues in respect of contract documents and modifications, approvals and authorisations required
    • Controlling the billing process for the various stages of the project
    • Authorising timesheets for employees involved in the project
    • Issuing invoices and following for receipt of payments via the accounts payable team
    • Working with various computer-based project monitoring systems and accounting software
    • Generating and maintaining management information reporting systems related to the project (budgeting, forecasting, variance analysis, month end reporting, adherence to project guidelines etc.)
    • Analysing the data received against Key Performance Indicators and preparing regular reports for the Project Manager
    • Identifying cost overruns, if any, and taking corrective action; modifying budgets as necessary
    • Preparing regular balance sheet reconciliations and P&L accounts for the project
    • Undertaking cost-benefit analyses in respect of the project
    • Identifying opportunities to save cost and making recommendations to executive management accordingly
    • Managing a team of accounting staff

Where the project concerned is one within the organisation (for example managing a corporate restructure, constructing a new building, or the introduction of a new computer system) then similar tasks will apply, but may also include specifying requirements, managing change, monitoring the project, identifying and resolving problems, instigating control processes and documenting new procedures. A very large project may be broken down into smaller projects which are managed individually (e.g. for the construction of a new building, the telecommunications aspect might be project in its own right).

Typical Lines of Reporting for a Project Accountant

The Project Accountant will typically report to the Finance Director, and may have a number of more junior Accountants or finance staff reporting to him or her.

Typical Qualifications for a Project Accountant

A Project Accountant will almost certainly be a fully qualified Accountant and is also likely to have several years of industry experience. Good commercial awareness is required, together with strong relationship building skills and the ability to communicate effectively at all levels.

Career Progression for a Project Accountant

The combination of accounting and project management skills which a Project Accountant acquires can prepare him or her for a role as a Project Manager, or a more senior Accountancy role, for example as a Commercial Finance Manager.