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What does a Project Accountant do?

Updated January 8, 2025
8 min read
Quoted Expert
Terri Walsh
What does a Project Accountant do

A project accountant is primarily in charge of overseeing the budget and expenditures allocated for various projects within a company. Their responsibilities revolve around reviewing financial data and work plans, managing billing and financial reports, monitoring the flow of revenue, filing purchase orders and invoices, and processing payments to subcontractors, suppliers, and more. It is also vital to coordinate with all managing personnel to prepare necessary reports such as costs and taxes. Furthermore, it is essential to maintain data and records of all transactions, all while implementing the company's policies and regulations.

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Project accountant responsibilities

Here are examples of responsibilities from real project accountant resumes:

  • Maintain general ledgers, manage cash flow, prepare financial statements and bank reconciliations for multiple development and construction projects.
  • Assure timely accurate filing of all Medicare, Medicaid and commercial insurance claims.
  • Review the collection of Medicare, Medicaid and other receivables to ensure monthly goals are met.
  • Used DelTek to find discrepancies in employee charge hours.
  • Serve as major contributor in system conversion to new web-base ERP system.
  • Identify and rectify accounting errors that have incurred in the past and ensure adherence to IFRS.
  • Maintain up to date client information and records by regularly updating information in the company ERP software.
  • Oversee all trust fund account balances to stay within Medicaid requirements and that trsut fund policies are follow.
  • Verify and process invoices and contractor's AIA pay applications that are in accordance to approve funding requirements and execute agreements.
  • Revise the bill of materials (BOM), enhance communications, boost quality, and improve logistics with Asian suppliers.
  • Create new items, raw material and finish goods, in system, and verify BOM and standard costs are accurate.
  • Report inventory revaluation and PPV.
  • Prepare month-end AIA requisitions for general contractors.
  • Maintain a WIP schedule for building improvements and tenant improvements
  • Maintain capital project schedules monitoring WIP from inception through completion.

Project accountant skills and personality traits

We calculated that 8% of Project Accountants are proficient in Reconciliations, Project Management, and Contract Terms. They’re also known for soft skills such as Analytical skills, Communication skills, and Detail oriented.

We break down the percentage of Project Accountants that have these skills listed on their resume here:

  • Reconciliations, 8%

    Analyzed general ledger accounts, prepared inter-company reconciliations, generated journal entries and prepared corporate reporting package for month end close.

  • Project Management, 6%

    Maintained and distributed monthly anticipated cost reports, quarterly general conditions analysis and update change order logs to project management team.

  • Contract Terms, 5%

    Maintain organized project files, understand contract terms as they relate to fee management in both public and private sector projects.

  • Purchase Orders, 4%

    Coordinated and expedited the execution of subcontract agreements, change orders, purchase orders, and associated contract related documentation.

  • Deltek, 4%

    Reduced installation and training costs as active participant in setting up DELTEK VISION.

  • Revenue Recognition, 4%

    Reviewed project cost estimates and revenue estimates, and assisted in preparation of percent complete calculations to ensure proper revenue recognition.

"reconciliations," "project management," and "contract terms" are among the most common skills that project accountants use at work. You can find even more project accountant responsibilities below, including:

Communication skills. Many project accountant duties rely on communication skills. "accountants and auditors must be able to listen to and discuss facts and concerns from clients, managers, and other stakeholders," so a project accountant will need this skill often in their role. This resume example is just one of many ways project accountant responsibilities rely on communication skills: "facilitated communication with the internal and external auditors. "

Detail oriented. Another skill that relates to the job responsibilities of project accountants is detail oriented. This skill is critical to many everyday project accountant duties, as "accountants and auditors must pay attention to detail when compiling and examining documents." This example from a resume shows how this skill is used: "assisted external auditors regarding internal control and account details by providing explanations and supporting materials. "

Math skills. project accountant responsibilities often require "math skills." The duties that rely on this skill are shown by the fact that "accountants and auditors must be able to analyze, compare, and interpret facts and figures." This resume example shows what project accountants do with math skills on a typical day: "reported to conocophillips s project costs, permit information and environmental and safety statistics monthly. "

Organizational skills. A commonly-found skill in project accountant job descriptions, "organizational skills" is essential to what project accountants do. Project accountant responsibilities rely on this skill because "strong organizational skills are important for accountants and auditors, who often work with a range of financial documents for a variety of clients." You can also see how project accountant duties rely on organizational skills in this resume example: "conduct regular reviews and financial analysis of status of funds to identify increased organizational requirements. "

All project accountant skills

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Compare different project accountants

Project accountant vs. Accounting analyst

An accounting analyst is responsible for supporting the accounting operations of an organization, analyzing financial transactions and financial statements, and resolving account discrepancies. Accounting analysts interpret financial data by consolidating account transactions, performing account reconciliation, and managing account receivables. They also assist in preparing and releasing invoices, issuing billing statements, and creating comprehensive financial reports on the company's budget and expenses. An accounting analyst must have excellent knowledge of the accounting principles and disciplines, as well as extensive analytical and communication skills to perform duties and meet deadlines under minimal supervision.

If we compare the average project accountant annual salary with that of an accounting analyst, we find that accounting analysts typically earn a $2,068 lower salary than project accountants make annually.Even though project accountants and accounting analysts are distinct careers, a few of the skills required for both jobs are similar. For example, both careers require reconciliations, purchase orders, and gaap in the day-to-day roles and responsibilities.

These skill sets are where the common ground ends though. The responsibilities of a project accountant are more likely to require skills like "project management," "contract terms," "deltek," and "deltek vision." On the other hand, a job as an accounting analyst requires skills like "customer service," "payroll," "pivot tables," and "process improvement." As you can see, what employees do in each career varies considerably.

Accounting analysts really shine in the finance industry with an average salary of $66,550. Comparatively, project accountants tend to make the most money in the professional industry with an average salary of $64,110.The education levels that accounting analysts earn slightly differ from project accountants. In particular, accounting analysts are 1.2% more likely to graduate with a Master's Degree than a project accountant. Additionally, they're 0.0% more likely to earn a Doctoral Degree.

Project accountant vs. Accountant/consultant

Accountants/consultants perform accounting tasks for organizations or companies. The accountants improve accounting practices and prepare financial statements at the end of every year. They analyze financial data and offer advice on regulatory compliance issues to the finance department. It is their job to make sure that the online system is secure. Most of the day, they organize invoices, prepare statements, and supervising systems. They should be equipped with analytical skills, industry knowledge, critical thinking, and interpersonal communication.

A career as a accountant/consultant brings a higher average salary when compared to the average annual salary of a project accountant. In fact, accountant/consultants salary is $3,831 higher than the salary of project accountants per year.A few skills overlap for project accountants and accountant/consultants. Resumes from both professions show that the duties of each career rely on skills like "reconciliations," "project management," and "gaap. "

While some skills are similar in these professions, other skills aren't so similar. For example, resumes show us that project accountant responsibilities requires skills like "contract terms," "purchase orders," "deltek," and "deltek vision." But an accountant/consultant might use other skills in their typical duties, such as, "account management," "product knowledge," "leveraged," and "customer service."

On average, accountant/consultants earn a higher salary than project accountants. Some industries support higher salaries in each profession. Interestingly enough, accountant/consultants earn the most pay in the finance industry with an average salary of $68,479. Whereas project accountants have higher pay in the professional industry, with an average salary of $64,110.accountant/consultants earn similar levels of education than project accountants in general. They're 0.9% more likely to graduate with a Master's Degree and 0.0% more likely to earn a Doctoral Degree.

What technology do you think will become more important and prevalent for Project Accountants in the next 3-5 years?

Terri WalshTerri Walsh LinkedIn Profile

Professor/Program Manager, Accounting, Seminole State College of Florida

I think EXCEL is a must for all business graduates, especially for accounting graduates, but often they have not been exposed to much of it in their degree. Besides, with technology continually changing, a dual major in accounting and information technology will be sought after, so I recommend a bachelor's degree accounting major NOT pursue an MBA, but an information technology degree or programming data. The rise of Big Data and issues surrounding cybersecurity risks will require the accounting profession, and accounting roles, to rely more on students with strong computer skills and logic/analytical thinking. As mentioned before, they will need to master EXCEL, as spreadsheets are widely used in accounting and are the foundation for more advanced software. We are already seeing TABLEAU being used in accounting books, even in the foundational courses which have EXCEL already. There is powerful interrogation software, such as IDEA and ACL, which can pull data from multiple sources; and knowing these tools or their capabilities will be required in the future. Also, strong technological skills need to be communicated once data is retrieved, and this will require persuasive writing and verbal skills.

Project accountant vs. Accountant internship

An accounting intern is responsible for assisting an organization's accounting department, observing practical applications and processes, and performing accounting duties under the supervision of tenured accounting staff. Accounting interns support the accounting operations by preparing and organizing financial reports, helping with accounts reconciliation, researching financial and stock market trends, utilizing various accounting software, and managing feedback from their mentors. An accounting intern must be detail-oriented and a fast-learner, immediately adjusting to the company's culture and actively cooperating with the team to ensure a smooth flow of operations.

On average, accountant interns earn lower salaries than project accountants, with a $26,983 difference per year.project accountants and accountant interns both have job responsibilities that require similar skill sets. These similarities include skills such as "gaap," "account reconciliations," and "financial data," but they differ when it comes to other required skills.

Some important key differences between the two careers include a few of the skills necessary to fulfill the responsibilities of each. Some examples from project accountant resumes include skills like "reconciliations," "project management," "contract terms," and "purchase orders," whereas an accountant internship is more likely to list skills in "r," "account management," "powerpoint," and "renewable energy. "

Accountant interns earn the best pay in the media industry, where they command an average salary of $36,253. Project accountants earn the highest pay from the professional industry, with an average salary of $64,110.When it comes to education, accountant interns tend to earn similar degree levels compared to project accountants. In fact, they're 1.4% less likely to earn a Master's Degree, and 0.0% less likely to graduate with a Doctoral Degree.

Project accountant vs. Finance analyst/accountant

In a company setting, a finance analyst/accountant is in charge of handling and monitoring financial activities, ensuring efficiency and accuracy. Their responsibilities revolve around preparing financial reports, performing audits and risk assessments, and identifying any errors and inconsistencies, resolving them promptly and efficiently. They also conduct research and analysis to identify new business opportunities, evaluate the existing procedures to determine its strengths and weaknesses, and recommend solutions to optimize operations for financial growth. Furthermore, as a finance analyst/accountant, it is essential to uphold the company's policies and regulations, including its vision and mission.

Finance analyst/accountants average a higher salary than the annual salary of project accountants. The difference is about $2,508 per year.While both project accountants and finance analyst/accountants complete day-to-day tasks using similar skills like reconciliations, revenue recognition, and gaap, the two careers vary in some skills.While some skills are required in each professionacirc;euro;trade;s responsibilities, there are some differences to note. "project management," "contract terms," "purchase orders," and "deltek" are skills that commonly show up on project accountant resumes. On the other hand, finance analyst/accountants use skills like payroll, cpa, process improvement, and pivot tables on their resumes.finance analyst/accountants enjoy the best pay in the finance industry, with an average salary of $78,897. For comparison, project accountants earn the highest salary in the professional industry.finance analyst/accountants reach similar levels of education compared to project accountants, in general. The difference is that they're 4.4% more likely to earn a Master's Degree, and 0.1% less likely to graduate with a Doctoral Degree.

Types of project accountant

Updated January 8, 2025

Zippia Research Team
Zippia Team

Editorial Staff

The Zippia Research Team has spent countless hours reviewing resumes, job postings, and government data to determine what goes into getting a job in each phase of life. Professional writers and data scientists comprise the Zippia Research Team.

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