Project Accountant

Found in: Talent ZA C2 - 2 weeks ago

Pretoria, South Africa Tipp Focus Full time

Purpose of the Job

To provide Project Managers with project cost information by creating financial reports specifically designed to track financial progress of projects and provide critical information for strategic decision-making purposes to ensure that projects are proceeding on budget and to accurately assess and monitor project budgets.

Key Performance Areas

Operation Management

Human Resource Management

Governance and Audit

Financial management

Reporting and operations excellence

Duties and Responsibilities

Performance Areas

Operation Management

  • Match project sales and cost of sales on a monthly basis for the Division.
  • Generate sales and cost of sales report to provide the list of all the invoices generated and cost of sales per current project.
  • Analyse the data for correctness and completeness.
  • Raise revenue recognition journals per project in according to the accepted accounting standard.
  • Submit journals for approval by the Divisional Financial Manager.
  • Update the month end reports, check information to ensure that project costs remain within budget.
  • Identify discrepancies and provide reasons for variances as part of the monthly management report.
  • Forecast project cost to completion:
    • Develop and submit a Cost to Completion standard template to Project Manager together with guidelines to determine labour and material cost.
      • Project hours until project completion in terms of.
      • Labour rates
      • Material cost
      • Direct Project Cost
    • Calculate the total cost per project for a bin-annual review according to the required format.
    • Arrange review meetings with relevant members of the Divisional Commercial Business Unit to review cost to completion and feedback on the financial status of projects.
    • Action approved resolutions made by the Divisional Committee: i.e. provision adjustments for possible project overruns or revenue adjustments.
  • Prepare financial statements. (monthly)
  • Extract an income statement report in the standard format and analyse data for completeness and correctness before distributing to the relevant Divisional Executive Managers.
  • Provide financial information to reflect actual sales vs. cost of sales to the relevant Project Manager for reporting and auditing purposes; e.g. Sales & Operational Performance meeting.
  • Prepare a Net profit analysis on new proposals:
    • Issues a Net profit analysis standard template to the allocated Project Manager together with guidelines to determine labour and material cost
      • Project hours until project completion
      • Labour rates
      • Material cost
      • Direct Project Cost
    • Calculate the net profit analysis for relevant projects according to the required format and establish feasibilities based on the analysis.
    • Represent Finance and participate at the Steering Committee chaired by The Commercial Business Unit and present net profit analysis.
    • Follow process as approved as per the project checklist owned by the Commercial Business Unit.

Governance & Audit

  • Establish, maintain and coordinate the implementation of accounting and accounting control procedures within area of responsibility.
  • Maintain and manage the application of policies and procedures including the delegation of authority.
  • Verify the input of financial data and reports for the Division's automated financial systems.
  • Interact with internal and external auditors in completing the required audit process within area of responsibility.
  • Revalue foreign exchange contracts on a monthly basis according to the approved rates

Reporting & Operation Excellence

  • Generate monthly cost centre management reports to reflect budget vs actual.
  • Ensure all reports are in accordance with clients policies and procedures and PFMA requirements within the required timelines.
  • Conduct workshops and/or training for Divisional Exco as required for Project Accounting related issues.
  • Review and report any adverse deviations from budget per business unit to the Divisional Finance Manager.
  • Assist Cost Centre Managers with queries and make recommendations for potential cost savings.
  • Prepare and distribute income statement per Business unit.

Human Resource Management

  • Participate in the performance management process.
  • Participate in staff meetings as and when required to discuss operational performance and business issues.
  • Live the client Values and demonstrate behaviour that is consistent with the culture of the company

Financial Management

  • Assist in compiling of the sales, Opex and capex budgets.
  • Liaise with Operational and Project Managers to obtain input into the budgets in accordance to the overall budget guidelines.
  • Analyse input received and identify abnormal items or discrepancies and resolve before submitting to the Divisional Finance Manager for incorporation into overall budget.
  • Continuously to reduce cost.

Qualifications, experience and competency Requirements

Minimum Qualifications and Certifications

Relevant degree in Accounting equivalent to NQF 8.

Registration with Professional Bodies

Chartered Institute of Management Accountant (CIMA) or Chartered Accountant (CA).

Minimum Experience

5 years’ accounting experience in a project accounting environment responsible for analysing financial data, prepare financial reports, statements and projection.

Knowledge Requirements

· Competent knowledge of International Financial Reporting Standards (IFRS) and Public Finance Management Act (PFMA)

· Competent knowledge of statutory financial regulations.

· Competent knowledge of financial and accounting software applications.

· Competent knowledge of Project Management principles.

· Competent knowledge of project accounting, management reporting and cost accounting processes.

· Ability to analyse financial data and take appropriate actions including advising management on emerging risks to achieving strategic objectives.

· Expert knowledge of MS Office

Technical Skills and Competencies

Advanced computer skills

Customer orientation

Effective Business Communication

Behavioural Skills and Competencies

Results orientated

Be able to perform under severe stress and pressure

Attention to detail

Ability to work alone

Critical thinking for problem solving

Flexibility and adaptability

Inspire trust and living the clients values

Scope of Accountability

Typical Actions at various Operating levels:

Strategic - 0%

Tactical - 10%

  • Ensure best practice and adherence to all statutory, financial and other legislative regulations and strengthens awareness.

Operational - 90%

  • Performs allocated accounting functions from journals, net profit analysis, Financial control and contributes to monthly reporting.

Decision-Making

Decisions are made within the delegation of authority matrix

Most complex and regular challenges include:

Challenge:

Consistent changes in accounting rules and regulations as per the International Accounting Standards Board (IASB)change.

Accurate cost to completion calculations.

Resolution:

Attend accounting update workshops that are related to keep current on latest changes.

Keep historical data on projects and obtain good knowledge of projects.

Key Stakeholders

Divisional Management

Support functions.

Auditors

Cost Centre Managers

Program/Project Managers

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