What are the responsibilities and job description for the Project Accountant position at Torcon?
Torcon is looking to add a team member to our Accounting Department. This is an onsite role, and the applicant will be reporting to the home office, located in Red Bank, NJ.
Key Responsibilities
Working with project management team, some of the key responsibilities for this role are:
- Attend project kick off meeting. Review contracts. Note items concerning financial matters such as billing requirements, change order procedures reimbursable v. non-reimbursable costs, allowable mark-ups, fee structure and retainage requirements.
- Obtain the contract and review with Estimating and Project Management to properly assign phase codes and enter original budget into accounting system. (CMiC)
- Set up Invoices for client billings, use the industry standard AIA format and client specific formats when warranted. (Textura)
- Review order requests as prepared by Project Management. Update and post as requested.
- Review and reconcile subcontracts and subcontractor change orders.
- Review or generate subcontractor change order submission for proper attachments and backup, math errors and check establishing billing rates. Confirm there are established billing rates for all subs.
- Generate progress payment forms for billing. Check for accuracy, job name, math errors, previous billings, and past due balances. Do not process statements for billing but review all statements to ensure that all invoices have been processed.
- Prepare monthly requisition for Project Managers’ review. Include all costs for the month including labor, general conditions, subcontractor invoices, insurance, and all applicable taxes. Make sure that the current labor rates, as per contract documents, are being used. Check that the insurance and tax rates are current.
- Prepare cost billings to ensure job is being billed properly. Identify job cost items not billed and ensure that these items are included in next month’s billing or coded as non-reimbursable. Identify and report any other variances.
- Work with Project Manager to update and balance all cost reports for status reports monthly. Review budget adjustments before posting. Assist the Project Manager in tracking budget and allowance expenditures.
- Review all invoices, subcontracts, and purchase orders to determine if correct sales and use tax is included. If not, calculate the correct tax and prepare monthly summary of sales & use tax that should be charged to the project. Show vendor name, invoice number, invoice date, amount of tax charged, correct tax and difference to be paid.
- Attend monthly accounting staff meetings. Complete all duties in compliance with the month-end schedule.
- Assist Project Manager with closeout procedures. Ensure that all costs have been received, processed, and included in the final billing. Check that all applicable waivers have been received.
- Review all financial reports and provide documentation for final project closeout.
Skills Knowledge And Expertise
As mentioned in the job description above, the ideal candidate has at least five years experience in the construction industry, and familiar with the fundamentals of the financial side of construction projects.
Please note that Torcon utilizes CMiC and Textura, and experience with both software programs is required.
Please note that Torcon utilizes CMiC and Textura, and experience with both software programs is required.
Benefits
Torcon has a full range of benefits for all employees, including but not limited to healthcare coverage through Cigna, paid vacation days, retirement plans, and tuition reimbursement. More about Torcon's employee benefit program can be discussed during the interview process.
About Torcon Inc.
Torcon is a leading US-based construction management organization offering general contracting, design/build, and project management services to major corporate clients, leading institutions and select public agencies. The company supports clients and their projects throughout the northeast and middle-Atlantic states from our headquarters in Red Bank, New Jersey, and a full-service operations office in Philadelphia.
We are also one of the leading CM's in Puerto Rico, where Torcon has been actively building for more than 15 years, from our office in Guayabo.
Torcon's experience encompasses a wide range of commercial facilities, from office buildings and corporate headquarters to hotels, retail stores and malls, performing arts theaters, and parking structures. Torcon specializes in technology and utility-rich facilities, such as labs and other bio-pharm centers, as well as projects for healthcare and academic institutions.
We are also one of the leading CM's in Puerto Rico, where Torcon has been actively building for more than 15 years, from our office in Guayabo.
Torcon's experience encompasses a wide range of commercial facilities, from office buildings and corporate headquarters to hotels, retail stores and malls, performing arts theaters, and parking structures. Torcon specializes in technology and utility-rich facilities, such as labs and other bio-pharm centers, as well as projects for healthcare and academic institutions.
Department
Accounting
Employment Type
Full Time
Location
Red Bank Branch
Workplace type
Onsite
Compensation
$100,000 - $175,000 / year
Reporting To
CFO
Salary : $100,000 - $175,000
Project Accountant (Hybrid)
Matrix New World Engineering -
Eatontown, NJ
Senior Project Accountant
Muñoz Engineering and Land Surveying, DPC -
Edison, NJ
Sr. Project Accountant (Hybrid)
Matrix New World -
Eatontown, NJ