The Role
Responsible for managing the financial health of a construction project, ensuring that all costs are tracked accurately, and that payments are made on time. Their role supports project managers in maintaining financial control and meeting project deadlines while ensuring alignment to company policies, contractual agreements, and industry standards.
What You'll Do
A. Cost Analysis and Monitoring
- Performs three-way matching of procurement and billing documents:
- Purchase Order (PO) to Receiving Report (RR): Confirms that materials, equipment, or services invoiced were received as documented, ensuring quantities and descriptions match. Verifies that owner-supplied materials (OSMs) are fully delivered onsite.
- Receiving Report to Invoice: Ensures that only delivered materials or rendered services are invoiced and that quantities and rates are accurate.
- Purchase Order to Invoice: Verifies that pricing, quantities, and contractual terms in the invoice are consistent with the approved PO. Identifies discrepancies and coordinates resolution with contractors or suppliers.
- Seeks required approvals from project managers, stakeholders, or supervisors prior to payment processing, in accordance with the approved Matrix of Authority.
- Maintains complete and accurate records of all matched documents (POs, receiving reports, invoices) for audit and control purposes, including proper documentation of all related communications.
- Regularly analyzes project costs incurred and compares them against approved budgets to identify variances, cost-saving opportunities, and areas for optimization.
- Identifies potential financial risks such as cost overruns, cash flow constraints, or project delays, and proposes mitigation measures.
- Ensures that vendor and contractor payments are processed in accordance with agreed payment terms stipulated in contracts or purchase orders.
- Reviews, endorses, and vouches Internal Order Memos (IOMs) prior to routing them to the appropriate signatories.
- Reconciles open Purchase Orders and GR/IR (Goods Receipt / Invoice Receipt) balances to ensure accurate financial records.
- Ensures full compliance with company insurance and surety bond policies, including monitoring validity, expiry dates, and timely renewals.
- Ensures that Percentage of Completion (POC) reports are accurately updated and submitted to Head Office Accounting in a timely manner.
B. Recoupment and Retainage Management
- Cross-checks supplier and contractor payments against released down payments or advances to ensure recoupment is implemented in accordance with approved schedules.
- Monitors retainage provisions under contracts and ensures proper release upon achievement of milestones or fulfillment of project completion requirements.
- Reviews back charges and ensures they are properly documented and deducted in succeeding billings.
C. Coordination with Project Team and Stakeholders
- Provides financial insights and cost-related support to project managers to help ensure projects remain within approved budgets and schedules.
- Coordinates and communicates regularly with internal and external stakeholders, including contractors, suppliers, and clients, on financial matters, billing issues, and changes affecting project costs.
- Works closely with the Finance and Accounting teams to ensure consistent application of financial practices, accounting policies, and company standards across all projects.
Who We're Looking For
- Bachelor's degree in accounting or related field
- At least 3 years of experience in Project Accounting or Accounts Payable (construction / project-based preferred)
- Experience in three-way matching and billing validation
- Strong analytical and cost control skills
- Knowledge of procurement, contracts, and project cost controls
- Accurate in reconciling POs, GR/IR, and billings
- Detail-oriented with strong documentation skills
- Effective communication and coordination skills
- Proficient in MS Excel and SAP (PS Modules)
