Accounting Associate - Project Accounting
- Jacobs
- 3 - 8 years
- Pune
- 10 months ago
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Job Description
Roles and Responsibilities
This position is fully responsible for the project accounting & billing process, including responding to Management inquiries, verifying employees billable time with the time recording system & making sure that revenue leakages are avoided; front face with Operations staff on this account and making sure that the process is compliant with the Company Procedures & prescribed Accounting Practices & standards.
- Set up new projects, open and close time classes in company system (ORACLE), apply transaction controls, budget, payment terms and configure the contract in the Project Accounting System.
- Analyse and understand the contract terms & conditions and accordingly ensure that correct billing is done to the client for T&M and Fixed Price projects.
- Understand the impact of price escalation or change notices as per contract conditions and ensure that there is no loss of revenue for the company.
- Effectively communicate with Project Managers (PM) and Principals-in-Charge (PIC), regarding contract documents, change orders and other contract modifications, approvals, and any additional services-related to billing.
- Have a good understanding of accounting standards for revenue recognition.
- Prepare final invoice package containing draft and final invoices for all billable projects, including all applicable backup for approval by the Accounting Supervisor.
- Ensure timelines for raising and submission of invoices to the clients.
- Research any unbilled issues to optimize the billing possibilities for the billing period.
- Maintain folders / files for all projects, with all the appropriate documents, including expenses, consultant invoices, and monthly invoices, in accordance with standard procedures.
- Work with the Accounts Receivable team member to reconcile variances that occur in the application of cash.
- Work with Accounts Payable team members where certain expenses are billable to clients at actuals.
- Generate and distribute profitability reports.
- Review weekly time sheets and monthly analyse the profitability of Project, Performance Unit or other parameters as assigned.
- Provide year-end support of auditor requirements, which includes front facing them on their queries & making sure matters of significance are reported & escalated to the PA Supervisor
- Perform additional assignments, as directed by the Accounting Supervisor.
- Communicate and coordinate with all Jacobs offices
Desired Candidate Profile
- Strong technical knowledge of accounting standards particularly revenue recognition. Experience working in a large, diverse organization with intersecting business processes.
- Strong understanding of Enterprise Resource Planning (ERP) systems, such as Oracle Financials.
- Strong verbal and written communications skills with the ability to work directly with all levels of the organization.
- Ability to work in a matrix reporting structure and proven success of partnering with organizational cross-functional teams.
- 1-8 years of Experience in Project Accounting
Job Classification
Industry: Engineering & ConstructionFunctional Area:
Role Category: Finance
Role: Finance
Employement Type: Full time
Education
Under Graduation: B.Com in CommercePost Graduation: M.Com in Commerce
Contact Details:
Company: Jacobs Engineering India Pvt LtdLocation(s): Pune
Keyskills: Billing project accounting Revenue Recognition
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Jacobs Engineering India Pvt Ltd Jacobs Engineering Group Inc. is one of the world’s largest and most diverse providers of professional technical services. With annual revenues exceeding $5 billion, we offer full-spectrum support to industrial, commercial, an...
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