Accounting Associate - Project Accounting

Jacobs

Bengaluru, India

3-5 Years

This job is no longer accepting applications

Posted 24 months ago

Job Description

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

Strong technical knowledge of accounting standards - particularly revenue recognition. Experience working in a large, diverse organization with intersecting business processes.