Telecommunications Construction Project Cost Accounting

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1. Objective To establish a comprehensive cost accounting framework utilizing the fieldwire budget module of our project management software that ensures accurate budgeting, tracking, reporting, and forecasting of all financial components of a telecommunications project. This includes direct and indirect costs associated with materials, labor, subcontractors, permits, and general overhead. 2. Roles and Responsibilities Project Cost Accountant Set up and maintain the job cost structure in the accounting system (e.g., by cost code, work breakdown structure, or phase). Work closely with project managers, estimators, procurement, and finance departments to track cost commitments and actuals. Monitor and analyze budget vs. actual (BvA) expenditures on a weekly or monthly basis. Provide regular financial reporting to internal stakeholders and clients. Coordination with Other Departments Project Management: Align on project phases, schedules, change orders, and forecasting. Procurement: Reconcile purchase orders, invoices, and delivery of materials or subcontractor services. Payroll: Ensure labor costs are accurately allocated to job codes. Compliance: Verify adherence to contractual obligations and audit readiness. 3. Tasks and Deliverables A. Pre-Construction Phase Assist in project budgeting and financial modeling based on estimates. Set up job cost codes from Xero into our project management budget module (Fieldwire) software. Establish cost control procedures and reporting formats. Coordinate with stakeholders to understand contract terms, billing schedules, and scope definitions. B. Construction Phase Record and allocate all cost transactions to the correct job, phase, and cost category. Reconcile invoices, payroll, and vendor payments to ensure accuracy. Track committed costs against budgeted amounts. Identify cost variances and escalate issues as needed. Maintain documentation of purchase orders, invoices, and payment approvals. C. Reporting and Forecasting Produce monthly or biweekly job cost reports, including: Actual vs. budget Cost to complete (CTC) Forecast at completion (FAC) Change order tracking Provide financial input for project status reviews. Develop cash flow projections. Monitor subcontractor and vendor financial performance. D. Closeout Phase Ensure all costs are recorded and reconciled. Finalize project cost reports. Support final billing and audits. Archive project accounting documentation as per retention policies. 4. Tools and Systems Utilize company-standard ERP/accounting systems (e.g., QuickBooks, Sage 300, Procore, NetSuite). Maintain accurate data within spreadsheets or reporting tools (e.g., Excel, Google Sheets, Power BI). Support integration with timekeeping, inventory, and procurement software. Prepare reports and documentation for internal or external audits. 5. Communication and Reporting Cadence Weekly: Internal job cost tracking reports. Monthly: Forecasting updates and financial health assessments. As Needed: Ad hoc reports for executive management or client updates. 6. Key Performance Indicators (KPIs) Budget variance (%) Forecast accuracy Timeliness of reporting Number of cost-related discrepancies Audit findings (if any)

Keyword: Project Coordinator

Price: $15.0

Account Reconciliation Budget Management Financial Projection Order Management Accounting Microsoft Excel Cost Estimate General Ledger Bookkeeping