Construction & Development Accountant

Job Description

Oversees construction draw accounting, project cost verification, developer risk management, and financial controls for construction and development projects. Validates construction pay applications, monitors project budgets, coordinates with lenders, architects, contractors, and consultants, and ensures accurate financial reporting and compliance with contractual and loan requirements.

Responsibilities

Organizational Impact:

• Develops and recommends financial controls and project accounting procedures aligned with organizational objectives.
• Performance directly impacts project financial integrity, risk management, and cash flow oversight.

Problem Solving & Decision Making:

• Identifies project financial risks, cost overruns, and discrepancies that require corrective action.
• Exercises independent judgment when evaluating construction pay applications and financial documentation.

Communication & Influence:

• Serves as a key liaison among developers, contractors, architects, lenders, consultants, and accounting teams.
• Communicates project financial status and risk exposure to management and stakeholders.

Leadership & Talent Management:

• May coordinate the activities of project accountants, consultants, or external reviewers.
• Supports process improvements and training related to construction accounting and draw administration.

Primary Responsibilities

• Reviews and validates construction pay applications against the approved Schedule of Values (SOV).
• Confirms costs are billed to the appropriate budget and contract categories.
• Identifies and prevents front-loading or overbilling of project costs.
• Verifies percentage completion through review of prior pay applications, progress reports, site inspection reports, and third-party validations.
• Coordinates with owners' representatives, architects, inspectors, lender consultants, and project controls personnel to validate construction progress.
• Reviews and collects partial lien waivers and releases from contractors, subcontractors, and suppliers.
• Ensures prior payments have been properly disbursed to subcontractors and vendors.
• Protects the developer from mechanic's lien exposure through proper documentation and compliance.
• Reconciles change orders and verifies that all billed changes are formally approved and contractually authorized.
• Ensures no unauthorized or pending change order work is included in payment requests.
• Calculates and verifies retainage withholding in accordance with contractual requirements.
• Performs arithmetic validation of pay applications, including formulas, totals, prior payments, and remaining balances.
• Reviews supporting documentation, including subcontractor invoices, payroll reports, schedules, and construction backup.
• Tracks project budgets against actual expenditures and identifies potential cost overruns or financial risks.
• Monitors project burn rates and flags signs of financial stress or budget deviations.
• Coordinates architect certifications and lender inspection approvals for draw requests.
• Ensures compliance with lender draw requirements, loan covenants, and contingency tracking.
• Coordinates with internal accounting and finance teams on project funding and cash flow management.
• Approves finalized draw packages for funding authorization and payment processing.
• Prepares project financial reports and communicates risk exposure to management.
• Performs other related duties as assigned.

Qualifications

Knowledge, Skills, and Abilities

• Strong knowledge of construction accounting, project budgeting, and draw administration.
• Strong analytical and reconciliation skills.
• Knowledge of construction contracts, lien waiver processes, and change order management.
• Understanding of construction lending and draw compliance requirements.
• Strong written and verbal communication skills.
• Strong organizational and time management skills.
• Proficient in Microsoft Office Suite, particularly Excel.
• Experience with ERP systems, project accounting systems, or construction accounting software preferred.

Education

Bachelor's degree in Accounting, Finance, Construction Management, or a related field required.

Experience

5+ years of experience in construction accounting, project accounting, real estate development, or related financial operations. Experience reviewing construction draws, pay applications, and project budgets preferred.

Preferred Qualifications

• Certified Public Accountant (CPA) or related certification preferred.
• Experience working with construction lenders, developers, or commercial real estate organizations.
• Knowledge of AIA G702/G703 forms and construction draw processes preferred.