Description

POSITION OVERVIEW: This position is responsible for managing the financial transactions related to accounts payable and accounts receivable in the construction industry. Their primary role involves processing invoices, managing payments, reconciling accounts, and ensuring accurate and timely financial records.

Essential Functions & Responsibilities

Accounts Payable Responsibilities:
Invoice Processing: Receive, review, and process vendor invoices for construction materials, subcontractor services, and other project-related expenses. Ensure accuracy and completeness of invoices and obtain necessary approvals.
Vendor Management: Maintain vendor records, including contact information, payment terms, and tax identification details. Communicate with vendors to resolve invoice discrepancies and payment issues.
Payment Processing: Prepare and process payments to vendors, subcontractors, and suppliers within agreed-upon terms. Coordinate with project managers and procurement teams to ensure accurate payment scheduling.
Expense Tracking: Monitor and reconcile vendor accounts to ensure accurate recording of expenses. Identify and resolve discrepancies, such as pricing errors or duplicate payments.
Purchase Order Management: Match invoices with corresponding purchase orders and ensure proper coding and allocation of expenses. Collaborate with project managers and procurement teams to reconcile discrepancies between purchase orders and invoices.
Cash Flow Management: Maintain accurate records of accounts payable transactions and monitor cash flow related to payment obligations. Provide updates and recommendations to management regarding cash flow requirements.
Accounts Receivable Responsibilities:
Customer Invoicing: Generate and send accurate and timely invoices to clients for completed construction projects or progress billings. Ensure invoices comply with contractual terms and regulatory requirements.
Billing Disputes: Address customer inquiries, resolve billing discrepancies, and initiate corrective actions as necessary. Collaborate with project managers and client representatives to resolve disputes promptly.
Payment Collection: Monitor and track customer payments, ensuring timely collections. Follow up on outstanding invoices and implement appropriate collection strategies when necessary.
Accounts Reconciliation: Reconcile customer accounts, ensuring accurate recording of payments and adjustments. Investigate and resolve any discrepancies between customer records and financial statements.
Revenue Recognition: Assist in revenue recognition processes, ensuring compliance with accounting standards and contractual requirements. Collaborate with project managers and finance teams to accurately record revenue and expenses.
Credit Management: Evaluate creditworthiness of clients, establish credit limits, and monitor credit terms. Collaborate with sales and project teams to ensure proper credit control measures are in place.
Reporting and Analysis: Prepare regular reports on accounts receivable aging, collections, and cash flow projections. Analyze accounts receivable data to identify trends, potential risks, and improvement opportunities.
Systems and Process Improvement: Utilize accounting software and tools to streamline AP/AR processes. Identify areas for process improvement, implement automation solutions, and enhance efficiency and accuracy in financial transactions.
Compliance and Audit: Ensure compliance with accounting standards, tax regulations, and industry-specific requirements related to AP/AR functions. Support internal and external audits by providing necessary documentation and explanations.
Collaboration and Communication: Collaborate with internal stakeholders, including project managers, sales teams, and finance departments, to gather necessary information and resolve issues related to AP/AR transactions. Communicate with external parties, such as vendors and clients, to address inquiries and resolve payment-related matters.

Requirements

Bachelor’s degree in accounting, finance, or a related discipline.
Familiarity with the construction industry, its terminology, and specific accounting practices is essential. Understanding construction contracts, project billing, and revenue recognition methods will be advantageous.
Prior experience in accounts payable, accounts receivable, or general accounting is highly desirable. Experience within the construction industry or a related field is preferred to understand the unique financial aspects of construction projects.
Proficiency in using accounting software, MS Office Suite with advanced knowledge of Excel.
Excellent verbal written and verbal communication skills.
Excellent problem-solving skills.
Highly detail oriented.
Highly efficient at interpreting plans and specifications to produce quality estimates.
Able to work with a sense of urgency while maintaining accuracy.