Accounting Project Manager

A project has a definite time period within which it has to be completed. While undertaking a project, environment costs, revenue costs, idle time, etc. get added to the additional costs of reporting within an organizational boundary. And, here comes the role of the project manager in balancing goals and constraints.

The primary goal of an accounting project manager is not only to carry out the goals of the project optimally but overcoming the constraints during the work period. The efficient ways of dealing with the allocation of budget and integration of time and scope by the manager allows in the achievement of better and optimal results. Thus, both technical skills and managerial skills are needed to excel in this field.

Along with these, communication skills are necessary to delegate and implement work in proper coordination. An accounting project manager is basically an all-in-all of the project he looks into. Everyone working under him reports to him and he follows suit to the management.

A basic framework undertaken by an accounting project manager is as follows: initiation, planning or development, production or execution, monitoring and controlling, closing. In the initiation process, analyzing the costs and benefits of a project is the primary goal.

This is followed by laying out the strategies of optimizing resource use at disposal, even going to the extent of risk taking. Execution or production ensures goal achievements followed by monitoring constraints from disrupting the project in process. Closing declares the completion of the project which is assessed by the manager.

In project accounting management, the budget reports are compared to previous and other current ongoing projects. This helps in tracking the financial progress of the company and the profits or losses incurred in the project.

For an accounting project manager, maintaining timesheets and budget sheets are compulsory. It helps in keeping a record of the interim payments that are carried out during the project in process. Every small detail is taken into account by the development manager to reduce wastage and promote sustainability.

Today’s project managers should excel at understanding finance, international business and accounting concepts in order to make informed decisions and ensure a greater contribution to their organization. Generally firms recruiting project managers require experience in the field of development and execution for 4-5 years. But, it varies depending on the kind of projects handled by the firm. An IT professional will require hardcore computing skills unlike a project manager at a construction site.