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Vice President of Project Accounting

Company: Carolina Prg
Location: Charlotte
Posted on: January 16, 2022

Job Description:

This company entered the long-term lodging market with a new hotel concept in 2020. The new hotel offers guests an experience not yet seen in its category. The room layout for each 500+ square-foot suite was intentionally designed to feel like a home, with a dedicated living room, a full kitchen, and a separate bedroom. The brand will open 5 newly constructed hotels in 2022 with an additional 30+ locations under development. With a strong corporate financial backing and an experienced executive team in place, the North Carolina-based chain is committed to building a portfolio of 100 corporate-owned hotels, in addition to franchising.
Position SummaryThe VP of Project Accounting is responsible for project and cost accounting for all hotel development projects and other acquired assets, and the timely and accurate reporting of all projects. The role also oversees the maintenance of fixed asset records, processes all company book and tax depreciation, prepares and files personal property tax returns, business licenses, and has oversight of all project accounting activities. In addition, the VP of Project Accounting will be responsible for all processes and systems related to project and cost accounting as well as reporting out to the Senior Executive Committee, and more specifically the CEO/President, on the status of each project. Spend and cash flow analysis will be critical to this position as will forecasting from costs spent to date, open commitments, change orders and comparisons to budget. This position will formally report to the CFO with a strong dotted line to the Executive Vice President of Construction. The Director of Accounting must be a proactive and business minded individual who not only drives processes and procedures but also analyzes spend, forecasts, trends and reports out on any challenges before the issue occurs. Constant innovation to the role and creation of best practices will be norm and not the exception. The candidate will work with the companys senior leadership and construction team in a collaborative working environment and be a proponent of educating all affected groups and driving change management.
Role and Responsibilities

  • Project Accounting:
  • Upload and maintain approved capital project budgets into accounting system.
  • Record or oversee the input of all project additions to the accounting system, following construction accounting guidelines for capitalization of project costs in accordance with GAAP. Such costs include property taxes, insurance, interest, preopening costs, owners costs and procurement costs.
  • Process all project invoices timely and ensure proper approvals prior to payment.
  • Track the aggregation of project costs into construction in progress accounts, and close out each project to fixed assets once the related projects have been completed.
  • Develop a robust forecasting and reporting process, taking into account Spend To Date, Open Commitments and Change Orders and be able to articulate clearly any variances and plans to mitigate those variances.
  • Provide cash flow forecasts.
  • Responsible for supervising the Project Accounting Team.
  • Project Reporting:
  • Prepare and reconcile reports for all development projects compared to budget, analyzing variances between actual and budget amounts, working closely with the EVP Construction and other senior management.
  • Prepare forecast reports of project costs in process and assist in the preparation of project budgets
  • Create and monitor a system of controls and procedures and recommend improvements.
  • Record all fixed asset acquisitions and dispositions in the accounting systems and ensure proper GL coding, ensure assets are assigned to correct project categories and correct book and tax useful lives/depreciation methods. Review asset invoices for compliance with Fixed Asset Capitalization Policy and review repairs and maintenance expenditures for potential capitalization.
  • Process and record book and tax depreciation in the Fixed Asset system and review calculations for accuracy. Prepare forecasts of book and tax depreciation upon request.
  • Prepare fixed asset roll forward schedules, with all supporting schedules of additions, disposals and depreciation expense; reconcile balances in the fixed asset subsidiary ledger to the summary-level accounts in the general ledger. Provide roll forwards and supporting documentation for auditors and tax preparers.
  • Review fixed asset records for obsolescence and recommend assets that should be the considered for disposal.
  • Work with external auditors to ensure accurate and timely closing and reporting timelines
  • Accounting and payment of invoices for real estate and personal property tax and review such invoices for reasonableness; explain significant variances to management.
  • Prepare personal property tax returns annually for corporate and managed locations.
  • Annual 1099 compliance for applicable vendors.
  • Develop staff accountants by managing performance, setting goals, providing ongoing training and maintaining strong employee relationships.
  • Identifies project concerns and reports these concerns to senior leadership. Communicates all accounting related issues for each project. Keeps everyone abreast of any potential cost challenges or additional spending that falls outside of budget. Acts as a gate keeper in controlling all costs in all areas of construction, owners costs, procurement, and pre-opening.
    Job Qualifications
    • Bachelors degree in Accounting or Business Administration, Masters degree preferred
    • Minimum 5 five years of experience with project accounting, including an understanding of construction accounting concepts and the percentage of completion method, construction draw requests, project retainage and capitalization vs. expense concepts.
    • Accounts Payable, General Ledger, Fixed Asset and Project Reporting system experience preferred.
    • Advanced excel skill set preferred but at a minimum, an intermediate user at Excel and other Microsoft Office Suite applications as well as technology tools, including importing and exporting data to and from systems. Acumatica ERP experience preferred.
    • Strong verbal & written communication, with ability to take complex concepts and communicate clearly, accurately and persuasively
    • Ability to respectfully challenge team members, General Contractors and Sub-Contractors when necessary
    • Strong attention to detail and a thorough understanding of a real estate project lifecycle
    • Supervisory experience required.
    • This position does NOT require overnight travelby Jobble

Keywords: Carolina Prg, Charlotte , Vice President of Project Accounting, Executive , Charlotte, North Carolina

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