Project Accountant (Construction & Engineering)

AI summary

Fronthill Controls is hiring an experienced Project Accountant to manage financial reporting for construction and engineering projects across Nigeria. The role focuses on IFRS 15 revenue recognition, WIP schedules, job costing, billing, and statutory compliance including WHT, VAT, and PenCom deductions. Ideal candidates are comfortable with accrual accounting and construction financials in the Nigerian market.

• Owns financial reporting for active construction and engineering projects across Nigeria
• Manages IFRS 15 percentage-of-completion revenue recognition and WIP schedules
• Requires strong knowledge of Nigerian statutory deductions including WHT, VAT, and PenCom
• Involves month-end close, job costing, billing, and cash flow forecasting by project
• Seeks candidates comfortable with accrual accounting and construction financials

Original source description

Fronthill Controls is looking for an experienced Project Accountant to own the financial reporting for a portfolio of active construction and engineering projects across Nigeria. This role goes beyond routine bookkeeping — you'll manage percentage-of-completion revenue recognition under IFRS, maintain accurate work-in-progress (WIP) schedules, and act as the financial partner to project managers, ensuring every project's numbers tell an accurate story from mobilization through closeout. You'll be the person who catches a miscoded cost before it distorts a project's margin, who can explain to a project manager why their numbers don't match yours, and who keeps revenue recognition, billing, and job costing tightly aligned with the actual progress on-site. If you're comfortable with accrual accounting, IFRS 15, and the mechanics of construction financials in the Nigerian market — including WHT, VAT, and PenCom-compliant statutory deductions — and you don't shy away from a hard conversation when the data calls for it, we want to hear from you. Key Responsibilities: Revenue Recognition & WIP Management: Prepare and maintain monthly work-in-progress (WIP) schedules across all active projects, calculating percentage-of-completion using the cost-to-cost method. Recognize revenue in accordance with IFRS 15, including proper treatment of contract assets/liabilities, unbilled receivables, and billings in excess of costs. Identify and immediately flag projects trending toward a loss position, ensuring full loss recognition in the correct period. Track unapproved/pending change orders and claims separately, applying appropriate judgment on revenue recognition for unpriced work. Job Costing & Month-End Close: Own the month-end close process for assigned projects: accrue unbilled subcontractor costs, unrecorded labor, and other period-end items to ensure job costs are complete and accurate. Reconcile job cost ledgers to the general ledger and investigate/correct coding errors before they distort project margins. Partner with project managers to update estimates-to-complete (ETC) and estimates-at-completion (EAC) each month based on current field conditions. Manage accounting for retainage, mobilization advances, prepaid materials, and other construction-specific balance sheet items. Billing & Cash Management: Prepare and submit interim valuation certificates/progress billings in line with contract terms, bills of quantities, and project milestones. Monitor aged retainage and unbilled revenue, and drive resolution of stale balances with project teams and clients. Support cash flow forecasting by project, factoring in billing schedules, retainage releases, and payment terms. Reporting & Compliance: Deliver accurate, timely WIP reports and project financial packages to the Controller/CFO and, as needed, ownership, lenders, or auditors. Maintain supporting documentation for revenue recognition judgments, change orders, and cost accruals sufficient to withstand audit scrutiny. Ensure correct application of Withholding Tax (WHT) and VAT on subcontractor and supplier invoices, and support statutory remittances (PAYE, Pension, WHT, VAT) in line with FIRS and PenCom requirements. Identify and escalate control gaps or irregularities (e.g., unusual vendor billing patterns) in line with company policy. Cross-Functional Collaboration: Act as the primary financial point of contact for assigned project managers and superintendents. Communicate margin risk clearly and directly, even when it means pushing back on a project team's optimistic view. Contribute to process improvements in job costing, billing, and close procedures. What Success Looks Like in the First 6 Months You independently prepare accurate WIP schedules for your project portfolio, with minimal rework requested by the Controller. Project managers trust your numbers and come to you proactively when their view of a project's progress diverges from the cost data. Month-end close for your projects is on time, with all known accruals captured and clearly documented. You've identified and helped resolve at least one aged retainage, underbilling, or reconciliation issue that had been lingering. Qualifications Required: Bachelor's Degree (BSc/HND) in Accounting, Finance, or a related field. 5+ years of accounting experience, including at least 2–3 years in project/construction accounting. Solid working knowledge of percentage-of-completion accounting, IFRS 15 revenue recognition, and WIP schedule preparation. Demonstrated experience: with job costing, cost accruals, and month-end close in a project-based environment. Working knowledge of Nigerian statutory compliance — PAYE, VAT, Withholding Tax (WHT), and Pension Reform Act requirements: — as they apply to project accounting. Strong Excel skills; experience: with accounting/ERP systems commonly used in Nigeria (e.g., QuickBooks, Sage 50/Sage 300, or similar). Excellent communication skills, with the ability to explain financial concepts clearly to non-financial project managers. High attention to detail and a track record of catching and correcting errors before they reach leadership or the board. Valid NYSC discharge or exemption certificate. Preferred: ICAN, ACCA, or ANAN certification (or actively pursuing). Experience: preparing progress billings/valuation certificates and managing retainage on Nigerian construction contracts. Prior exposure to bonded projects, subcontractor default/backcharge situations, or claims accounting. Experience: with public sector/government-funded projects and their reporting requirements. Experience: supporting external audits or lender reporting requirements. Core Accounting Skills The successful candidate will bring demonstrable, hands-on strength across the following: Preparation & analysis of financial statements (P&L, balance sheet, cash flow) at project and company level Accrual-basis accounting and disciplined month-end/year-end close Percentage-of-completion (WIP) accounting and cost-to-cost calculations Revenue recognition under IFRS 15, including contract assets/liabilities Job costing, cost allocation, and cost-to-complete/EAC forecasting Bank, general ledger, and sub-ledger account reconciliations Budgeting, forecasting, and budget-to-actual variance analysis Accounts payable and receivable management, including aging review Fixed asset accounting and depreciation schedules Internal controls, segregation of duties, and fraud-risk awareness Statutory tax compliance — VAT, Withholding Tax (WHT), and PAYE Payroll-related statutory remittances (Pension, NHF, NSITF) Preparation of monthly, quarterly, and year-end financial reports for management and stakeholders External audit support, including schedule and reconciliation preparation Advanced Excel (pivot tables, lookups, financial modeling) and ERP proficiency. What We Offer Competitive net salary of N350,000 – N500,000 monthly, commensurate with experience. HMO health insurance coverage. Pension contributions in line with the Pension Reform Act. Paid leave allowance and statutory public holidays. Opportunities for professional development, including support toward ICAN/ANAN certification. Application Closing Date 30th August, 2026. How to Apply Interested and qualified candidates should send their CV and a brief cover letter to: [email protected] using "Project Accountant – Lagos" as the subject of the email. Note Only shortlisted candidates will be contacted. Please include your experience: with WIP schedules, percentage-of-completion accounting, and the ERP systems you've used. Fronthill Controls is an equal opportunity employer. We celebrate diversity and are committed to creating an inclusive environment for all employees.