Director, Project Accounting
Location: Peoria, IL
Company: Farnsworth Group
Category: Accounting
Job Description Apply Now
Farnsworth Group is seeking a Director of Project Accounting. This is a senior-level leader responsible for overseeing all project accounting operations across the firm’s architecture, engineering, and survey practice groups. This role manages a team of 10–15 Project Accountants who serve as the primary financial resource for Group Leaders and Project Managers throughout the full project lifecycle from contract setup and invoicing through revenue recognition and closeout.
The ideal candidate brings deep experience in AEC project accounting within a mid-to-large firm with annual revenues well in excess of $100 million. Expert-level proficiency in Deltek VantagePoint or Deltek Vision is essential, as is a demonstrated ability to lead, develop, and retain a high-performing team while maintaining the financial rigor and accuracy that complex, multi-contract project environments demand.
Posting Locations: Champaign, Lisle, Normal, Peoria, Springfield, IL; Dallas, TX; St. Louis, MO; Waukee, IA
What You’ll Do:
Team Leadership & Development
- Lead, manage, and develop a team of 10–15 Project Accountants supporting multiple practice groups and Group Leaders across the firm.
- Establish clear performance expectations, conduct regular one-on-ones, and deliver timely, constructive feedback and formal performance reviews.
- Design and deliver structured onboarding and ongoing training programs to build team proficiency in project accounting fundamentals and Deltek VantagePoint/Vision workflows.
- Identify individual development opportunities and support career growth paths for team members at all experience levels.
- Foster a team culture grounded in accuracy, accountability, client service, and continuous improvement.
- Manage workload distribution across the team, balancing assignments to Group Leaders and project portfolios equitably and strategically.
- Recruit, interview, and onboard Project Accountants as the team grows or turnover occurs, partnering with HR on hiring practices.
Project Setup & Contract Administration
- Oversee accurate and timely project setup in Deltek VantagePoint/Vision, including contract values, fee structures, billing terms, phases, tasks, and labor categories.
- Review and interpret prime contracts, subconsultant agreements, and task orders to ensure billing plans and revenue structures are configured correctly.
- Ensure all contract modifications, amendments, and scope changes are reflected in the project accounting system promptly and accurately.
- Establish and enforce project setup standards and naming conventions to support consistent reporting across the firm.
- Partner with Group Leaders and Project Managers during contract negotiation to advise on financial terms, billing structures, and fee adequacy.
Client Invoicing & Accounts Receivable
- Direct the full invoicing cycle for the firm’s project portfolio, ensuring invoices are prepared, reviewed, and issued accurately and on schedule.
- Review draft invoices prepared by Project Accountants for completeness, accuracy, contract compliance, and appropriate backup documentation.
- Manage the invoice approval workflow in coordination with Project Managers and Group Leaders, ensuring timely client delivery.
- Monitor accounts receivable aging across the portfolio; escalate delinquent accounts and support collection efforts in coordination with project leadership.
- Ensure proper handling of retainage, subconsultant pass-through costs, and reimbursable expenses per contract terms.
- Support the preparation and submission of billing on government, federal, and cost-plus contract types, including compliance with FAR billing requirements where applicable.
Revenue Recognition & Project Financial Reporting
- Oversee monthly revenue recognition for the firm’s project portfolio, ensuring compliance with applicable accounting standards (ASC 606 / percentage-of-completion).
- Review and approve earned value calculations, percent-complete estimates, and EAC (Estimate at Completion) updates prepared by Project Accountants.
- Prepare and deliver monthly project financial reports to Group Leaders, including contract status, revenue earned, billed-to-date, backlog, and profitability metrics.
- Identify projects with financial risk: budget overruns, write-downs, scope creep, or stalled billings, and escalate proactively to leadership.
- Coordinate with the Sr. Controller and Finance Director on month-end close activities related to project revenue, unbilled receivables, deferred revenue, and WIP adjustments.
Deltek VantagePoint / Vision System Management
- Serve as a subject matter expert and internal resource for Deltek VantagePoint (or Vision), providing guidance to Project Accountants, Project Managers, and Group Leaders on system use.
- Oversee the accuracy of the project accounting database, including periodic audits of project setup, labor posting, expense coding, and billing data.
- Partner with IT and finance leadership on system upgrades, module implementations, and workflow enhancements within VantagePoint/Vision.
- Develop and maintain standard operating procedures for all VantagePoint/Vision project accounting processes and train team members accordingly.
- Leverage reporting and business intelligence tools within VantagePoint/Vision (e.g., Reporting, Dashboards, AI) to produce actionable financial data for stakeholders.
Group Leader & Project Manager Partnership
- Serve as the primary liaison between the Project Accounting team and Group Leaders, Practice Leaders, and Project Managers across all service lines.
- Facilitate regular project financial review meetings with Group Leaders to discuss backlog, billing pipeline, collections, and project profitability.
- Educate and coach Project Managers on financial responsibilities, contract awareness, timesheet compliance, and project cost management.
- Translate financial data into clear, accessible reporting that enables non-financial project leaders to make informed decisions.
- Act as a trusted advisor to Group Leaders on matters of fee negotiation, scope management, cost recovery, and financial performance improvement.
Subconsultant & Vendor Cost Management
- Oversee the processing and tracking of subconsultant invoices, ensuring alignment with executed teaming agreements, contract budgets, and project phase allocations.
- Ensure subconsultant costs are accurately posted, billed to clients, and reconciled to commitments in VantagePoint/Vision.
- Work with Project Managers to monitor subconsultant budget utilization and flag potential overruns before they impact project profitability.
- Coordinate with Accounts Payable to ensure timely and accurate payment of subconsultants in accordance with contract pay-when-paid provisions.
Budgeting, Forecasting & Backlog Reporting
- Support the Finance Director in the annual revenue budgeting process by providing project-level data, pipeline insights, and portfolio-level projections.
- Maintain and update the firm’s project backlog and revenue forecasting models in coordination with Group Leaders and business development leadership.
- Provide monthly net revenue and billing forecast data to finance leadership to support cash flow planning and financial reporting.
- Analyze trends in utilization, project profitability, write-up/write-down rates, and collection performance to inform management decisions.
Compliance, Internal Controls & Process Improvement
- Establish and enforce internal controls over project accounting processes, including invoice review thresholds, approval workflows, and audit trail requirements.
- Ensure compliance with firm-wide accounting policies, GAAP, and contract-specific billing and reporting requirements.
- Lead or support internal and external audits as they relate to project accounting, WIP, and revenue recognition.
- Continuously evaluate and improve project accounting workflows, reducing manual effort, increasing accuracy, and shortening billing cycle times.
- Develop and maintain the Project Accounting department’s policies, procedures manual, and training documentation.
What You’ll Need:
Education - Bachelor’s degree in Accounting, Finance, Business Administration, or a related field required.
- CPA or CMA designation a plus, but not required.
Experience
- Minimum of 8–10 years of project accounting experience, with at least 3–5 years in a supervisory or management role overseeing a team of project accountants.
- Experience at a mid-to-large AEC (Architecture, Engineering, and/or Survey) firm with annual revenues well in excess of $100 million strongly preferred.
- Demonstrated expertise in all phases of AEC project accounting: contract setup, invoicing, revenue recognition, WIP management, and project closeout.
- Proven track record managing a team of 10 or more direct reports in a fast-paced, multi-project environment.
- Experience supporting multiple Group Leaders or Practice Leaders simultaneously across diverse project types and contract structures (lump sum, T&M, cost-plus, IDIQ, etc.).
- Familiarity with government and federal contracting billing requirements, including FAR-compliant invoicing, a plus.
Technical Skills
- Expert-level proficiency in Deltek VantagePoint or Deltek Vision required; ability to train others and navigate system administration tasks is highly valued.
- Advanced proficiency in Microsoft Excel, including pivot tables, VLOOKUP/XLOOKUP, and financial modeling.
- Proficiency in Microsoft 365 suite including Outlook, Word, PowerPoint, and SharePoint/Teams.
- Experience with business intelligence or reporting tools (Power BI, Deltek Reporting, etc.) a plus.
Who We Are
Join Farnsworth Group, a nationally recognized architectural, engineering, and surveying firm, where your career can thrive! For ten consecutive years, we’ve been certified as a Great Place to Work, and our engineers, architects, surveyors, and scientists channel their passion and expertise into making meaningful contributions to the world around us. With almost 650 talented professionals across 24 offices, we collaborate with clients ranging from small communities to some of the world’s largest brands. Our success is built on our people - their passion, creativity, and commitment to excellence. Here, you’ll find a supportive culture that champions your growth, embraces challenges, values work-life balance, and empowers you to make a lasting impact for our clients and the communities we serve. Join us and move your career forward.
A Great Place to Work Certified
For ten consecutive years, Farnsworth Group has earned the prestigious Great Place to Work certification—thanks to our employees! Each year, our staff participates in a survey administered by the Great Place to Work organization, measuring perceptions of credibility, respect, pride, fairness, and camaraderie. The results are benchmarked against the nation’s leading companies, and only top performers receive the certification. Insights from the survey help us continually enhance our work environment and foster a culture that makes Farnsworth Group an even greater place to work.
Featured benefits and perks include:
- 401(k) with 100% Company Match up to 5%
- Medical/Dental/Vision Insurance Plans
- Flexible Spending and Health Savings Accounts
- Short & Long-Term Disability
- Maternity and Paternity Leave
- Professional Development and Training
- Mentoring Program
- Paid Time Off
- Wellness/Fitness Reimbursements
- Pet Insurance Plan
- Hybrid Work Program
Farnsworth Group appreciates that flexibility and work-life balance are important aspects of the careers and lives of our employees. Our Hybrid Work Program offers employees a flexible work arrangement while contributing to the Company’s culture and success.
Salary Range: $150,000 - $220,000 (Salary to be determined by the education, experience, knowledge, skills, and abilities of the applicant, as well as internal and external equity)
Statement on Diversity and Inclusion
Farnsworth Group is a collection of employees with unique backgrounds and perspectives that all come together to make us a better Company. It is our goal to recruit, hire, develop, retain, and promote a diverse group of people. Join us…and let’s make a difference, together.
Farnsworth Group, Inc. is proud to be a M/F Disabled and Veteran EEO/AA employer.
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