FAC Services Project Accounting
The Project Accounting team provides comprehensive accounting support during the life cycle of a project. Our vision is to provide a proactive level of support in assisting Project Managers and Coordinators with the financial management of their projects. This includes support at each of four critical project phases: the pre-award process, the project setup, ongoing project maintenance, and the close-out process.
Our services consist of the following:
- Provide a single point of contact for, and support of, the proposal process, including labor rates, financial reviews, and insurance certificates.
- Participate in project kick-off meetings and facilitate the initial project setup.
- Establish relationships with consultants and clients to facilitate the billing process.
- Engage in ongoing financial health checkups, sharing of best practices, streamlined billing processes, and deeper connections to clients and consultants.
- Facilitate project close-outs and updates to Phoebe, along with post project reviews and lessons learned.
By being more engaged and knowledgeable on the front end of projects, we can begin to spot problems and assist in solution management earlier in the process. These areas of focus are instrumental in managing problems with aging accounts receivable.
Streamlined billing is at the heart of the service we provide. To facilitate these processes, we review each project every four weeks. At this point we either:
- Provide a draft invoice to the Project Manager (PM) for review , or
- Contact the PM or Coordinator to gather additional information on key project details (e.g., contract details, project information, or project close).
Once we receive the reviewed or revised invoice, we distribute it to the client for payment. Outstanding invoices are reviewed on an ongoing basis.
The Project Accounting Team
Our team has nearly 60 years of combined experience in accounting and financial services. In addition to our work experience, we continue to emphasize training, development, and education to ensure that our standards of service meet your expectations.