Project accounting (sometimes referred to as job cost accounting) is the practice of creating financial reports specifically designed to track the financial progress of projects, which can then be used by managers to aid project management.
Employers typically require project accountants to hold at least bachelor's degrees in accounting or a related field; however, some prefer candidates who hold master's degrees in accounting or a pertinent discipline. Bachelor's degree programs in accounting typically entail course loads heavy in courses like financial accounting, cost accounting, auditing and taxation.
Project accountants work closely with project managers to devise the budget, facilitate the billing process and perform cost assessments for a particular project or portfolio. They usually take part in the executive decision-making process, often providing financial analyses on which management may base decisions about product development and other matters.