Project Accountant Interview Questions
What steps do you take to keep a project within budget?
User Submitted Interview Answers
I call the attention of the project manager to request approval from the donor/grantee on the excess on the budget. Monitor and control request for disbursements.
Firstly to try and understand the causes and then to discover if there are any mitigating actions that can be taken, including cutting cost in other areas or analysing projects critical paths to see if dead time can be used more effectively. Can we charge the customer more - was it there actions or requests that have caused the overrun. It's important to have regular reviews even if everything is running smoothly to catch problems before they occur if they have a financial impact.
Look at variances and understand them. Ascertain that the actuals are correct. If correct communicate it to the budget lead, if it is possible to revise budget.
Actually I will try to follow the following procedure:
- control & monitoring my expenses
- trying to maximize the benefit of the goods.
- coordinate with the project manager to make our workers happy to raise them producer to finish the job before the planning time
- I will try to find alternative materials with low price complying to the project specs.
Ensuring that you keep your expenses and commitments captured and maintained timely in the system. This will at least enhance decisions on whether you request for reprogramming or you use other cost saving tactics.
I first review the situation on ground as in reasons for the variations. I compare the budget with the actual and investigate the factors for the variations. I ensured effective cost control and agree price with vendors ahead of time.
Stakeholders meetings should be held to handle overly budgets.
scale down on the items budgeted.
Analyze cost, understand reason for increase, find lean processes to reduce costs.
In this case I am going to write report abut insufficient budget for implementation of this project to finance manager and project manger.
At my last management position I was given a strict budget to operate with. There were three specific categories which I needed to monitor and keep under budget. Those were food cost, liquor cost and labor cost. The chef and I agreed to have food delivered multiple times a week so the inventory was continually turning over and could be better monitored with less in the walk-in cooler. The liquor cost was bit more challenging as greater discounts are given when you purchase in quantity, however, the ownership didn't authorize us to keep large amounts of inventory on hand as that would skew some numbers. In response to that I still purchased in bulk but had the distributor keep it stored at its warehouse and requisitioned as I needed it. This kept the on hand liquor numbers down while allowing us to utilize the discounts offered by the company. Finally, labor cost had to be monitored at all times. We upgraded our POS systems which allowed management to run labor reports throughout the day and send people home as needed.