Project financing is done externally as well as internally.
External financing is managed through joint partnership internal financing is Mostly done to reinvest the revenues obtained from other projects or the projects under completion and utilized for the purchase of material, hiring of manpower and equipment.
The project financial accountant is responsible for arranging the finance for the in-time completion of the project for which he and his team will perform the following:Check suppliers invoices
Prepare payment voucher
Prepare monthly project costing i.e. cash flow, phasing out etc.
Follow up project payment.
Prepare monthly billing status.
Check labour payment from master role
Prepare /request all guarantees and letter of credits
Arrange with bank for project facility, advances, overdraft etc.
Maintain and update Guarantees, Guarantees request, L/C, bank correspondence project planning bill, internal transfer note.
The project financial Accountant prepares the invoice in close coordination with project manager based on the quantities of work completed; he keeps continued follow up to ensure that the invoice is not struck up in different departments and smoothly cleared for project financial accountant and his team.