Nothing says “booming economy” like a flock of cranes. To be clear, that’s construction towers, not birds.
With the strong U.S. economy showing no signs of weakening, construction industry leaders remain confident and busy, with the Construction Backlog Indicator at 8.9 months in February 2019 and nonresidential construction spending up to 4.8% from last year.
An active construction sector has a ripple effect on hiring in a number of related areas, including architectural accounting. As a result, the demand for finance specialists with project accounting experience is particularly high and is expected to remain that way as long as cranes continue to dot the nation’s skylines.
We spoke with Aston Carter’s Todd Kappelmann to dig deeper into the architectural accounting market. As a Division Practice Lead based in Seattle — the U.S. city with the most cranes for the past three years — Kappelmann has an insider’s perspective on the current hiring market.
Project Accounting is Job One
While the thriving construction industry drives up demand, the need for candidates with project accounting skills and experience contributes to the limited supply side of the equation. Given the wide range of responsibilities that project accounting entails, it’s no surprise that soft skills — especially the ability to communicate effectively — are must-haves for hiring managers.
“Project accountants will often work with a project manager who is focused on the work from an operational perspective,” says Kappelmann. “That project manager may not have much expertise in the accounting field, which is why communication is so important.”
Required hard skills include the ability to deal with complex billing issues and a comprehensive understanding of the new revenue recognition requirements, along with the expected Excel fluency.
Some hiring managers also look for a general familiarity with contracts.
“Project accountants are tasked with reading the contracts that are put together between the architecture and engineering construction companies and the client,” Kappelmann explains. “That’s where they’ll make sure the revenue recognition and billing are aligned, so some legal background is helpful.”
But it’s the role’s wide range of responsibilities, as well as the fact that project accountants are ideally there for the full project life cycle, that brings the focus back to communication.
As Kappelmann explains, “You need someone who is comfortable communicating across functions and with project leads. ‘Mr. Project Manager, you are over budget. Ms. Project Manager, we’re a bit behind our timeline, and that will impact billing.’ They are responsible for keeping tabs on everything, not just one particular piece of accounting.”
The image of accounting as a back-room, behind-the-scenes function has given way to the project accountant as team player, and, in some cases, as team leader.
The Importance of Culture Fit
As accountants become more integrated into the project’s operational team, finding the right cultural fit becomes more critical to successful hiring. That’s why Kappelmann uses an innovative approach to understand what kind of candidate will succeed for his clients.
“I’ll bring my recruiting team to meet the client and get to know what the work environment is like,” he explains. “If I’m the only one interacting with the client, things can get lost in translation, so it’s always helpful to bring the entire team.”
The team gets a sense of the specific work culture by literally walking around the office, and their observations go beyond the architecture-specific. Is the office made up of isolated cubes where people work individually, or is it an open environment with constant collaboration?
Kappelmann elaborates: “Every company is unique. Are they early birds or night owls? Do they have ping pong tables and Thirsty Thursdays, or is it more about putting your head down and just doing the work?”
Finding out the answers to those questions up front streamlines the process of identifying best-fit candidates.
More Partner than Vendor
The importance that Kappelmann places on understanding culture is part of a larger focus on being a partner to his clients, not simply a vendor. That partnership is manifested by helping hiring managers be proactive, and in some instances considering candidates from other industries.
For example, both the software and construction engineering sectors are project-based, so those experiences can translate successfully. Kappelmann recently placed a project accountant from health care who had worked on the construction of a new hospital. Given the tight market, that kind of creative thinking expands his pool of qualified candidates.
“Maybe they're looking for a project accountant, but we find them a really good general accountant with strong growth potential,” says Kappelmann. “That can be a success story for everyone involved. And the same thing holds for being proactive and sharing candidates, whether there’s an official opening or not — the partnership approach versus the vendor approach.”
That partnership is strengthened by Aston Carter’s affiliation with Aerotek, a national leader with extensive expertise in construction, engineering, architecture and related fields. And because Kappelmann focuses solely on the construction, engineering and architecture sectors, he can see the market from the same perspective as his clients.
With that perspective likely at construction-crane level for the foreseeable future, having a strong hiring partner is a clear strategic advantage.
If your business could benefit from consultation about how best to find your most sought-after candidate skillset in the finance and accounting labor market, contact Aston Carter now.
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