The job scope for an Accounts Payable role typically includes a variety of tasks related to managing and processing the company's outgoing payments to vendors and suppliers. Here is a detailed overview of the responsibilities:
Key Responsibilities:
- Invoice Processing:Receive, verify, and process invoices.
Match invoices to purchase orders and receipts.
Ensure invoices are coded correctly to appropriate accounts.
- Payment Processing:Prepare and process electronic transfers and payments.
Issue and manage checks, wire transfers, and ACH payments.
Schedule and ensure timely payment of invoices.
- Vendor Management:Maintain and update vendor records.
Respond to vendor inquiries and resolve any discrepancies.
Reconcile vendor statements and manage vendor accounts.
- Expense Reporting:Process employee expense reports, ensuring compliance with company policies.
Verify receipts and approval for expense claims.
- Financial Records:Maintain accurate and up-to-date financial records.
Assist in month-end closing processes.
Prepare and maintain accounts payable reports.
- Compliance and Controls:Ensure compliance with internal controls, company policies, and regulatory requirements.
Assist with audits by providing necessary documentation and explanations.
- Reconciliation:Reconcile accounts payable transactions.
Monitor accounts to ensure payments are up to date.
Perform bank reconciliations related to accounts payable.
- Reporting:Generate and analyze accounts payable aging reports.
Prepare reports on payment statuses and outstanding balances.
- Process Improvement:Identify and implement improvements in the accounts payable process.
Automate and streamline payment processes for efficiency.
- Communication:Collaborate with internal departments to resolve payment issues.
Communicate with suppliers regarding payment terms and conditions.
Skills and Qualifications:
- Educational Background:Typically, a degree in accounting, finance, or a related field.
- Experience:Experience in an accounts payable role or similar financial position.
- Technical Skills:Proficiency in accounting software and ERP systems.
Strong MS Office skills, especially Excel.
- Attention to Detail:High level of accuracy and attention to detail.
- Analytical Skills:Ability to analyze financial data and resolve discrepancies.
- Communication Skills:Effective verbal and written communication skills.
- Organizational Skills:Strong organizational skills to manage multiple tasks and deadlines.
By fulfilling these responsibilities, an Accounts Payable professional ensures that the company's financial obligations are met accurately and timely, contributing to the overall financial health and smooth operation of the business.
