An Accounts Payable Specialist is responsible for ensuring the financial integrity of an organization. This role is essential for managing and processing all accounts payable transactions, maintaining accurate financial records, and ensuring timely payments to vendors and suppliers.
The Accounts Payable Specialist handles invoice processing, reconciles account statements, and assists with month-end closing activities. They work closely with internal departments to resolve discrepancies and ensure that all financial obligations are met promptly and accurately. This role requires a keen eye for detail, strong organizational skills, and a commitment to maintaining the highest standards of financial accuracy.
In essence, the Accounts Payable Specialist is a key player in maintaining the organization’s financial health and ensuring smooth and efficient financial operations.
What does an Accounts Payable Specialist do, typically?
- Write and send checks, recording transactions on internal systems.
- Answer inquiries from vendors, suppliers, and employees, and research discrepancies.
- Reconcile financial statements and forecasts, maintaining files for accounts.
- Make timely payments for internal vouchers and expenses.
- Analyze, prioritize, code, and pay bills and invoices, managing vendor or supplier expectations.
- Assist with month-end closing by preparing and posting journal entries related to accounts payable, ensuring accurate financial reporting.
- Maintain vendor records by updating and managing vendor contact information and payment terms in the accounting system.
- Process electronic payments, handling electronic funds transfers (EFTs) and automated clearing house (ACH) payments, ensuring proper authorization and documentation.
- Monitor accounts payable aging reports regularly to ensure timely payment of invoices and avoid late fees.
- Ensure compliance with company policies and procedures, and assist with internal and external audits by providing necessary documentation and explanations.
- Review and process employee expense reports, ensuring compliance with company policies and proper documentation.
- Work closely with other departments, such as procurement and finance, to resolve issues and improve the accounts payable process.
