Accounts Payable Specialist

Accounts Payable Specialist

Position Summary

The Accounts Payable Specialist is responsible for managing the accounts payable process, ensuring vendor invoices, expense reports, and payment requests are processed accurately and in a timely manner. This role maintains accurate financial records, verifies invoice approvals and coding, reconciles vendor accounts, and ensures payments are made in accordance with established terms and internal policies.

Working closely with the accounting and finance teams, the Accounts Payable Specialist supports month-end and year-end closing activities, assists with audits, resolves payment discrepancies, and helps maintain effective internal controls. The ideal candidate is detail-oriented, organized, and capable of managing multiple priorities while maintaining accuracy and efficiency in a fast-paced accounting environment.

Key Responsibilities

Accounts Payable Processing

• Process vendor invoices, employee expense reports, and other payment requests accurately and within established deadlines.
• Review invoices for appropriate approvals, account coding, supporting documentation, and compliance with internal policies.
• Verify invoice details against purchase orders, contracts, receiving records, and other relevant documentation.
• Enter and maintain accounts payable transactions in the accounting system, ensuring accurate and complete records.
• Prepare and process vendor payments through electronic transfers, checks, wire transfers, and other approved payment methods.
• Monitor payment due dates and vendor terms to ensure timely payments and avoid unnecessary late fees.
• Identify and prevent duplicate payments, incorrect charges, and other processing errors.
• Maintain organized records of invoices, payment confirmations, and related financial documentation.

Vendor Account Management

• Reconcile vendor statements against accounts payable records and investigate discrepancies.
• Communicate with vendors regarding invoice discrepancies, outstanding balances, payment status, and payment terms.
• Research and resolve issues involving missing invoices, duplicate charges, incorrect billing, and unapplied payments.
• Maintain accurate vendor records, including payment information, tax documentation, and account details.
• Coordinate with internal departments to obtain missing approvals, resolve invoice discrepancies, and address payment concerns.
• Develop and maintain positive working relationships with vendors and internal stakeholders.

Financial Reconciliation and Reporting

• Assist with month-end and year-end closing activities, including accounts payable reconciliations, expense accruals, and supporting schedules.
• Reconcile accounts payable subledgers to the general ledger and investigate discrepancies.
• Review outstanding invoices and unpaid balances to ensure liabilities are accurately recorded.
• Assist with preparing accounts payable reports, payment summaries, aging reports, and other financial documentation.
• Support accurate expense classification and ensure transactions are recorded in the appropriate accounting periods.
• Provide information and documentation to support financial reporting and management requests.

Compliance and Internal Controls

• Follow established accounting policies, procedures, and internal controls to ensure the accuracy and integrity of accounts payable transactions.
• Verify that invoices and payment requests have the required authorization before processing.
• Maintain appropriate documentation for all accounts payable transactions and payment activities.
• Support internal and external audits by providing requested records, reconciliations, and supporting documentation.
• Protect confidential financial information and ensure vendor banking and payment details are handled securely.
• Identify potential discrepancies, irregularities, or control weaknesses and escalate concerns to the appropriate personnel.

Process Improvement and Team Collaboration

• Collaborate with accounting, procurement, operations, and other departments to ensure invoices and payment requests are processed efficiently.
• Assist with resolving purchase order discrepancies, invoice matching issues, and approval delays.
• Identify opportunities to improve accounts payable workflows, reduce manual processing, and increase operational efficiency.
• Support the implementation and effective use of accounting systems and accounts payable automation tools.
• Maintain accurate and organized electronic and physical filing systems.
• Perform other accounting and administrative duties as assigned.

Qualifications

Education

• Associate's or bachelor's degree in Accounting, Finance, Business Administration, or a related field preferred.
• Relevant accounts payable experience may be considered in place of a formal degree.

Professional Experience

• Two or more years of experience in accounts payable, accounting, or finance preferred.
• Experience processing vendor invoices, preparing payments, and reconciling vendor accounts.
• Familiarity with month-end and year-end closing procedures.
• Experience reviewing purchase orders, expense reports, and invoice documentation.
• Previous experience working in a high-volume accounts payable environment is an advantage.

Technical Skills

• Strong understanding of basic accounting principles and accounts payable processes.
• Proficiency with accounting software and ERP systems, such as QuickBooks, SAP, Oracle, or similar platforms.
• Strong Microsoft Excel skills, including the ability to work with spreadsheets, formulas, and financial data.
• Familiarity with invoice processing systems, electronic payment platforms, and document management tools.
• Ability to learn new accounting systems and adapt to changing processes.
• Strong data entry and recordkeeping skills, with a high degree of accuracy.