Job Overview
The Accounts Payable Manager oversees the accurate and efficient processing of payment requests, including invoice acceptance, coding, approval, and quality checks, working with and managing a team of Specialists. They ensure proper entry in company systems, validate charges, and adhere to authority limits and approvals. The manager is also responsible for conducting regular and ad-hoc audits and compliance checks, while leading the accounts payable team to maintain a streamlined payment process.
Organizational Impact
The Accounts Payable Manager plays a critical role in ensuring that the organization's financial obligations are met in a timely and accurate manner. The impact of this job on the organization includes:
1. Financial Stability: The Accounts Payable Manager ensures that all bills and invoices are paid on time, which helps maintain the organization's financial stability.
2. Cash Flow Management: The Accounts Payable Manager manages the organization's cash flow by ensuring that payments are made on time and that there is enough cash available to cover expenses.
3. Vendor Relationships: The Accounts Payable Manager is responsible for maintaining positive relationships with vendors by ensuring that payments are made on time and that any issues are resolved quickly.
4. Compliance: The Accounts Payable Manager ensures that the organization is in compliance with all financial regulations and laws related to accounts payable.
5. Process Improvement: The Accounts Payable Manager is responsible for identifying areas for process improvement and implementing changes to increase efficiency and reduce costs.
Overall, the Accounts Payable Manager plays a critical role in ensuring the financial stability and success of the organization.
Key Systems
- Accounting software (e.g. QuickBooks, Xero)
- Enterprise resource planning (ERP) system
- Electronic payment processing system
- Document management system
- Excel or other spreadsheet software (for data analysis and reporting)
Inputs
- Invoices from vendors
- Purchase orders from internal departments
- Expense reports from employees
- Payment terms and schedules from finance team
- Communication with vendors and internal departments regarding payment discrepancies or issues
Outputs
- Accurate and timely processing of vendor invoices and payments
- Maintenance of vendor records and communication with vendors regarding payment inquiries
- Preparation of monthly accounts payable reports and analysis for management review
- Collaboration with other departments to ensure proper coding and approval of invoices
- Implementation and maintenance of accounts payable policies and procedures to ensure compliance with company and regulatory requirements
Activities
Recommended Items
Content Examples
Sample Event-Driven Tasks
- Review and approve all incoming invoices from vendors
- Investigate and resolve any discrepancies or issues with invoices or payments
- Monitor and reconcile accounts payable aging reports on a regular basis
- Coordinate with purchasing and receiving departments to ensure timely and accurate processing of invoices
- Prepare and distribute monthly accounts payable reports to management and other stakeholders
Sample Scheduled Tasks
- Review and approve invoices for payment on a weekly basis
- Conduct weekly check runs to ensure timely payment to vendors
- Reconcile vendor statements on a monthly basis to ensure accuracy of accounts payable balances
- Prepare and file 1099 forms for vendors at the end of each calendar year
- Monitor and manage accounts payable aging report to ensure timely payment and resolution of outstanding balances.
Sample Infill Tasks
- Review and approve vendor invoices for payment
- Ensure accuracy of data entry and coding of invoices
- Reconcile vendor statements and resolve any discrepancies
- Process employee expense reports and reimbursements
- Maintain accurate records of all accounts payable transactions