Accounts Payable Manager
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
- Safeguard company assets by ensuring departmental accuracy of data entered from invoices; that all invoices are legible, accurately totaled and approved according to company policies and individual authority limits.
- Monitor the work flow of payables and free up bottlenecks by designing workflows amiable to all departments without compromising approval processes.
- Coordinate, train and communicate to appropriate parties to ensure invoices are batched and entered according to AP procedures.
- Reconcile vendor statements and acquire missing invoices, with the goal of building trust and leeway in future transactions.
- Communicate with vendors, creating relationships with their credit and receivable departments to help further the ability to gain, and maintain an excellent credit rating.
- Ensure adherence of AP personnel to accounting policies and procedures.
- Assist with coding/profiling and processing invoices.
- Design document profiles for ease of adding and retrieving documents.
- Provide daily cleanup of duplicated invoices.
- Run weekly reports to find old documents, where they are assigned, why they are held up and assist in getting a resolution.diagnostic reports at month end, rebuilding totals on the database if errors are found
- Advance the software to the next accounting month.
Recommended Items
- Standard operating procedures for accounts payable processes
- Vendor management policies and procedures
- Expense report policies and procedures
- Documentation requirements for invoice processing and payment
- Approval workflows for invoices and payments
Content Examples
- Accounts payable reports including aging reports, vendor statements, and payment history
- Financial statements and reports related to accounts payable such as balance sheets and income statements
- Documentation of accounts payable policies and procedures
- Records of vendor contracts and agreements
- Audit reports and documentation related to accounts payable processes and controls
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