Accounts Payable Specialist

The Accounts Payable Specialist role involves managing and processing payments owed by a company to its suppliers and creditors. This includes verifying and recording invoices, ensuring payments are made on time, and reconciling accounts. Accounts payable professionals also communicate with vendors to resolve payment issues and maintain accurate records of financial transactions. Overall, the accounts payable role plays a crucial part in maintaining positive relationships with suppliers and ensuring the financial stability of the company.

Key Responsibilities:

1. Accounts Payable (A/P) Function:

• Check daily bank activity to verify proper payment through bank and NetSuite.
• Process vendor invoices, verifying quantities, pricing, and extensions, and obtain approval from appropriate personnel for payment.
• Process employee reimbursements.
• Process prepayments for procurement vendors.
• Accurately convert receiving records into bills using NetSuite.

2. Weekly Reporting:

• Generate payment plan for invoices due.
• Perform check run every Thursday.
• Print check and process wire transfer.
• Post and send weekly credit card activity to all department heads for approval.
• Review open bills and arrange cash flow.

3. Monthly, Quarterly, and Annual Reporting:

• Bill and reconcile intercompany transactions.
• Maintain Petty Cash transaction.
• Record Shareholder Spending with receipts.
• Reconcile AE & Chase credit card transactions.

4. Invoice Processing:

• Receiving and reviewing invoices from vendors and suppliers for goods and services purchased.
• Verifying the accuracy of invoices, including quantities, prices, and terms of payment.

5. Payment Processing:

• Processing payments to vendors and suppliers in accordance with payment terms and company policies.
• Ensuring timely and accurate payment of invoices to avoid late fees and maintain good vendor relationships.
• Managing various payment methods such as checks, electronic transfers, and online payment platforms.

6. Expense Management:

• Recording and categorizing business expenses incurred by employees for reimbursement.
• Generating and reviewing expense reports for compliance with company policies and expense guidelines.

7. Vendor Management:

• Setting up new vendors in the accounting system and maintaining vendor records.
• Communicating with vendors regarding invoice discrepancies, payment inquiries, and other issues. Request vendor’s W9 and prepare Form 1099 & 1096.
• Negotiating payment terms and discounts with vendors to optimize cash flow and minimize costs.

8. Account Reconciliation:

• Reconciling accounts payable transactions with vendor statements and internal records.
• Investigating and resolving discrepancies in vendor invoices, payments, and statements.

9. Miscellaneous Duties:

• Handle ad-hoc assignment as needed.
• This description of duties is only a summary of the typical functions of the job and is not designed to cover or contain a comprehensive list of tasks, duties and responsibilities that are required of the employee. Duties, responsibilities, tasks, activities, and projects may change, or new ones may be assigned at any time with or without notice.

Requirements:

• 2-3 years of relevant experience in account payable
• Proficiency in Microsoft Word, Excel (V-Lookups, Pivot Tables), ERP NetSuite system
• Strong understanding of accounting principles
• Ability to manage multiple tasks effectively
• Attention to details and accuracy data processing