Accounts Payable Coordinator

An accounts payable coordinator facilitates paying their organization's bills. They typically work in an accounting role and, as coordinator, supervise direct reports who handle incoming invoices that require payment be made.

One primary role of the accounts payable coordinator is to collect and verify all incoming invoices. As coordinator, this person likely has a staff of accounts payable administrators or associates tasked with checking and ensuring the veracity of incoming invoices with sources within and outside the company. These invoices are then paid by the coordinator in a time frame that conforms to the company’s payment policies and/or as required by the issuer of the invoice.

The accounts payable coordinator maintains all bank accounts needed to reconcile these payments as efficiently as possible; they also keep accurate records that may be reported to the rest of the accounting department. The coordinator also tracks invoices and payments due, prioritizing them according to the terms of the invoice. Additionally, they carefully monitor all payments made and maintain those records for potential future disputes or auditing.

As a coordinator, this individual often makes staffing and scheduling decisions. Some companies also require the coordinator to maintain a department budget including wages, supplies, and other incidentals. Accounts payable coordinators typically work in an office environment during regular business hours.

Many employers require either a bachelor’s degree in business or accounting for this position or education from a technical school with specialized training in accounts. It requires excellent organizational skills and knowledge of basic computer-based accounting programs.

As an Accounts Payable Coordinator in Canada with 6-9 years of experience, your main responsibilities include:

• Managing the accounts payable process, ensuring accurate and timely processing of invoices, purchase orders, and payments.
• Collaborating with vendors and internal stakeholders to resolve any payment discrepancies or issues.
• Conducting regular audits and reconciliations to ensure the accuracy of accounts payable records.
• Providing guidance and support to junior team members, overseeing their work and assisting with complex tasks.

For an Accounts Payable Coordinator, the following qualifications are required:

• Proficient knowledge of accounting principles and practices to accurately process and maintain financial transactions related to accounts payable.
• Strong attention to detail to ensure accuracy in verifying and reconciling invoices, purchase orders, and expense reports.
• Excellent problem-solving skills to identify discrepancies, investigate payment issues, and resolve billing disputes in a timely manner.
• Proficiency in using accounting software and MS Excel to efficiently process and analyze large amounts of financial data.

The role of an Accounts Payable Coordinator is crucial for smooth operations and cash flow management. For professionals with 6-9 years of experience in Canada's finance industry, here are four alternative roles to consider:

• Senior Accountant: This position entails broader responsibilities, such as financial reporting and regulatory compliance.
• Treasury Manager: A role focused on effectively managing an organization's cash and liquidity requirements, including forecasting, risk management, and investment activities.
• Procurement Manager: Involves overseeing supplier relationships, negotiating contracts, and managing purchasing processes.
• Financial Analyst: A position that involves monitoring financial performance, developing forecasts, and providing insights to support strategic decision-making.

According to recent data, the accounts payable coordinator role in Canada is expected to experience steady growth in the market. Over the past 10 years, this job has shown consistent demand and is projected to continue expanding in the future. With the increasing complexity of financial transactions and regulatory requirements, organizations will require skilled professionals to manage their payables effectively. As a result, a substantial number of employment opportunities are predicted to be available in the coming years. These trends suggest a positive outlook for individuals pursuing a career as an accounts payable coordinator in Canada.