Accounts Payable Processor

Accounts payable processors are responsible for managing and reviewing outgoing payments made by their organization. Their primary duties are to ensure orders and invoices are reconciled by checking that all items are received and paid for. This involves working with vendors to determine invoice status, making payments for (or returning) non-invoiced items, and ensuring the delivery of missing items. Accounts payable processors make payments and keep an accounts payable journal in line with standard accounting practices. They work closely with other departments such as procurement and receiving to investigate shipment and invoice information to resolve disputes with vendors. Some accounts payable processors may also manage travel reimbursements and other internal payments to organization employees.

Accounts payable processors generally work full time in an office environment. The majority of accounts payable processors’ time is spent analyzing invoices and payment processing information, as well as working with vendors to resolve payment issues. These processors work with other financial departments - as well as shipping and receiving - in the course of their duties. In larger companies, accounts payable processors work with a team of accounts payable personnel; in smaller organizations, they may serve as the primary handler of accounts payable under the supervision of a senior accounting manager.

A high school diploma or equivalent is required for this position. An associate’s degree in finance or a related field is needed for some positions. Proficiency in basic office software such as Microsoft Office products are needed, as well as math skills.

As an Accounts Payable Processor with 0-3 years of experience in Canada, your main responsibilities include:

• Process invoices, verify accuracy, and ensure timely payment to vendors or suppliers. Review and validate invoices, matching them with purchase orders and receipts for accuracy. Coordinate with internal teams to resolve any discrepancies or issues with invoices.
• Maintain accurate records and documentation of all accounts payable transactions. Enter invoice details into the accounting system, ensuring proper coding and classification. Organize and file invoices, purchase orders, and payment records for easy retrieval and audit purposes.
• Reconcile vendor statements and resolve any billing discrepancies or outstanding issues. Regularly review vendor statements to ensure all payments are accounted for and discrepancies are resolved. Communicate with vendors to address any errors or discrepancies and ensure timely resolution.
• Assist with month-end closing activities and financial reporting.

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

• Proficiency in financial systems and software to accurately process and reconcile invoices, purchase orders, and payment transactions.
• Attention to detail to review invoices for accuracy, identifying discrepancies, and resolving payment discrepancies with vendors.
• Knowledge of accounts payable procedures, including invoice coding, approval workflows, and payment terms, to ensure adherence to financial policies and regulations.
• Strong problem-solving skills to resolve issues related to duplicate invoices, missing documentation, and payment errors in a timely and efficient manner.

The role of an Accounts Payable Processor is crucial in maintaining effective financial operations and managing cash flow. For individuals with 0-3 years of experience in Canada, there are several alternative roles worth considering:

• Junior Accountant: This position involves assisting with financial record-keeping, reconciliations, and basic reporting tasks.
• Billing Coordinator: A role focused on managing invoicing processes, tracking payments, and resolving billing discrepancies.
• Accounts Receivable Clerk: This position involves managing customer accounts, processing payments, and resolving outstanding balances.
• Financial Assistant: A role that supports the finance team with various tasks, such as data entry, expense tracking, and assisting with budgeting processes.

According to recent data from Google, the role of Accounts Payable Processor in Canada is projected to experience steady growth in the market. Over the past 10 years, the job role has shown stability and consistent demand. This trend is expected to continue in the future as well. There are numerous employment opportunities available in this field, with companies actively seeking skilled professionals to handle their accounts payable functions. Overall, the job role of an Accounts Payable Processor is anticipated to offer a secure and promising career path in Canada.