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 with 9+ years of experience in Canada, your main responsibilities include:

• Ensure accurate and timely processing of invoices, verifying details, and matching them with purchase orders and receiving documents. Verify and process invoices, ensuring they match purchase orders and receiving documents.
• Manage vendor relationships, including resolving payment discrepancies, handling inquiries, and negotiating payment terms. Handle vendor relationships, resolving payment discrepancies, inquiries, and negotiating payment terms.
• Reconcile accounts payable transactions, ensuring accuracy and completeness of records. Reconcile accounts payable transactions, ensuring accurate and complete records.
• Prepare and analyze financial reports related to accounts payable, including aging reports and cash flow projections.

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 in maintaining smooth operations and cash flow management. With over 9 years of experience in Canada, professionals in this field have various alternative career paths to consider. Here are four alternative roles to explore:

• Accounts Payable Manager: A position that involves overseeing the entire accounts payable function, managing a team, and implementing process improvements.
• Financial Controller: A role with broader responsibilities, including financial reporting, analysis, budgeting, and ensuring compliance with accounting standards.
• Payroll Manager: A position focused on managing payroll processes, including processing employee payments, ensuring accuracy, and compliance with tax regulations.
• Operations Manager: A role that involves overseeing the overall operations of a department or organization, including managing budgets, resources, and implementing efficient processes.

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.