Accounts Payable Coordinator

A coordinator of accounts payable assists in the payment of their company's invoices. They usually work in the accounting department as a coordinator. They oversee direct reports that handle the incoming invoices and demand that payment be made.

The primary function of the coordinator of accounts payable is to gather and verify the authenticity of all invoices received. As the coordinator, this individual is likely to have a team of administrators for accounts payable or other associates who are responsible for checking and verifying the authenticity of invoices received from sources both within and outside of the organization. The invoices are then to be paid out by the coordinator within the timeframe that is in accordance to the payment policy of the company or as per the requirements of the person who issued the invoice.

The coordinator of accounts payable manages the bank accounts required to reconcile payment as quickly as is possible They also maintain precise records that can be shared with the rest of the department of accounting. The coordinator also monitors the due dates of invoices and payment and prioritises them based on the conditions that the bill specifies. In addition, they closely keep track of all payments made and keep records of those payments to prevent future dispute or auditing.

As coordinator, this person typically makes scheduling and staffing decisions. Certain companies also require coordinators to keep a department's budget in place, which includes the cost of supplies, wages and other ancillary expenses. Coordinators of accounts payable typically operate in an office during normal working hours.

Most employers require an undergraduate degree in accounting or business to be considered for this job or a degree from a technical college that offers specialization in accounting. It is a job that requires excellent organizational skills as well as understanding of the basic accounting computer software.

As an Accounts Payable Coordinator with 9+ years of experience in the United Kingdom, your main responsibilities include:

• Managing invoice processing and payment distribution efficiently.
• Maintaining accurate records of all financial transactions and vendor details.
• Collaborating with cross-functional teams to resolve payment discrepancies and exceptions.
• Implementing and maintaining strong internal controls and compliance measures to ensure accurate financial reporting.

For an Accounts Payable Coordinator job role, 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 vital in ensuring smooth operations and effective cash flow management. For professionals in the United Kingdom with over 9 years of experience, there are several alternative roles to consider. Here are following options:

• Accounts Payable Manager: A role that involves overseeing the entire accounts payable function, managing a team, and implementing process improvements.
• Financial Controller: A position focused on overall financial management, including budgeting, financial reporting, and financial analysis.
• Compliance Officer: A role that ensures adherence to financial regulations and internal policies, conducting audits and implementing controls to mitigate risk.
• Operations Manager: A position responsible for overseeing the day-to-day operations of the accounting department, streamlining processes, and ensuring efficiency.

The role of an Accounts Payable Coordinator in the United Kingdom is projected to experience steady growth in the market. Over the past ten years, there has been an increasing demand for professionals in this field, with a consistent rise in employment opportunities. According to recent data points available from Google, this trend is expected to continue in the future. The job role is anticipated to witness a positive growth rate, resulting in an even greater number of employment opportunities being available. This indicates a promising outlook for individuals pursuing a career as an Accounts Payable Coordinator in the United Kingdom.