Accounts Payable Processor

Accounts payable processors are accountable for overseeing and evaluating the incoming payments received by their organizations. Their main responsibilities are to make sure that invoices and orders are reconciled, by ensuring that the items received are paid for. This includes cooperating with suppliers to establish the status of invoices, paying to (or returning) items that are not invoiced, and making sure that the unpaid items. The processors of accounts payable make payments and maintain an accounts payable journal that is in accordance with accounting standards. They collaborate with other departments like procurement and receiving to look into the details of invoices and shipment to settle disagreements with vendors. Certain processors of accounts payable may manage travel reimbursements as well as other internal payments made to employees.

Processors of accounts payable typically work full-time in a workplace. A majority of the accounts payable processors are occupied with analysing invoices and processing data, as well being in contact with vendors to solve problems with payment. They also work alongside other departments in the financial department and also receiving and shipping during the course of their responsibilities. In larger organizations the accounts payable processors are part of a team of account payable employees In smaller companies they could be the sole handler for accounts payable, under the direction of the accounting manager who is the senior.

High school graduation or equivalent qualification is needed for this job. A bachelor's education in finance, or another related field is required for certain jobs. Basic office skills like Microsoft Office products are needed along with mathematical skills. A minimum of two years' experience in accounts payable is usually needed.

As an Accounts Payable Processor with 3-6 years of experience in the United Kingdom, your main responsibilities include:

• Processing and verifying invoices, ensuring accuracy and compliance with company policies and procedures.
• Reconciling supplier statements and resolving discrepancies in a timely manner.
• Handling payment processing, including generating payment runs and preparing electronic fund transfers.
• Providing exceptional customer service to internal and external stakeholders, addressing inquiries and resolving payment-related issues promptly.

For an Accounts Payable Processor job role, 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 plays a crucial part in ensuring smooth financial operations. For individuals with 3-6 years of experience in the United Kingdom, there are several alternative roles worth considering. Here are following options to explore:

• Accounts Payable Team Lead: Take on a leadership role where you supervise a team of processors, ensure accuracy in payment records, and streamline processes.
• Financial Accountant: Dive deeper into financial analysis, reporting, and reconciling accounts while adhering to regulatory requirements.
• Payroll Specialist: Shift focus to managing employee payroll, ensuring accurate and timely payments, and keeping up-to-date with tax regulations and compliance.
• Tax Accountant: Specialize in tax-related responsibilities, such as preparing tax returns, conducting tax audits, and offering tax planning advice to individuals or businesses.

The role of Accounts Payable Processor in the United Kingdom is expected to witness steady growth in the market. According to a 10-year analysis, this position is projected to experience a consistent increase in demand. With the rapid expansion of businesses and increased focus on financial management, the need for skilled professionals in this role is likely to rise. As a result, numerous employment opportunities will be available in the future for individuals with expertise in accounts payable processing.