Account Payable Officer
Job Description:
Job Opportunities
Job Title: Account Payable Officer
Department: Finance, Accounting, Tax & Legal
Working Arrangement: On-site
Information about the role:
The Accounts Payable (AP) Officer is responsible for managing the organization’s vendor payments, ensuring accuracy, timeliness, and compliance with company policies and financial regulations. This role is essential in maintaining healthy relationships with vendors by processing invoices efficiently, managing payment schedules, and resolving discrepancies. The AP Officer also plays a key part in supporting cash flow management and contributing to operational efficiency through continuous process improvements and automation efforts.
Key Responsibility
Invoice Processing:
- Verify, validate, and process vendor invoices accurately and on time.
- Ensure invoices align with purchase orders, contracts, and company policies.
Vendor Payment Management:
- Schedule and execute payments to vendors in line with agreed terms.
- Monitor due dates to avoid delays and manage early payment discounts when applicable.
Journal Entries and System Updates:
- Record and post journal entries related to accounts payable transactions in the accounting system.
- Ensure all entries are accurate and comply with accounting standards and company policies.
Reconciliation and Reporting:
- Perform monthly reconciliation of vendor statements and resolve discrepancies.
- Assist in month-end and year-end closing activities related to AP.
Compliance and Documentation:
- Ensure AP transactions comply with internal policies and external regulations.
- Maintain accurate records and documentation for audit and compliance purposes.
Process Improvement:
- Identify opportunities to optimize AP processes and reduce operational costs.
- Contribute to automation projects to enhance payment processing efficiency.
Requirements:
- 1. Technical Skills:
- Accounting Systems: Proficient in using accounting software (e.g., Xero) for journal entries, invoice processing, and reconciliation.
- Microsoft Excel: Intermediate to advanced skills (e.g., pivot tables, VLOOKUP, and data analysis).
- Journal Entries: Strong understanding of how to post and reconcile journal entries accurately.
- Accounts Payable Process: In-depth knowledge of AP functions, including invoice validation, payment terms, and accruals.
2. Core Competencies:
- Attention to Detail: Ensures high accuracy in data entry, payments, and journal postings.
- Analytical Thinking: Able to identify and resolve discrepancies in invoices, payments, and vendor statements.
- Time Management: Effectively prioritizes tasks to meet deadlines, especially during peak periods.
3. Interpersonal and Communication Skills:
- Collaboration: Works effectively with vendors, procurement, and other finance team members.
- Problem Solving: Quickly resolves invoice disputes and payment issues with vendors.
- Clear Communication: Able to communicate financial information to non-finance stakeholders in a concise and understandable manner.
4. Compliance and Process Improvement:
- Regulatory Knowledge: Familiarity with tax regulations and compliance requirements related to vendor payments (e.g., VAT, withholding tax).
- Process Optimization: Experience in identifying inefficiencies and implementing improvements in AP workflows.
- Automation Tools: Exposure to automation tools or platforms to streamline invoice and payment processes