Accounts Payable and Receivable Specialist

Job Description: Accounts Payable and Receivable Specialist

Position: Accounts Payable and Receivable Specialist
Experience: 5+ years
Employment Type: Full-time

Job Summary:

We are seeking a detail-oriented and highly skilled Accounts Payable and Receivable Specialist to manage the organizations financial transactions effectively. The role involves handling invoice processing, managing payment systems, and preparing financial reports. The ideal candidate should have strong analytical skills, excellent attention to detail, and the ability to maintain accuracy while working in a fast-paced environment.

Key Responsibilities:

Accounts Payable:

1. Review and verify invoices and purchase orders for accuracy and proper approval.

2. Process vendor payments accurately and on time, ensuring compliance with company policies.

3. Reconcile vendor statements and resolve discrepancies in a timely manner.

4. Maintain and update payment records and ensure proper filing.

Accounts Receivable:

1. Generate and send invoices to customers and follow up on outstanding payments.

2. Record and apply incoming payments, ensuring accurate posting to the ledger.

3. Monitor accounts receivable aging reports and take action on overdue accounts.

4. Coordinate with clients to resolve billing and payment discrepancies.

Payment Systems Management:

1. Oversee and manage electronic payment systems, including wire transfers and ACH payments.

2. Ensure all payments adhere to internal controls and regulatory compliance.

3. Reconcile payment transactions and bank statements regularly.

Financial Reporting and Reconciliation:

1. Prepare monthly, quarterly, and annual financial reports related to accounts payable and receivable.

2. Reconcile accounts and assist with month-end and year-end closing activities.

3. Provide financial data and insights to support decision-making processes.

Process Improvement:

1. Identify opportunities to streamline and improve AP/AR processes.

2. Implement best practices to enhance efficiency and reduce errors.

3. Collaborate with other departments to ensure smooth financial operations.

Key Skills and Competencies:

• Strong expertise in invoice processing and payment workflows.
• In-depth knowledge of payment systems (e.g., ACH, wire transfers, online payment platforms).
• Proficiency in financial reporting and data analysis.
• Solid understanding of accounting principles and financial regulations.
• Excellent attention to detail and organizational skills.
• Ability to handle multiple tasks and meet tight deadlines.
• Proficiency in accounting software (e.g., QuickBooks, SAP, Oracle) and Microsoft Excel.
• Strong communication and interpersonal skills.