Accounts Payable Specialist

We are looking for a diligent and detail-oriented Payment Specialist to join our team. The successful candidate will play a key role in managing and processing payments, ensuring the accuracy and timeliness of financial transactions, and supporting our internal financial controls.

Below are the key responsibilities for this role:

1. Verify Vendor and Employee Expenses: Review and verify all vendor and employee expense claims before processing payments.
2. Verify Bank Account Details: Ensure that all bank account details provided by vendors are accurate by cross-referencing with the Vendor Master data.
3. Payment Posting in SAP: Ensure accurate and timely posting of payment entries in SAP prior to the actual payment processing.
4. Track Advances: Maintain accurate records and provide tracking for all advance payments made.
5. Record Outgoing Payments: Keep comprehensive records of all outgoing payments and share Unique Transaction Reference (UTR) numbers with the relevant stakeholders.
6. Report Payment Data: Share weekly payment data with the Internal Audit team along with required approvals for transparency.
7. Maintain Transaction Records: Maintain detailed records of all financial transactions, ensuring they are accessible and organized.
8. Reconcile Payment Records: Conduct daily and weekly reconciliations of payment records to ensure consistency and accuracy.
9. Ensure Proper Application of Payment Credits: Confirm that payment credits are correctly applied to corresponding accounts.
10. Prepare Management Reports: Generate financial and payment-related reports as required by management.
11. Streamline Payment Processes: Continuously improve the efficiency and accuracy of payment processes.
12. Assist with Audits: Support internal and external audit processes as needed, providing required documentation and assistance.
13. Maintain Intercompany and Interunit Records: Ensure proper documentation and record-keeping of all intercompany and interunit transactions.
14. Monitor Bank Accounts and GL Records: Maintain records of all bank accounts and general ledger (GL) entries related to payments.
15. Manage Closed Bank Account Records: Keep records of closed bank accounts, including necessary documentation like No Objection Certificates (NOCs).
16. Liaise with Banks: Coordinate with banks for payment processing, bank statements, and Fixed Deposit (FD) statements.
17. Ensure Timely Government Dues Payments: Monitor and ensure that all government dues, taxes, and fees are paid on time.
18. Verify Letter of Credit (LC) Payments: Collaborate with respective users to verify Letter of Credit (LC) payments and post relevant entries in SAP.