Main Responsibilities and Required Skills for an AP Accountant
An AP Accountant is a professional who specializes in managing accounts payable processes within an organization. They play a critical role in ensuring accurate and timely payment of invoices and maintaining strong vendor relationships. In this blog post, we will describe the primary responsibilities and the most in-demand hard and soft skills for AP Accountants.
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Main Responsibilities of an AP Accountant
The following list describes the typical responsibilities of an AP Accountant:
Administer
Administer our business and travel expenses guidelines and handle requests from employees.
Analyze
Analyze and respond to vendor and team members questions.
Assist in
Assist Controller with other accounting tasks as needed.
Assist in month-end and year-end closing activities related to accounts payable.
Assist in the preparation of financial statements.
Assist in the preparation of financial statements and supporting schedules.
Assist in the preparation of tax-related documents, such as 1099 forms.
Assist with annual audit exercise.
Attend
Attend CAPPS User Groups.
Check
Check and register vendor invoices.
Collaborate with
Collaborate with cross-functional teams for vendor onboarding and vendor management.
Collaborate with internal departments to obtain necessary approvals for invoices.
Collaborate with the finance team for accurate forecasting and budgeting.
Conduct
Conduct regular analysis of accounts payable data for accuracy and completeness.
Contribute to
Contribute to development of business processes.
Coordinate with
Coordinate with purchasing and receiving departments to ensure accurate recording of expenses.
Ensure
Ensure accurate and efficient receiving, prep and coding of accounts payables invoices.
Ensure compliance with company policies and procedures, as well as regulatory requirements.
Enter
Enter various data into appropriate database system.
Execute
Execute additional tasks as needed.
Execute weekly auto payment.
Finish
Finish AP related month-end closing job timely and accurately.
Follow-up
Follow-up with requisitions (via calls / mails) to seek hold invoice as per the AP guideline.
Foster
Foster positive relationships with vendors and internal stakeholders.
Generate
Generate ad-hoc reporting as required.
Handle
Handle the administrative needs of the AP / Finance Department.
Identify
Identify opportunities for process improvements and implement best practices.
Interact
Interact effectively and address inquiries from co-workers.
Investigate
Investigate vendor / supplier statements and resolve differences.
Involved
Involved in various accounting and finance function of Account payable.
Maintain
Maintain accurate and up-to-date vendor records.
Maintain and consistently develops policy and procedure in areas of focus.
Maintain an excellent level of verbal and written communication with vendors and the purchase teams.
Maintain an organized work environment with strong attention to detail.
Maintain appropriate deferred revenue schedules to support recognition of revenue against agreements.
Maintain a thorough understanding of vendor contracts and payment terms.
Maintain confidentiality of financial and vendor information.
Maintain organized and accurate documentation of accounts payable activities.
Maintain working relationship with all related teams.
Make
Make sure purchase invoices are recorded accurately, classified correctly and paid.
Make sure purchase invoices are recorded accurately, classified correctly and paid within the terms.
Manage
Manage employee expense reimbursement process.
Manage interface with our ERP.
Manage vendor relationships and accounts.
Meet
Meet all requirements for the payment process and ensure all processes are in line with policies.
Monitor
Monitor and manage accounts payable aging to ensure timely payments.
Monitor and reconcile intercompany accounts and transactions.
Participate in
Participate in process improvement projects and automation initiatives.
Participate in the implementation and improvement of accounts payable processes and systems.
Perform
Perform complex end-to-end payment processes that may include (but are not listed to).
Perform daily internal audit to ensure all Invoices / queries are balanced as per the guidelines.
Perform full-cycle Accounts Payable (A / P).
Perform periodic audits of accounts payable transactions.
Prepare
Prepare and analyze accounts payable reports and metrics.
Prepare and enters expenditure transfer vouchers (ETV's) in USAS and (CAPPS) as necessary.
Prepare and review payment schedules.
Prepare bank reconciliations, GST returns and other reports.
Prepare
Prepare monthly account analysis and reconciliations.
Prepare procedure and process Payment instruction according to procedure.
Prepare special reports when requested.
Process
Process cash applications and reconcile the Company's bank accounts on a monthly basis.
Propose
Propose weekly AP runs for submission to the Controller.
Provide
Provide customer service to internal business partners.
Provide excellent customer service to both internal and external customers.
Provide insight on financial reports when management reviews business strategies.
Provide internal and external audit assistance as required.
Provide support during internal and external audit.
Provide training and support to colleagues on accounts payable processes and systems.
Reconcile
Reconcile vendor statements and resolve any discrepancies.
Reconcile vendor / supplier accounts and produce monthly reports.
Research
Research accounting errors and resolve discrepancies with minimal assistance.
Resolve
Resolve all vendor queries and requests coming via e-mails / Tickets within the agreed SLA.
Respond to
Respond timely and accurately to inquiries pertaining to payments.
Respond to tenant, vendor, client and staff requests for information.
Respond to vendor inquiries and resolve payment-related issues.
Review
Review and processes expenditure vouchers.
Review and process Travel and Entertainment expense report, accounting, and timely payment.
Stay updated on
Stay updated on accounting standards and regulations related to accounts payable.
Stay updated on industry trends and best practices in accounts payable management.
Support
Support internal and external audits related to accounts payable.
Support managers with ad-hoc analysis and special projects.
Take
Take an active role with AP module in CAPPS to include continuing configuration development.
Train
Train & inform users and correct requisitions & PO inserted by purchasers / users.
Utilize
Utilize accounting software and tools to perform job duties efficiently.
Verify
Verify and process invoices for payment.
Verify, log and send checks, including facilitating special handling.
Work with
Work with internal teams to ensure all invoices are approved and recorded accurately.
Work with Senior Accountant to prepare monthly journal entries.
Work with the finance team on the preparation of timely and accurate monthly financial.
Work with the finance team on the preparation of timely and accurate monthly financial closing.
Work with the group finance team on the preparation of timely and accurate monthly financial.
Most In-demand Hard Skills
The following list describes the most required technical skills of an AP Accountant:
Proficiency in accounting software, such as QuickBooks, SAP, or Oracle.
Knowledge of accounts payable processes and best practices.
Familiarity with financial accounting principles and practices.
Experience in reconciling accounts and resolving discrepancies.
Proficiency in using spreadsheets for data analysis, such as Microsoft Excel or Google Sheets.
Understanding of tax regulations related to accounts payable.
Knowledge of accounting standards, such as GAAP or IFRS.
Familiarity with electronic payment systems and online banking platforms.
Experience with invoice processing and payment scheduling.
Proficiency in data entry and attention to detail.
Understanding of financial statements and their components.
Knowledge of internal controls and risk management related to accounts payable.
Ability to interpret and apply accounting policies and procedures.
Familiarity with purchase order processes and three-way matching.
Experience with accounts payable software or enterprise resource planning (ERP) systems.
Proficiency in financial analysis and reporting.
Understanding of accrual accounting principles.
Knowledge of international payment processes and foreign currency transactions.
Familiarity with vendor management and vendor relationship management (VRM).
Ability to analyze and interpret complex financial data.
Most In-demand Soft Skills
The following list describes the most required soft skills of an AP Accountant:
Attention to detail: A strong focus on accuracy and precision when handling financial data and processing invoices is essential for an AP Accountant.
Analytical thinking: The ability to analyze and interpret financial information enables AP Accountants to identify trends, discrepancies, and areas for improvement.
Organizational skills: Effective organization and prioritization of tasks are crucial to manage a high volume of invoices and meet payment deadlines.
Time management: AP Accountants must be skilled in managing their time efficiently to meet deadlines and handle multiple responsibilities.
Communication skills: Clear and effective communication is necessary when collaborating with vendors, internal departments, and team members.
Problem-solving abilities: AP Accountants should be able to identify and resolve issues related to invoices, payments, and vendor inquiries.
Integrity and ethics: Handling financial transactions requires a high level of integrity, confidentiality, and adherence to ethical standards.
Teamwork: Collaboration with cross-functional teams, such as purchasing and finance, is essential to ensure accurate financial records and timely payments.
Adaptability: The ability to adapt to changing priorities, processes, and technologies is crucial in the dynamic field of accounts payable.
Customer service orientation: Building positive relationships with vendors and providing excellent customer service contributes to successful vendor management.
Conclusion
AP Accountants play a vital role in managing the accounts payable process, ensuring accurate and timely payment of invoices, and maintaining strong vendor relationships. Possessing a combination of technical skills in accounting software, financial analysis, and knowledge of accounts payable processes, along with essential soft skills such as attention to detail, analytical thinking, and communication, AP Accountants are equipped to excel in their responsibilities. Their expertise contributes to the financial stability and operational efficiency of organizations, making them valuable assets in the finance and accounting field.
