Account payable is the amount owed by a business organization to its suppliers for products and materials purchased on credit. They are entered on the balance sheet as the company’s liability that the company has vouched to pay within an expected period of time. An accounts payable professional is thus expected to look after the maintenance, management and due payment of this liability of the accounts payable section of a company.
The major job titles prevalent in the accounts payable segment of a company are:
- Accounts Payable Clerk – The duties and responsibilities of an accounts payable clerk include reviewing and assessing of all invoices prior to their documentation, accurate and updated documentation of all invoices in the balance sheet, processing and sorting of invoices into their respective groups, obtaining the needed approval from the concerned authority for their payment, insertion of the approved invoices into the accounting software and their due payment within the agreed time frame.
- Accounts Payable Processor – The chief responsibility of an accounts payable processor is the periodic processing of all invoices. It also calls for prioritization of certain invoices as per their discount potential or payment agreement without disrupting the company’s payment policies. The duties of an accounts processor also includes processing of three way matching of invoices, processing of cheque requests, auditing and processing of credit card bills and reconciliation of supplier statements, background check and rectification in case of discrepancies.
- Accounts Payable Coordinator – The task of an accounts payable coordinator is to match the information in the invoices with the goods and products receipt notice, recheck unmatched invoices with the supplier statements for discrepancies, make payments in due time, meet cheque and voucher requests, proper documentation of payment information in cheque registers, monthly preparation of tax accruals, journal intercompany balance into the general ledger and match accounts payable balance with that of the general ledger.
- Accounts Payable Associate – An accounts payable associate bears the responsibility of timely processing of supplier invoices, debit and credit memos with utmost precision, ensuring proper authorization of expense and trade invoices as per the guidelines of the company and working in cooperation with other corporate and supply firms or vendors to enquire and resolve invoice discrepancy issues.
- Accounts Payable Specialist – The job of an accounts payable specialist is to negotiate and close payment contracts with suppliers, assist in periodical processing and assessment of expenses, commissions and revenues in order to ensure their timely documentation in record books, monitor internal control and look after account reconciliation if and when necessary.
- Accounts Payable Administrator – The primary duty of an accounts payable administrator is to administer, supervise, manage and lead all activities and projects undertaken by the accounts payable section of a business company. They oversee documentation of invoices into proper columns and record sheets, process employee expense and trade expense reports, respond to account payable enquiries posed by customers as well as suppliers, investigate accounts discrepancies, approve invoices and cheques, analyze and monitor accounts to ensure up-to-date payments, match receipts with payments made and draft periodic reports on the operations of the department.