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Accounts Payable (AP) is a finance function responsible for managing a company's payments to suppliers and vendors for goods and services received. Its main objective is to ensure invoices are accurate, properly approved, recorded in the accounting system, and paid on time.
Responsibilities
. Invoice Processing
Receive invoices from suppliers.Verify invoice details and supporting documents.
Check invoice calculations, quantities, prices, and taxes.
Identify and resolve missing or incorrect information.
Enter invoices into the ERP or accounting system.
B. Purchase Order and Invoice Matching
Match invoices with purchase orders and goods receipts.Investigate price or quantity discrepancies.
Coordinate with procurement, warehouse, and requesting departments.
Place invoices on hold when discrepancies require resolution.
C. Payment Processing
Prepare payment proposals and payment runs.Ensure invoices are approved before payment.
Process payments through approved payment methods.
Monitor due dates and avoid unnecessary late-payment charges.
Coordinate with treasury or authorized signatories for payment release.
D. Supplier Management
Respond to supplier queries about invoices and payments.Follow up on outstanding invoices and credit notes.
Maintain accurate supplier records.
Investigate payment delays and account discrepancies.
Verify supplier bank-detail changes using independent controls.
E. Reconciliation and Month-End Closing
Reconcile supplier statements with AP records.Review outstanding invoices and aged payables.
Record accruals and other required month-end adjustments.
Investigate debit balances, unapplied credits, and old outstanding items.
Support the finance team during month-end and year-end closing.
F. Compliance and Internal Controls
Follow company policies and approval limits.Maintain complete audit trails and supporting documents.
Prevent duplicate, unauthorized, or fraudulent payments.
Follow applicable accounting standards and tax regulations.
Support internal and external audits.
Qualifications
Graduate / MBA in finance