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Job Title: Accounts Payable   Date Posted: 11/15/24 Ref. Number: 210 Type: Full Time Part Time Location: North York Requirements: Key Skills and Qualifications for Accounts Payable: Attention to Detail: High level of accuracy and attention to detail in processing invoices and payments. Organizational Skills: Strong organizational skills to manage multiple tasks, track deadlines, and maintain accurate records. Knowledge of Accounting Software: Familiarity with accounting software (e.g., QuickBooks, SAP, Oracle, Microsoft Dynamics) and spreadsheet tools (e.g., Excel). Problem-Solving: Ability to resolve discrepancies, identify issues, and implement solutions in a timely manner. Communication Skills: Effective communication skills for dealing with vendors, internal stakeholders, and team members. Understanding of Accounting Principles: Basic knowledge of accounting principles and financial statements. Time Management: Ability to prioritize tasks and meet deadlines, especially during peak periods such as month-end or year-end closing. Education and Experience: Education: A high school diploma is typically required, although a bachelor’s degree in accounting, finance, or a related field is preferred. Experience: Typically requires 1-3 years of experience in accounts payable or related finance roles, with a solid understanding of accounting practices. Description: Invoice Processing Receive and Verify Invoices: Receive vendor invoices and ensure they are accurate, complete, and match purchase orders (POs) or contracts. Invoice Data Entry: Enter invoice details (vendor name, amount, date, etc.) into the accounting system, ensuring that all information is accurate and up to date. Resolve Discrepancies: Investigate and resolve any discrepancies between the invoice, purchase order, and receipt of goods/services, working with internal departments or vendors to clarify issues. 2. Payment Processing Prepare Payment Runs: Review and prepare scheduled payments (checks, ACH transfers, wire payments) to vendors, ensuring that payment terms are adhered to. Approve Payments: Ensure that all payments are authorized in accordance with company policies and proper approval workflows are followed. Timely Payments: Ensure that payments are made on time to avoid late fees or penalties, and take advantage of any available early payment discounts. Maintain Payment Records: Document and record all payments made to vendors, including date, amount, and method of payment. 3. Vendor Management Maintain Vendor Records: Update and maintain accurate vendor information (contact details, payment terms, tax IDs, etc.) in the AP system. Address Vendor Inquiries: Respond to vendor inquiries regarding payment status, outstanding invoices, or discrepancies. Vendor Reconciliation: Reconcile vendor statements with company records to ensure all transactions are accounted for and resolve any inconsistencies or missing invoices. 4. Account Reconciliation Reconcile AP Ledger: Reconcile the accounts payable ledger to the general ledger on a monthly or quarterly basis to ensure all payments and liabilities are accurately recorded. Balance Sheet Reconciliation: Assist in the preparation and review of balance sheet reconciliations related to accounts payable to ensure proper financial reporting. 5. Expense Report Processing Review Employee Expense Reports: Review and process employee expense reports in accordance with company policies, ensuring proper documentation and approval. Reimbursement: Process employee reimbursements for approved expenses and ensure they are paid timely and accurately. 6. Compliance and Reporting Ensure Compliance: Ensure all accounts payable activities comply with internal controls, accounting standards, and tax regulations (e.g., sales tax, VAT, etc.). Prepare Reports: Assist in preparing regular reports for management, including AP aging reports, outstanding liabilities, cash flow projections, and payment forecasts. Tax Reporting: Work with the tax department to prepare and file relevant tax documents, such as 1099 forms for independent contractors or suppliers. 7. Internal Controls and Audits Adhere to Policies: Ensure all AP processes and transactions comply with the company’s internal policies, controls, and segregation of duties. Support Audits: Provide support for internal and external audits by supplying requested documentation, including payment records, invoices, and vendor contracts. Control Improvements: Suggest improvements to internal processes or controls to increase efficiency, reduce errors, and prevent fraud. 8. Month-End and Year-End Closing Month-End Close: Assist with month-end closing activities by ensuring all invoices and payments are accurately recorded in the correct period. Year-End Close: Prepare and process year-end adjustments related to accounts payable and assist with year-end reporting and audits. 9. Other Administrative Duties Maintain Filing System: Organize and maintain an orderly filing system for accounts payable documents, including invoices, payment confirmations, and vendor correspondence. Communicate with Other Departments: Collaborate with procurement, inventory, and finance teams to resolve issues and ensure timely payments. Assist in Forecasting: Provide input for cash flow forecasts based on upcoming AP obligations and payment schedules. Hours per week: Mon - Fri (Hybrid) 40 Rate of Pay: $65,000 - $70,000 Contact: Ramein Ayaz Telephone: 905-453-7896 Fax: 905-453-7894 Email: rayaz@jobskills.org