Sunday, June 9, 2024

Duties and Responsibilities of an Accounts Payable Manager

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Nyongesa Sande
Nyongesa Sandehttps://bizmart.africa
Nyongesa Sande is a Kenyan blogger, Pan Africanist,c olumnist Political Activist , blogger, informer & businesman who has interest in politics, governance, corporate fraud, human rights and television personality.

The job duties of an accounts payable manager involve managing financial payments on behalf of a company or organization. The responsibilities of someone in this career may include overseeing payroll transactions, reviewing and verifying invoice information from vendors, making payment to vendors or contractors, and handling accounts receivable transactions. Other duties of an accounts payable manager are the approval of outbound payments from the company’s accounting department. They are the primary point of contact for payments made or owed by a company or organization.

Accounts payable (AP) is money owed by a business to its suppliers shown as a liability on a company’s balance sheet. It is distinct from notes payable liabilities, which are debts created by formal legal instrument documents. An accounts payable department’s main responsibility is to process and review transactions between the company and its suppliers and to make sure that all outstanding invoices from their suppliers are approved, processed, and paid. The accounts payable process starts with collecting supply requirements from within the organization and seeking quotes from vendors for the items required. Once the deal is negotiated, purchase orders are prepared and sent. The goods delivered are inspected upon arrival and the invoice received is routed for approvals. Processing an invoice includes recording important data from the invoice and inputting it into the company’s financial, or bookkeeping, system. After this is accomplished, the invoices must go through the company’s respective business process in order to be paid.

How to Become an Accounts Payable Manager

The qualifications that you need to start a career as an accounts payable manager often include experience in a financial field, management skills, and a bachelor’s or master’s degree in accounting or finance. Some employers may accept experience instead of a degree. You can gain the skills and experience you need to become an accounts payable manager by holding an entry-level position in a payroll department. The responsibilities of an accounts payable manager include overseeing payroll transactions, reviewing and verifying invoice information, giving payment approval, and handling accounts receivable transactions.

Accounts Payable Manager Duties:

  • Manage all financial transactions related to accounts payable, including employee payroll, vendor payments, and checks/money orders
  • Oversee the reconciliation of supplier invoices and payments
  • Process payments to vendors, distributors, and suppliers
  • Maintain vendor records, including purchase requisitions, invoices, and payment records
  • General ledger processing
  • Review invoices and purchase orders for payment
  • Perform reconciliation of account by reviewing and correcting discrepancies
  • Process and record printing and mailing
  • Generate financial reports
  • Perform account analysis

Accounts Payable Manager Responsibilities:

  • Ensure timely and accurate processing of vendor invoices, including vendor invoice approvals, payment posting, and vendor payment inquiries
  • Process weekly payroll and benefit payments
  • Maintain vendor master database
  • Manage purchase order workflows
  • Assist in month-end closing process
  • Assist in annual audit processes

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