Account Payable Associate

Accounts payable associates are responsible for all aspects of recording, processing, and reconciling accounts payable invoices, which is critical for a company to maintain accurate financial records. Accounts payable associates receive invoices from all departments within the organization and enter this information into the accounts payable records. If there is a discrepancy between invoice orders and deliveries, they contact the employee who placed the order - as well as the vendors, if necessary - and reconcile payment and delivery amounts. In some cases, they initiate payment on outstanding accounts once an invoice has been confirmed. If vendors have accounts questions, accounts payable associates are the initial contact point.

Accounts payable associates generally work in an office environment during regular business hours. Their time is primarily spent analyzing invoices, entering data into computer records, maintaining existing computer records, and generating reports. They also work closely with all departments and outside vendors to ensure the accuracy of invoices and payment amounts. Accounts payable associates are responsible for the month-end closing of the business cycle, and their work load generally increases around this time.

Accounts payable associates are generally required to have experience working in an office environment. They may be required to have demonstrated data entry skills, as well as familiarity with programs such as Microsoft Office, Excel, Oracle and other account management software. Accuracy and attention to detail are two major skills required by accounts payable associates.

As an Account Payable Associate in Canada with 6-9 years of experience, your main responsibilities include:

• Process and verify invoices, ensuring accurate coding, proper authorization, and adherence to company policies and procedures. Verify and reconcile invoices, ensuring accuracy and compliance with financial regulations.
• Manage vendor accounts, including reconciling statements, resolving discrepancies, and responding to vendor inquiries. Maintain and update vendor records, ensuring accurate and up-to-date information.
• Prepare and process payments, including checks, wire transfers, and electronic payments, while ensuring timely and accurate disbursement. Coordinate with internal departments to obtain necessary approvals for payment processing.
• Participate in month-end and year-end closing activities, such as reconciling accounts payable, preparing accruals, and generating financial reports.

For an Account Payable Associate, the following qualifications are required:

• Proficient in financial management software and systems, with a strong understanding of accounts payable processes and best practices.
• Attention to detail and accuracy in reviewing and processing invoices, ensuring proper coding, approvals, and adherence to company policies.
• Excellent problem-solving skills to identify and resolve discrepancies or issues with invoices, payments, and vendor accounts.
• Strong communication abilities to interact with vendors and internal stakeholders, providing timely responses to inquiries and effectively managing relationships.

The role of an Account Payable Associate is crucial in maintaining efficient financial operations and cash flow management. With 6-9 years of experience in Canada, professionals in this field have several alternative roles to consider. Here are four options:

• Senior Accountant: This role offers more extensive responsibilities, including financial reporting and regulatory compliance.
• Treasury Manager: Focused on managing cash and liquidity requirements for an organization, including forecasting, risk management, and investment activities.
• Procurement Manager: Involves managing supplier relationships, negotiating contracts, and overseeing purchasing processes.
• Financial Analyst: Focused on monitoring financial performance, developing forecasts, and providing insights to support strategic decision-making.

According to recent data from Google, the Account Payable Associate role in Canada is expected to experience steady growth in the market. Over a 10-year analysis of this job role, there is a positive outlook for employment opportunities. With the increasing demand for professionals in this field, it is projected that a significant number of employment opportunities will be available in the future. These data points suggest that the Account Payable Associate position is expected to continue growing and provide ample job prospects in Canada.