Accounts Payable Processor

Accounts payable processors are accountable for overseeing and evaluating the incoming payments received by their organizations. Their main responsibilities are to make sure that invoices and orders are reconciled, by ensuring that the items received are paid for. This includes cooperating with suppliers to establish the status of invoices, paying to (or returning) items that are not invoiced, and making sure that the unpaid items. The processors of accounts payable make payments and maintain an accounts payable journal that is in accordance with accounting standards. They collaborate with other departments like procurement and receiving to look into the details of invoices and shipment to settle disagreements with vendors. Certain processors of accounts payable may manage travel reimbursements as well as other internal payments made to employees.

Processors of accounts payable typically work full-time in a workplace. A majority of the accounts payable processors are occupied with analysing invoices and processing data, as well being in contact with vendors to solve problems with payment. They also work alongside other departments in the financial department and also receiving and shipping during the course of their responsibilities. In larger organizations the accounts payable processors are part of a team of account payable employees In smaller companies they could be the sole handler for accounts payable, under the direction of the accounting manager who is the senior.

High school graduation or equivalent qualification is needed for this job. A bachelor's education in finance, or another related field is required for certain jobs. Basic office skills like Microsoft Office products are needed along with mathematical skills. A minimum of two years' experience in accounts payable is usually needed.

As an Accounts Payable Processor with 0-3 years of experience in the United Kingdom, your main responsibilities include:

• Processing invoices and verifying accuracy of data for payment.
• Reconciling vendor statements and resolving any discrepancies.
• Posting and allocating payments to appropriate accounts.
• Assisting with month-end closing processes, including accruals and reconciliations.

For an Accounts Payable Processor job role, the following qualifications are required:

• Proficiency in financial systems and software to accurately process and reconcile invoices, purchase orders, and payment transactions.
• Attention to detail to review invoices for accuracy, identifying discrepancies, and resolving payment discrepancies with vendors.
• Knowledge of accounts payable procedures, including invoice coding, approval workflows, and payment terms, to ensure adherence to financial policies and regulations.
• Strong problem-solving skills to resolve issues related to duplicate invoices, missing documentation, and payment errors in a timely and efficient manner.

The role of an Accounts Payable Processor is crucial for efficient financial operations. For professionals in the United Kingdom with 0-3 years of experience, here are following alternative roles to consider:

• Junior Accountant: A position that involves assisting senior accountants with day-to-day financial tasks, such as bookkeeping, preparing financial statements, and reconciling accounts.
• Data Analyst: A role focused on analyzing financial data, identifying trends, and providing insights to support decision-making. Strong analytical and Excel skills are required.
• Credit Controller: A position responsible for managing and collecting outstanding debts from customers, ensuring timely payment, and resolving payment issues.
• Accounts Receivable Clerk: A role involving processing incoming payments, recording transactions, and reconciling accounts.

The role of Accounts Payable Processor in the United Kingdom is expected to witness steady growth in the market. According to a 10-year analysis, this position is projected to experience a consistent increase in demand. With the rapid expansion of businesses and increased focus on financial management, the need for skilled professionals in this role is likely to rise. As a result, numerous employment opportunities will be available in the future for individuals with expertise in accounts payable processing.