Accounts Payable Specialist

An Accounts Payable Specialist manages and processes payments to vendors for timely and accurate payment processing. They adhere to Indian financial regulations and oversee the organization’s payment cycle to maintain healthy relationships with vendors.

Why Hire an Accounts Payable Specialist?

• An Accounts Payable Specialist takes care of accurate and timely vendor payments.
• They prevent errors in the payment cycle and maintain compliance with Indian tax regulations.
• They foster positive vendor relationships for better terms and deals.
• They also reduce financial bottlenecks, ensure cash flow, and establish trust with external stakeholders.

Job Description Template

We are looking forward to hiring a meticulous and organized Accounts Payable Specialist to join the organization’s finance team. In this role, you will process vendor payments, maintain accurate financial records, and ensure compliance with Indian tax regulations.

The role requires an in-depth understanding of Indian Accounting Standards (Ind AS) and other prominent regulations like GST and TDS. Ultimately, you will ensure the smooth and timely execution of all accounts payable operations, supporting the company’s financial health.

Responsibilities:

• Process and verify vendor invoices for payment, ensuring accuracy and adherence to GST and TDS regulations.
• Maintain accurate records of all accounts payable transactions.
• Reconcile vendor statements and resolve any discrepancies promptly.
• Prepare and process electronic transfers and payments.
• Manage vendor accounts and maintain positive relationships through timely communication and payment.
• Ensure timely filing of GST and TDS returns related to vendor payments.
• Assist in month-end and year-end closing processes by providing detailed reports on accounts payable activities.
• Liaise with internal departments and vendors to resolve any payment issues or inquiries.
• Assist in the preparation of financial reports related to accounts payable and cash flow.

Qualifications:

• Bachelor’s degree in Accounting, Finance, or Commerce.
• 2-4 years of experience in accounts payable or related finance roles.
• Strong understanding of GST and TDS regulations in India.
• Proficiency in accounting software such as Tally, QuickBooks, or SAP.
• In-depth understanding of financial documentation and vendor management.

Key Skills:

• Accounts payable processing
• GST and TDS compliance
• Vendor management
• Financial reconciliation
• Proficiency in Tally, QuickBooks, or SAP
• Strong attention to detail
• Problem-solving and analytical skills
• Good communication skills

Tips For Recruiters:

• Focus on candidates who have hands-on experience with GST and TDS filing and vendor payment processes.
• Look for individuals who are proficient in common accounting software like Tally and/or SAP.
• Candidates with strong problem-solving skills, particularly in managing discrepancies in invoices or payments, will add value to your team.
• Ensure that the candidate is detail-oriented to avoid errors in the payment process, thus, preventing compliance issues.

Key Points to Mention About Your Organization:

• Highlight the volume of payments processed and the scale of operations to give candidates insight into the scope of the role.
• Mention the specific accounting software your company uses to ensure alignment with the candidate’s skill set.
• Outline any additional benefits such as employee development programs or training opportunities related to financial software and compliance.

Keywords For Recruiters:

• Accounts payable management
• GST and TDS compliance
• Vendor payments
• Financial reconciliation
• Invoice processing
• Tally ERP
• SAP
• Financial reporting
• Cash flow management