Accounts Payable Specialist

Purpose of Position/Summary:

The Accounts Payable Specialist oversees the accounts payable function for Aftermarket division activities, including essential duties and responsibilities as detailed in the section below. The Accounts Payable Specialist is a function of the Accounting Department and reports to the Accounting Manager. The Accounts Payable Specialist is an essential role in managing the company’s account payables, as well as related accounting functions and duties necessary for the Accounting department to function as a whole.

Essential Duties/Responsibilities:

• Verify proper approval received for invoices prior to processing in AP system. Includes ensuring all proper backup documentation is retained, verifying pricing to contract and / or purchase order, verification of quantity to BOL, ensuring sales / use tax applied properly, and all documentation signatures are intact. If issues, investigate differences and discuss with purchasing, procurement or requisitioner prior to processing (i.e. 3-way match);
• Process a minimum of 2,000 invoices a month;
• Create and review AP aging reports to confirm accuracy of posting and payment when compared to invoice, noting any necessary corrections. Monthly, reconcile AP aging reports to trial balance and investigate any variances;
• Enter all available invoices that relate to current month, ensuring vendor payment terms are met and vendor discounts realized;
• Create and review unmatched PO receipt reports to identify receipts that need to be matched to an invoice and ensure vendor payments are timely and vendor discounts are realized. Report any issues and facilitate resolution;
• Monitor invoices received and inquire of company personnel and vendors as to any expenses incurred but not yet billed or entered into AP system. At month-end, consider any non-inventory invoices typically entered, not yet received, to ensure monthly costs are captured and an accrual is made by accounting staff;
• Communicate with vendors, Purchasing, Procurement, and other departments timely via phone, email, mail, or personally with a focus on excellent customer service;
• Process adjustments, vendor credits, vendor chargebacks, etc. timely and accurately;
• Participate in semi-annual physical inventory counts as needed, including weekends;
• Prepare vendor payment reports for review and approval prior to issuing payment. Ensure vendors are paid accurately and any discounts / chargebacks are realized immediately;
• Obtain statements from vendors on a monthly basis to determine amount of inventory in-transit and calculate accrual entry;
• Review and reconcile inventory balances, provide inventory reports to management, and record inventory adjustments as requested;
• Adhere to GAAP and IFRS;
• Adhere to KAC internal controls and J-SOX;
• Assist in preparation of data for financial reporting package and external audit;
• Other duties assigned by immediate Supervisor or Manager on an as needed basis.

Purpose of Position/Summary:

The Accounts Payable Specialist oversees the accounts payable function for OEM or Aftermarket division activities, including essential duties and responsibilities as detailed in the section below. The Accounts Payable Specialist is a function of the Accounting Department and reports to the Accounting Supervisor. The Accounts Payable Specialist is an essential role in managing the company’s account payables, as well as related accounting functions and duties necessary for the Accounting department to function as a whole.

Essential Duties/Responsibilities:

• Review vendor invoices prior to processing in AP system. Includes ensuring all proper backup documentation is retained, verifying pricing to contract and / or purchase order, verification of quantity to BOL, ensuring sales / use tax applied properly, and all documentation signatures are intact. If issues, investigate differences and discuss with purchasing prior to processing (i.e. 3-way match);
• Process a minimum of 1,300 invoices a month;
• Match MRO inventory invoices to MRO receiving report before posting to AP system;
• Create and review AP aging reports to confirm accuracy of posting and payment when compared to invoice, noting any necessary corrections. Monthly, reconcile AP aging reports to trial balance and investigate any variances;
• Enter all available invoices that relate to current month, ensuring vendor payment terms are met and vendor discounts realized;
• Create and review unmatched PO receipt reports to identify receipts that need to be matched to an invoice and ensure vendor payments are timely and vendor discounts are realized. Report any issues and facilitate resolution;
• Monitor invoices received and inquire of company personnel and vendors as to any expenses incurred but not yet billed or entered into AP system. At month-end, consider any non-inventory invoices typically entered, not yet received, to ensure monthly costs are captured and an accrual is made by accounting staff;
• Communicate with vendors, Purchasing, and other departments timely via phone, email, mail, or personally with a focus on excellent customer service;
• Process adjustments, vendor credits, vendor chargebacks, etc. timely and accurately;
• Participate in semi-annual physical inventory counts as needed, including weekends;
• Prepare vendor check report for review and approval prior to issuing payment. Ensure vendors are paid accurately and any discounts / chargebacks are realized immediately;
• Obtain statements from vendors on a quarterly basis to determine amount of inventory in-transit and calculate accrual entry;
• Adhere to GAAP and IFRS;
• Adhere to KAC internal controls and J-SOX;
• Assist in preparation of data for financial reporting package and external audit;
• Other duties assigned by immediate Supervisor or Manager on an as needed basis.

Job Requirements:

• Bachelor of Science degree in Accounting, Finance or related field, is required from an accredited institution. 4-6 years of relevant experience can substitute for college degree;
• General knowledge of accounting principles is preferred;
• Excellent communication, both written and verbal, skills required;
• General knowledge of internal controls (i.e. Sarbanes Oxley), to prevent the risk of material misstatements due to errors and omissions and the misappropriation of assets is preferred;
• This position requires willingness and ability to adhere to a flexible schedule;
• This position requires proficient computer abilities including, but not limited to, Microsoft Office products;
• This position requires the ability to be self-motivated and be a self-starter.

Supervisory Responsibilities/Direct Reports:

This position does not have any subordinate associates reporting to it.

Difficulty of Work:

The Accounts Payable Specialist is expected to exert independence and judgment to analyze all accounts payable, including vendor accounts, and is expected to identify and report issues that may arise that have an effect on KAC’s ability to timely pay such Payables and realize vendor discounts.

The Accounts Payable Specialist is required to oversee reconciliation of accounts payable and will be expected to identify and report misappropriations or misallocation to management immediately.

The Accounts Payable Specialist must be able to effectively communicate with other departments, as well as communicate with vendors, and exert a high level of customer service. It is essential to overcome any potential barriers of communication and continue to pursue complete resolution.

The Accounts Payable Specialist may be challenged by issues with the company’s enterprise resource planning (ERP) software and will need to be proactive and independent in finding solutions. In addition, the Accounts Payable Specialist will be expected to proactively pursue efficiencies, improved transparency, and timely reporting in all functions of the job.

Responsibility:

The Accounts Payable Specialist is responsible for accounts payable, managing vendor accounts, and other accounting functions as addressed above under Essential Duties/Responsibilities and throughout this job description.

Functions of the position overseen and performed by the Accounts Payable Specialist are subject to review and testing by the Accounting Supervisor, Accounting Manager, and Internal Audit. Testing and review will include tests of accuracy and assessment of the Accounts Payable Specialist’s adherence to internal controls (J-SOX compliance), GAAP, and IFRS.

The Accounts Payable Specialist is expected to possess the knowledge and experience necessary to successfully perform the functions expected of the role. Although performance is scheduled to be assessed and reviewed annually, additional assessments will be performed if deemed necessary.

Personal Work Relationships:

Almost all of the assignments require working with multiple departments and divisions within KAC in addition to outside consultants or firms. The Accounts Payable Specialist will be required to communicate and work with KAC vendors.

Physical Effort:

The position requires extensive work on computers, which requires the ability to sit for long periods of time, with or without reasonable accommodations. In addition, this position may require filing and moving of boxes up to 20 lbs with or without reasonable accommodations.

Working Conditions:

Working conditions are normal for an office and / or production environment. Special attention to work environment and areas surrounding the equipment is critical. Normal PPE is required such as safety shoes, safety glasses, and hearing protection. Work may require occasional weekend and / or evening work.