What are the responsibilities and job description for the Accounts Payable Specialist position at LIO Insurance?
Summary/Objective
The Accounts Payable Specialist role is a member of our Finance team. This position plays a key role in ensuring the timely and accurate processing of claims payments, commission payments, premium refunds, supplier invoices, and employee expense reports. This position requires significant attention to detail, is organized, and proactive, with strong communication skills to manage vendor relationships effectively.
Essential Duties & Functions
- Process and record all claims payments, commission payments, premium refunds, supplier invoices, and employee expense reports accurately and timely.
- Review all invoices and payment requests for proper authorization, coding, and supporting documentation.
- Maintain accurate and up-to-date vendor information within the accounting system.
- Respond promptly and professionally to supplier inquiries regarding invoice status, payments, and account reconciliations.
- Ensure compliance with 1099 reporting and escheatment (unclaimed property) regulations.
- Assist with month-end and year-end close processes, including preparing account reconciliations, accruals, and recurring journal entries.
- Collaborate with the Corporate Accounting team to ensure accuracy and consistency across financial records and reports.
- Support internal and external audit requests with proper documentation and explanations.
- Continuously identify and recommend process improvements to enhance efficiency and accuracy within the Accounts Payable function.
- Participate in ad-hoc accounting projects, reporting and processing other miscellaneous payables as assigned.
LIO LIFE – What we value:
- The Customer Lens – Prioritizing our relationships, service and needs of our customers.
- Innovative Thinking – Fostering an environment that empowers and sustains bold thinking and actions.
- Balance – Creating an inclusive, diverse, and holistic balance to meet our personal and professional needs.
- Simplicity – Striving for simplicity in our service, products, and processes.
- Accountability – Owning our results and learning from them.
Qualifications
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements list below is representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
- Strong understanding of GAAP and accounting principles.
- Familiarity with 1099 reporting and escheatment processes.
- Experience processing expense reports and handling vendor communications.
- Excellent analytical, organizational, and problem-solving skills.
- Effective written and verbal communication abilities.
- Ability to work independently and collaboratively in a fast-paced environment.
- Strong attention to detail and accuracy.
- Demonstrated ability to successfully collaborate across all organizational levels, both individually and as part of a team.
- Proven success working in a virtual, global environment with the ability to effectively prioritize, manage multiple projects, and execute tasks with precision.
- Demonstrates respect for diverse skills, perspectives, and backgrounds, fostering an inclusive and collaborative work culture.
- Proven capacity to thrive in a small-team, entrepreneurial environment, balancing multiple priorities with agility and accountability.
Required Education and Experience
- Education: Associate’s or Bachelor’s degree in Accounting, Finance, or a related field preferred.
- Experience: Minimum of 3 years of Accounts Payable or general accounting experience.
- Technical Skills:
- Experience with Workday Financials or a similar ERP system (Workday preferred).
- Proficiency with Microsoft Excel and other Office applications.
Additional Eligibility Requirements (Certificates, Licenses, Required/Preferred)
- Prior Workday Experience
Position Type/Expected Hours of Work
This is a full-time position. Expected days and hours of work are Monday through Friday, 8:30 a.m. to 5 p.m. This position may require long hours and weekend work.
Travel
No Travel is required.
EEO Statement
LIO Insurance provides equal employment opportunities to all employees and applicants for employment and prohibits discrimination and harassment of any type without regard to race, color, creed, religion, age, sex, national origin, disability status, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state or local laws.
This policy applies to all terms and conditions of employment, including recruiting, hiring, placement, promotion, termination, layoff, recall, transfer, leaves of absence, compensation and training.
Other Duties
Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this job. Duties, responsibilities and activities may change at any time with or without notice.