AP/AR Account clerk/officer

The job scope for an Accounts Clerk in Accounts Payable (AP) and Accounts Receivable (AR) within the retail industry generally involves managing financial transactions related to the company's purchases and sales. The role is essential in maintaining accurate financial records, ensuring smooth cash flow, and supporting the overall financial operations of a retail business. Below are the key responsibilities and duties specific to the retail industry: Key Responsibilities: 1. Accounts Payable (AP) Responsibilities: • Invoice Processing: o Receive and review supplier invoices for goods and services received by the retail store. o Ensure that invoices match purchase orders and delivery receipts to verify accuracy. o Process invoices for approval and prepare them for payment. • Payment Processing: o Prepare and process payments to suppliers, which may include checks, bank transfers, or electronic payments. o Ensure payments are made within agreed-upon terms to avoid late fees and maintain good vendor relationships. • Vendor Management: o Maintain and update supplier/vendor records, ensuring contact information and payment terms are accurate. o Communicate with vendors to resolve payment or invoice issues and discrepancies. • Expense Tracking: o Track operational expenses (e.g., utility bills, rent, store supplies) and ensure they align with the retail budget. • Reconciliation: o Reconcile accounts payable to ensure that all transactions are properly recorded and processed. o Reconcile vendor statements to ensure no discrepancies between payments made and vendor accounts. • Assist in Month-End Closing: o Provide necessary reports and documentation for month-end financial closing, including AP balances and outstanding payables. o Prepare accounts payable aging reports for review by management. 2. Accounts Receivable (AR) Responsibilities: • Invoice Generation: o Create and send invoices for customer purchases (both in-store and online) based on sales orders and transactions. o Ensure that invoices are accurate and include all necessary details such as taxes, discounts, and terms. • Cash Application: o Record customer payments (cash, credit cards, or bank transfers) and apply them to the correct invoices. o Ensure payments are recorded in a timely and accurate manner in the company's accounting system. • Collection Management: o Monitor outstanding accounts receivable and follow up with customers on overdue payments. o Send reminders, statements, or make phone calls to customers to facilitate timely payment. • Customer Relationship: o Work closely with customers (both individuals and businesses) to resolve billing disputes or issues regarding payment terms. o Maintain good relationships with customers to encourage timely payments and address any concerns. • Aging Report Management: o Prepare and maintain accounts receivable aging reports to track overdue balances and identify high-risk accounts. o Ensure accounts are collected promptly to maintain healthy cash flow for the retail business. • Assist in Month-End Closing: o Assist in preparing monthly reports related to receivables, ensuring that AR balances are accurate and up-to-date for financial closing. 3. General Financial Support in Retail: • Sales Recording: o Assist in the recording and tracking of daily sales and ensuring that the sales data is accurately reflected in the accounting system. o Reconcile sales transactions with cash receipts, credit card payments, and other forms of payment. • Cash Flow Management: o Track and report on cash flow, ensuring that there are no significant issues in meeting payment obligations for the company. o Monitor short-term cash needs and ensure that both AP and AR processes align with the company’s financial position. • Inventory Reconciliation: o Collaborate with the inventory team to ensure that accounts reflect the correct amounts for stock purchases, sales, and returns. • Assist with Financial Reporting: o Provide supporting data for financial reports, such as profit and loss statements, balance sheets, and budget variance reports. o Help ensure financial records are accurate for audits and tax preparation. • Point of Sale (POS) System Integration: o Work with the POS system to track and record sales data, ensuring all transactions are accurately reflected in the company’s financial systems. 4. Administrative Duties: • Record Keeping and Filing: o Maintain proper filing systems for all AP and AR-related documents (invoices, receipts, payments). o Ensure that all financial records are accessible and stored securely, following retention policies. • Communication with Other Departments: o Communicate regularly with other departments (e.g., purchasing, sales, customer service) to ensure smooth operations between AP/AR functions and retail sales. • Assist in Budgeting: o Provide input or assist in the preparation of the company’s budgeting process, particularly related to expenses, sales, and collections. 5. Reporting and Analysis: • Assist with Financial Analysis: o Provide data to support the analysis of financial performance, including profitability, expenses, and cash flow. o Assist in identifying trends in accounts payable and receivable, and recommend improvements in operational efficiencies. • Create Reports for Management: o Prepare regular reports on accounts payable and receivable performance for management review, including aging reports, outstanding liabilities, and collections. Skills and Qualifications: • Accounting Knowledge: Familiarity with basic accounting principles and financial processes, particularly AP and AR. • Attention to Detail: Strong attention to detail to ensure accuracy when processing invoices, payments, and receivables. • Communication Skills: Effective communication with suppliers, customers, and internal teams is essential. • Time Management: Ability to prioritize tasks and manage deadlines, particularly when dealing with high volumes of transactions. • Software Proficiency: Knowledge of accounting software (e.g., QuickBooks, SAP, Oracle) and retail POS systems. • Problem-Solving Skills: Ability to troubleshoot discrepancies in invoices, payments, and customer accounts. • Team Collaboration: Ability to work with other departments (e.g., inventory, purchasing, sales) to support the overall financial function. • Cash Handling: Comfortable handling cash transactions and ensuring accuracy in cash receipt applications. Work Environment in Retail Industry: The work environment can vary based on the size of the retail company: • Smaller Retailers: In smaller retail operations, the AP/AR clerk may be responsible for a broader range of tasks, including bookkeeping and general office duties. • Larger Retailers: In larger retail chains, the role may be more specialized, with clear distinctions between AP and AR duties, possibly with more advanced tools and software to support high-volume transactions. Other Factors: • Fast-Paced Environment: The retail industry is fast-paced, especially during peak sales periods (e.g., holidays or promotions). AP/AR clerks need to be able to handle a high volume of transactions during these times. • Customer-Centric Focus: In retail, customer satisfaction is key, so the AR clerk must be particularly focused on timely follow-ups and resolution of payment disputes.