2. Posting and Recording3. Payment Processing4. Reconciliation5. Documentation & Compliance6. Communication7. Reporting & Analysis
- Invoice Verification
- Verifying purchase invoices from vendors for accuracy.
- Matching invoices with purchase orders (PO) and goods receipt notes (GRN).
- Checking for duplicate payments or discrepancies.
- Entering invoices into accounting software (like SAP, Tally, QuickBooks, Oracle).
- Ensuring correct GL (General Ledger) coding and cost center allocation.
- Updating accounts payable and receivable ledgers.
- Coordinating with the finance team for timely vendor payments.
- Ensuring compliance with payment terms and early payment discounts.
- Preparing payment batches and verifying bank details.
- Regularly reconciling vendor statements and resolving discrepancies.
- Assisting in month-end and year-end closing activities related to payables/receivables.
- Maintaining proper records of invoices for internal and external audits.
- Ensuring compliance with tax regulations (e.g., TDS, GST, VAT, etc.).
- Assisting in responding to audit queries.
- Coordinating with vendors/customers for clarifications or disputes.
- Liaising with procurement, sales, and warehouse teams for invoice-related issues.
- Generating reports on outstanding payables/receivables.
- Assisting in cash flow forecasting based on due invoices.
- Identifying trends or issues in the invoicing process and suggesting improvements