Accounts Payable Specialist  

 

Role Overview:

The Accounts Payable Specialist supports the Finance Department by managing all aspects of the accounts payable function with accuracy, timeliness, and strong attention to detail. Core responsibilities include processing vendor invoices, claim‑related payments, and operational expenses, as well as overseeing vendor management activities such as vendor onboarding, risk assessment, and OFAC compliance.

This role also administers key regulatory and financial processes, including 1099 reporting, escheatment, use/sales tax reporting, commission payments, and policyholder deductible processing. In addition, the Accounts Payable Specialist provides direct and indirect support for daily, monthly, quarterly, and annual Finance & Accounting activities, which may include accounting system maintenance, financial reporting, budgeting, reinsurance support, special projects, and other duties as assigned.

This position plays a critical role in maintaining financial integrity, ensuring regulatory compliance, and supporting strong vendor relationships within a highly regulated insurance environment.

Key Accountabilities:

Measured By:
  • Process vendor invoices, claim‑related payments, and operational expenses in accordance with company policies and regulatory requirements.
  • Ensure proper coding, approvals, and documentation for all payables.
  • Consistent high-quality work product
  • Invoice processing accuracy: ≥ 98%
  • Processing timeliness: Invoices entered within 2–3 business days of receipt
  • Meet deadlines with on-time payment rate: ≥ 95%
  • Reduction in recurring invoice discrepancies or missing documentation
  • Maintain vendor records, onboarding documentation, and W‑9s.
  • Conduct vendor risk assessments and ensure OFAC screening compliance.
  • Serve as a primary point of contact for vendor inquiries.
  • Vendor onboarding completed within 3–5 business days
  • 100% OFAC compliance
  • Low rate of vendor escalations or payment complaints
  • Vendor master file accuracy ≥ 99%
  • Support 1099 preparation and filing.
  • Perform escheatment research and reporting.
  • Prepare use/sales tax reports accurately and on schedule.
  • 1099 corrections ≤ 1%
  • 100% compliance with regulatory deadlines
  • All escheatment items researched and resolved before state deadlines
  • No material audit findings
  • Process commission payments and policyholder deductible transactions accurately and on schedule.
  • Commission payments processed within 5 business days
  • Zero unreconciled items older than 30 days
  • Error rate is ≤ 1%
  • Maintain supporting documentation and reconciliation records.
  • Adhere to internal controls, audit requirements, and company policies.
  • Identify opportunities to streamline AP processes and improve efficiency.
  • No significant AP‑related audit findings
  • 100% adherence to approval workflows and documentation standards
  • Maintain and update A/P procedures regularly
  • Bring forward suggestions for enhancing current processes
  • Support the Finance & Accounting team in operational activities.
  • Provide flexibility and responsiveness during peak periods, audits, and special projects.
  • All assigned close tasks completed by internal deadlines
  • Meets project milestones and deliverables
  • Timely and effective cross‑functional support
  • Demonstrates reliability, candor, and collaboration
  • Internal & External Customer Satisfaction
  • Provide clear, timely communication to vendors, internal stakeholders, and Finance team members.
  • Professional and courteous relationships with finance staff, employees and external parties
  • Positive feedback from internal departments

Responsibilities:

Accounts Payable:

  • Process accounts payable, including claims indemnity/expense, general expense, premium refunds, expense reports, and dividend transactions.
  • Prepare and execute payments via ACH, wire transfer, or check in accordance with company policies and vendor terms.
  • Manage all payable system maintenance, including system interfaces, data transfers, user access, vendors, and payment types.
  • Coordinate and monitor data processing batches (data files) and ensure successful transfer of data between applications.
  • Monitor invoices for proper coding related to budgeting, capitalization, and reporting.
  • Ensure only valid and authorized payable invoices/check requests are paid.
  • Prepare and process all 1099 reporting and file with the IRS.
  • Coordinate with management and monitor cash requirements across all bank accounts.
  • Maintain confidentiality and accuracy when handling sensitive information.

General Accounting:

  • Provide ad-hoc financial information by researching, analyzing, and summarizing accounting data.
  • Prepare applicable reports and present findings to management.
  • Reconcile and substantiate financial transactions, ensuring proper documentation and approval.
  • Provide cross‑functional support during peak periods, audits, or operational changes.
  • Assist with audits by preparing documentation and responding to auditor requests.

Special Projects & Ad-Hoc Assignments:

  • Participate in ad‑hoc financial analysis, system enhancements, and special projects as assigned.
  • Support departmental initiatives related to process improvement, internal controls, and operational efficiency.

Qualifications:

  • 3–5 years of accounting experience with an intermediate understanding of accounts payable processes; insurance industry experience preferred.
  • Associate’s degree in Accounting or related field preferred, equivalent experience considered.
  • Experience with 1099 reporting, OFAC screening, or vendor risk management is a plus.
  • Demonstrated ability to work effectively in a fast‑paced, deadline‑driven environment while managing multiple priorities.
  • Exceptional attention to detail and accuracy.
  • Proficiency in Microsoft Office Suite, especially Excel (pivot tables, lookups, data validation).
  • Experience with accounting systems; Sage Intacct experience is a plus.
  • Comfort working with automated AP workflows, electronic payment systems, and data integrations.
  • Strong analytical and problem‑solving skills.
  • Solid numerical aptitude and comfort working with quantitative data.
  • Effective verbal and written communication skills.
  • Strong interpersonal, customer service, and teamwork skills.
  • Ability to work independently with minimal supervision, take ownership of assigned tasks.
  • Proven ability to collaborate across departments, including management and third‑party partners.
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