"Temporary Accounts Payable Specialist"

General Description

Founded in 1939 and located in midtown Manhattan, LIM College is focused on the global business of fashion and lifestyle. Offering master’s, bachelor’s and associate degree programs, LIM prepares students for career success via an immersive approach grounded in real-world experience and learning-by-doing through required internships. LIM College’s commitment to excellence in business education ensures graduates are sought after by a wide range of employers, as evidenced by a Career Outcomes Rate of 97% for the Class of 2023. Alumni excel throughout all areas of fashion and lifestyle and have gone on to work for companies such as Chanel, Gucci, Alexander McQueen, Ross Stores, The Financial Times, Ulta Beauty, Google, Saks Fifth Avenue, Cannabis Creative, and The National Football League.

Position Purpose

The Accounts Payable Specialist is a critical member of the accounting team responsible for the accurate and timely processing of vendor payments, maintenance of financial records, and ensuring compliance with internal controls and audit standards. This role requires exceptional attention to detail, strong organizational skills, and the ability to work in a fast-paced environment. The specialist will serve as a key liaison between the college and its vendors, ensuring a professional and efficient payable process.

Salary Range: $55,000 - $65,000

Key Responsibilities

Invoice Processing

• Review and validate all vendor invoices for accuracy, required documentation, and appropriate authorization.
• Code and enter invoices into the financial system using ReqLogic or directly into Microsoft Dynamics GP, ensuring accurate general ledger codes, including handling of: Prepaid expenses, Accruals, Capital Expenditures.
• Monitor invoices and ensure prompt processing to avoid late payments or penalties.

Payment Processing

• Prepare weekly Accounts Payable aging reports for review and approval by the EVP and other designated approvers.
• Initiate payments, including: Checks, ACH transfers, wire payments.
• Submit payment batches for final review and approval by the Accounting Manager or VP of Finance.

Corporate Credit Card Reconciliation

• Reconcile American Express charges monthly.
• Match charges with receipts and ensure accurate coding and GL account assignment.
• Communicate with cardholders to resolve discrepancies or missing documentation.

Month-End and Audit Support

• Assist in month-end closing processes, including preparation of AP-related journal entries and reconciliations.
• Maintain organized and audit-ready files, including digital records and backup documentation in compliance with the company’s record retention policies.
• Provide documentation and reports during internal or external audits as requested. Support for other finance-related projects and tasks as assigned.

Compliance and Internal Controls

• Ensure adherence to organizational policies and procedures for purchasing and payment processing.
• Participate in continuous improvement of AP procedures and internal controls to enhance accuracy and efficiency.
• Alert management of potential compliance issues or irregularities.

Other Duties

• Support the Accounting team with special projects, data analysis, or cross-training needs.
• Provide coverage for other accounting functions as needed during peak times or staff absences.

Role Expectations

• Demonstrate a high level of integrity and professionalism in handling sensitive financial data.
• Maintain strict confidentiality of all financial and vendor-related information.
• Exhibit strong time management and problem-solving skills with the ability to prioritize and meet deadlines.
• Stay current with AP best practices and regulatory requirements affecting financial operations.
• Collaborate effectively with cross-functional teams, including Purchasing, Budget Owners, and the Accounting Department.

Qualifications

• Bachelor’s degree in accounting, Finance, or a related field preferred.
• Minimum of 3-5 years of experience in accounts payable or accounting.
• Proficiency in Microsoft Dynamics GP and ReqLogic (or equivalent ERP systems) preferred.
• Strong understanding of general ledger coding and accrual-based accounting principles.
• Excellent communication and interpersonal skills to interface both internal stakeholders and external vendors.
• Highly organized with meticulous attention to detail.
• Ability to work independently and as part of a team in a deadline-driven environment.

Work Schedule

The Accounts Payable Specialist is expected to work five (5) days onsite at the college’s campus each week.

Work Perks

• College Closed for Summer Fridays
• Tuition Remission or Tuition Exchange
• 6 Weeks of Paid Holidays
• Birthday Day to Celebrate your Birthday
• 2-4 weeks of vacation based on longevity; 7 sick days annually
• Medical, Dental, Vision, Employee Assistance, 401K etc.