Key Responsibilities and Required Skills for a Financial Processor

🎯 Role Definition

This role requires a meticulous and highly organized Financial Processor to join our dynamic finance team. In this pivotal role, you will be the backbone of our financial operations, responsible for the accurate and timely processing of a high volume of financial transactions. You will manage critical functions across accounts payable, accounts receivable, and data management, ensuring the integrity of our financial records. The ideal candidate is a proactive problem-solver with a keen eye for detail, dedicated to maintaining compliance and driving efficiency within our accounting processes. This position is perfect for a professional looking to build a solid career in the financial sector of a growing organization.

📈 Career Progression

Typical Career Path

Entry Point From:

Accounting Clerk
Data Entry Specialist
Administrative Assistant with bookkeeping duties

Advancement To:

Senior Financial Processor / Team Lead
Accounts Payable or Accounts Receivable Specialist
Staff Accountant

Lateral Moves:

Payroll Clerk
Bookkeeper
Junior Financial Analyst

Core Responsibilities

Primary Functions

Process and verify a high volume of vendor invoices, purchase orders, and employee expense reports, ensuring accuracy and proper authorization before payment.
Execute timely and accurate payment processing through various methods, including check runs, ACH transfers, and wire transactions.
Manage the full accounts receivable cycle, including generating, auditing, and distributing customer invoices in accordance with service agreements.
Post and apply customer payments by recording cash, check, and credit card transactions, ensuring correct allocation to outstanding invoices.
Perform daily reconciliation of bank accounts, credit card statements, and other financial accounts to ensure all transactions are accounted for and properly posted.
Monitor customer and vendor account details for non-payments, delayed payments, and other irregularities, initiating follow-up procedures as necessary.
Research and resolve invoice discrepancies, payment issues, and account disputes with vendors and customers in a professional and timely manner.
Accurately code financial transactions, such as invoices and expenses, to the appropriate general ledger accounts and cost centers.
Maintain the integrity of the vendor and customer master files, including setting up new accounts and updating contact information, payment terms, and W-9 forms.
Prepare and analyze key financial reports, including AP/AR aging reports, cash receipt summaries, and disbursement registers for management review.
Ensure strict adherence to company policies, internal controls, and accounting standards (GAAP) for all processing activities.
Liaise with internal departments to provide financial data and support, answering inquiries related to payments, invoices, and account status.
Assist with the month-end and year-end closing processes by preparing journal entries, accruals, and account reconciliations.
Manage and process credit applications for new customers, assessing creditworthiness based on established company criteria.

Secondary Functions

Assist in the preparation of documentation and schedules for internal and external audits.
Identify and recommend opportunities for process improvements to enhance efficiency and accuracy in the financial processing workflow.
Support the accounting department with ad-hoc projects, data analysis, and special assignments as requested by management.
Participate in the implementation and testing of new financial software or system upgrades.
Provide backup support for other accounting and finance functions to ensure operational continuity.
Maintain organized and accessible physical and digital financial records in compliance with record retention policies.

Required Skills & Competencies

Hard Skills (Technical)

Accounting Software Proficiency: Hands-on experience with ERP systems and accounting software such as SAP, Oracle, NetSuite, or QuickBooks.
MS Excel: Advanced proficiency in Microsoft Excel, including the use of VLOOKUP, pivot tables, and complex formulas for data analysis and reporting.
Data Entry Speed & Accuracy: Proven ability to perform high-volume data entry with exceptional speed and a low error rate, including 10-key by touch.
Accounts Payable/Receivable: Deep understanding of full-cycle AP and AR processes, from invoice entry to payment and collections.
Basic Accounting Principles: Solid grasp of fundamental accounting principles, including debits, credits, and the general ledger structure.
Bank Reconciliation: Experience in reconciling bank statements and resolving discrepancies between bank records and the general ledger.

Soft Skills

Attention to Detail: Meticulous and thorough in reviewing financial documents and data to ensure absolute accuracy.
Organizational Skills: Excellent ability to manage multiple tasks, prioritize workload effectively, and meet strict deadlines in a fast-paced environment.
Problem-Solving: Strong analytical skills to identify, research, and resolve discrepancies and complex financial issues independently.
Communication: Clear and professional written and verbal communication skills for interacting with internal teams, vendors, and customers.
Time Management: Superior ability to manage time efficiently and handle a high volume of transactions without sacrificing quality.
Discretion: Ability to handle sensitive and confidential financial information with the utmost integrity and professionalism.

Education & Experience

Educational Background

Minimum Education:

High School Diploma or GED equivalent.

Preferred Education:

Associate's or Bachelor's degree in a relevant field.

Relevant Fields of Study:

Accounting
Finance
Business Administration

Experience Requirements

Typical Experience Range:

2-4 years of direct experience in an accounts payable, accounts receivable, or general accounting role.

Preferred:

4+ years of experience in a high-volume financial transaction processing environment, preferably within a medium to large-sized company.