Account Payable Officer at Rapid Rentals Limited

MAIN JOB DESCRIPTION

As the Accounts Payable Officer at Rapid Rentals, you will leverage your four years of focused accounting experience to primarily manage the complete Accounts Payable (AP) and cash disbursement cycle. Your responsibilities extend to ensuring the accuracy and timely execution of payments, statutory compliance (WHT/VAT), and providing critical support for bank reconciliation and accounts receivable activities, all in strict adherence to Nigerian regulatory and reporting standards.

CORE DUTIES AND RESPONSIBILITIES (Primary Focus on AP)

Financial Operations & Transactions (AP/AR/Cash)

• Accounts Payable Management: Execute the full-cycle Accounts Payable process, including verifying, coding, and processing a high volume of vendor invoices and expense reports for timely payment.
• Payment & Compliance: Organize and execute weekly payment runs (ACH, wire transfers, and checks). Ensure proper computation, deduction, and remittance of Withholding Tax (WHT) and Value Added Tax (VAT) on applicable transactions.
• Accounts Receivable Support: Assist with monitoring and following up on outstanding client payments, ensuring timely collection and accurate application of receipts.
• Reconciliations: Conduct daily bank and cash reconciliations against the general ledger. Conduct monthly reconciliation of vendor and customer statements.
• Master Data Maintenance: Manage the vendor and customer master files, ensuring all records (including tax details and banking information) are accurate and up-to-date.
• Maintain accurate records for petty cash and reconcile transactions bi-weekly.

Compliance, Reporting, and Audit Support

• Ensure rigorous compliance with company policies and Nigerian Financial Reporting Standards (NFRS) / IFRS across all financial activities.
• Provide detailed support for internal and external audits, preparing and retrieving AP/AR documentation, bank records, and supporting files, with a focus on statutory compliance.
• Contribute significantly to the month-end close process by preparing journal entries, AP/AR accruals, and ensuring the general ledger accounts are accurately maintained.
• Serve as the key communicator for financial inquiries, managing complex disputes with both vendors and clients professionally.
• Collaborate with the Procurement and Operations teams to ensure expense coding and revenue recognition align with company budgets and policies.

KEY PERFORMANCE INDEX (KPIs)

• Financial Accuracy: Percentage of bank and vendor statement reconciliations completed without discrepancies (Target: 99%).
• Payment & Compliance Timeliness: Percentage of statutory tax filings (WHT/VAT) and vendor payments made within deadlines (Target: > 98%).
• Efficiency: Average time from invoice receipt to final payment processing (Target: < 48 hours).
• Audit Preparedness: Number of external audit findings related to ledger maintenance or payment compliance (Target: Zero).

REQUIREMENTS

• Bachelor’s degree in Accounting, Finance, or related field.
• Minimum of four (4) years of demonstrable, hands-on experience in a general Account Officer or Senior Account Assistant role.
• Strong working knowledge of IFRS/Nigerian Financial Reporting Standards (NFRS) and principles of double-entry bookkeeping.
• Expertise in Nigerian tax regulations, particularly WHT and VAT remittance and compliance.
• Proficient to Advanced in MS Excel (VLOOKUP, Pivot Tables) and significant experience utilizing a major accounting software or ERP system.
• Exceptional organizational skills, proven ability to handle multiple accounting functions, and meticulous attention to detail.
• Excellent communication and interpersonal abilities, crucial for effective internal and external stakeholder management.
• Prior experience in a rental or equipment leasing company is a plus.