The Director of Payment Services supervises all facets of Vanderbilt's Accounts Payable functions and staff. This leadership role oversees the prompt, correct, and complete processing and payments of accounts payable activity to support the preparation of accurate financial statements, compliance with supplier agreements, and the optimization of cash flow.
The Director of Payment Services maintains and expands relationships with the Accounting Operations team, suppliers, and other key resources by defining strategies and roadmaps for continuous payment innovation. The Director will design, deploy, and manage processes, policies, and operational systems that deliver exceptional value to suppliers while maximizing efficiency in the areas of integrated payment processing and departmental vendor support.
As a member of the Purchasing and Payment Services Team, the Director of Payment Services facilitates and maintains strong, collaborative relationships with Vanderbilt's faculty, staff, and students and identifies additional ways to be of service, ensuring supplier satisfaction. This position contributes to the success of a high-performing Purchasing and Payment Services organization by helping to champion and drive the full procure-to-pay process.
About the Work Unit:
The Purchasing and Payment Services Team (P PS) serves as the single point of contact for all centralized procurement and payment activities at the university, setting the overall strategy for Vanderbilt University's purchases and payments. As part of the Division of Finance, Purchasing and Payment Services provides an integrated approach to purchasing goods and services by connecting and integrating the procurement function to and throughout the entire supply chain processes within Vanderbilt to the final goods and services receipt process, and finally to payments issued to suppliers.
Key Functions and Expected Performance:
Directs processing and payment of supplier invoices and credit memos to ensure prompt and accurate recording and payment, in compliance with supplier terms and Vanderbilt policies. Develops and maintains effective policies and procedures for Accounts Payable, driving toward implementation of best practices and business process improvements.
Monitors overall Accounts Payable activity for unusual or suspicious events that may indicate fraud (e.g., frequent manual checks, high volume activity for smaller suppliers, etc.). Oversees accurate calculation and preparation of AP related journal entries including monthly accruals. Reviews consolidated monthly aging report and appropriately escalates over-due items to the Senior Director of Purchasing and Payments Services and the Controller. Oversees all Accounts Payable reconciliations in support of month-end and year-end close activities.
Analyzes, resolves, and responds to complex or difficult issues presented by team members, university departments, and suppliers. Establishes roles and responsibilities within the team that accomplish adequate segregation of duties and execution of key controls.
Manages, motivates, and develops staff within the Payment Services Team. Partners with the Director of Purchasing and Payment Services to design and maintain an organizational structure appropriate for supporting current and future business needs. Performs staff management and administrative duties including training, and performance evaluation. Manages staffing and sets department performance standards. Supports continuous improvement efforts and the change management effects associated with the implementation of improvement processes.
Develops, implements, and maintains comprehensive unclaimed property processes, partnering with appropriate internal and approved external resources to stay abreast of changing regulatory requirements. Serves as the subject matter expert for the Oracle Payables Module, oversee functional Accounts Payable component of all system upgrades, and direct testing efforts. Reviews current processes and system capabilities to identify necessary enhancements. Provides hands-on leadership for year-end compliance activities, ensuring proper issuance of all required Forms 1099 and resolution of missing or erroneous federal id numbers.
Creates, monitors, and reports on appropriate payment metrics to support the institution, and takes action on metrics as needed. Maintains a strong knowledge of Generally Accepted Accounting Principles (GAAP) working closely with the Controller's team to ensure accuracy of the financial statements. Performs special projects and analyses as assigned
This position has direct supervisory responsibility over the Accounts Payable and Payment Accounting teams within the Purchasing and Payment Services group. This position reports administratively and functionally to the Senior Director of Purchasing and Payment Services.
Education and Certifications:
A Bachelor's degree from an accredited institution of higher education is necessary.
A Bachelor's degree with an emphasis in accounting or finance is preferred.
CPA or MACC/MBA is preferred.
IOFM Accounts Payable Certification is preferred.
Certified Accredited Payables Manager (APM) from the Institute of Finance and Management is preferred.
Experience and Skills:
5+ years of supervisory experience is necessary.
Skill in intermediate Excel, Word, and PowerPoint applications is necessary.
Time management skills and the ability to work well in a team environment is necessary.
5+ years of overseeing all or part of an Accounts Payable function in a high volume environment (2,000 plus invoices/ reimbursements/transactions per week) is preferred.
Experience working with invoice processing platforms and ERP systems (e.g. Oracle, Concur, Basware, or OCR Scanning) is preferred.
Experience in an internal service delivery role is preferred.
Advanced knowledge of Accounts Payable related terms, concepts, and processes is preferred.
Advanced knowledge of accounting principles, general ledger, and purchasing processes is preferred.
Advanced understanding of Enterprise Resource Planning (ERP) systems and Optical Character Recognition software is preferred.
Proven detail-oriented work style in collaboration with effective written and verbal communication skills is preferred.
Ability to build and maintain effective working relationships with a range of people, understanding their needs and goals is preferred.
Ability to work co-operatively with others as part of a team, as opposed to working separately or competitively, is preferred.
Openness to change, adaptability, and the ability to work effectively in a variety of situations, with individuals or groups is preferred.
Ability to understand and appreciate different and opposing perspectives on an issue is preferred.
Strong interpersonal skills and the ability to develop and maintain relationships with key stakeholders is preferred.
Key Characteristics of a Successful Team Member in this Work Unit:
Analytical & Detail-Oriented – Accurately assesses information and applies applicable law, policy and procedure. Considers the long term implications of actions today and advises employees appropriately. Even small mistakes can create big issues; attention to detail work indicates care about the outcomes.
Integrity – Holds oneself accountable; takes responsibility for failures as well as successes, recognizes that trust is required to hold a team together.
Raises the Bar – Expects and delivers excellence. Is a creative problem solver. Is proactive. Welcomes input on making things better. Places a high value on learning and getting better
Hard-Working – Is industrious as well as efficient (busy isn't the same as productive). Can juggle multiple competing priorities simultaneously without becoming overwhelmed.
Teamwork – Genuinely values teamwork and co-workers; make them feel valuable and important by acknowledging what they do well. Doesn't expect from others effort that one is unwilling to do themselves. Finds ways to acknowledge other's strong suits.
Internal Number: 1800595
About Vanderbilt University
Vanderbilt University is a center for scholarly research, informed and creative teaching, and service to the community and society at large. Vanderbilt will uphold the highest standards and be a leader in the quest for new knowledge through scholarship, the dissemination of knowledge through teaching and outreach, and the creative experimentation of ideas and concepts. In pursuit of these goals, Vanderbilt values most highly intellectual freedom that supports open inquiry, equality, compassion, and excellence in all endeavors.