An accounts payable (AP) professional is responsible for the payment of the company’s outgoings and handling payment transactions which remit to vendors. This position requires the collaboration of various skills including a keenness to details, well-organized, and computer literate in accounting packages. This article focuses on comprehensive accounts payable job responsibilities, the desirable accounts payable resume sample, professional remuneration, tasks, requirements and other relevant questions and answers.
Payment Management Job Description
An accounts payable clerk or accounts payable specialist, sometimes referred to as an accounts payable clerk works with any of the departments of the company or organization to ensure that all expenses incurred are properly documented and follows organizational policies. Some of the responsibilities that come AP specialists include validating invoices, making sure payments are made promptly to suppliers, keeping track of expenses and payments, and ensuring that the balance of an account is accurate.
AP Specialists bridges with vendors, finance departments, and other offices to facilitate and implement business operations dealing with finance comprehensively. There are several transactions consisting the financial institutes transactions that include incoming and outgoing transactions, all performed in responsibility by these people for ensuring all endorsed and accounted in the books of the company.
Resume Description for This Job
Here is one of the accounts payable job description resume sample that an employer may require the applicant to possess the skills above and experience in the work stated:
“It is my duty to disburse vendor payments on a timely manner and search for unpaid invoices that require action if needed, as well as reconciling balances and accounts payable. I am also proficient within [insert accounting software names] programs that relate to accounting as it helps to streamline processes and increase efficiency levels in the accounting activity. It is also known to cope with great amounts of records on transactions and cooperate effectively with outside vendors and internal divisions of the company.”
Feel free to adjust software names or details to better match your experience!
Salary
In the United States, the accounts payable specialist annual pay varies with factors such as geographical location, specialization, and the level of experience of the employee. On the lower end scale are the following salary expectations:
- Entry-Level Accounts Payable Specialist: $35,000 – $45,000 annually
- Mid-Level Accounts Payable Specialist (3-5 years): $45,000 – $55,000 annually
- Senior Accounts Payable Specialist (5+ years): $55,000 – $65,000+ annually
In instances where Accounts Payable is in a larger Firm, other perks can be included in the positions such as bonuses, retirement benefits, holiday pay and so forth. Some other positions might also have some upward mobility within the finance or accounts section.
Responsibilities
In general, a variety of activities which relate to the core function of accounts payable are performed. These activities include:
- Invoice Processing: Receiving and checking invoices with documents to the delivered goods and services.
- Vendor Payment Management: Paying vendor bills on time by scheduling payments and resolving any issues with invoices, while also keeping good relations with the vendors.
- Expense Reporting: Controlling and auditing the expense reports of employees in order to ensure compliance with the company’s rules.
- Account Reconciliation: Comparing the accounts payable records to the available figures in the general ledger to achieve sanitization of financial data.
- Data Entry and Recordkeeping: Carrying out bookkeeping to a high standard and recording and filing all business transactions systematically for future references.
- Compliance and Policy Adherence: Making sure that every payment and any financial transaction carried out in the company complies with the firm`s protocols.
- Month-End and Year-End Reporting: Taking part in the activities of closing the month and year by supplying payable related information and documents.
- Internal Communication: Working with various units in the organization to facilitate the correct preparation of invoices, expense claims and any other documents with financial figures.
Qualifications
In order to accomplish their job, an accounts payable professional requires both academic qualifications and relevant skills. Among the important qualification include:
- Education: A minimum of a high school diploma may be mandatory, however, it is preferred that the candidate has an associate or bachelor’s degree in accounting, finance or related disciplines.
- Experience: Given that the entry-level may have previously worked in accounting or finance fields, senior positions on the other hand would seek a candidate with a 2-5 year experience in accounts payable or a comparable position.
- Technical Skills: Knowledge of accounting software such as QuickBooks, SAP or Oracle is a must. It is also important to have some familiarity with Microsoft excel and other spreadsheet software.
- Attention to Detail: Capacity to concentrate and ensure accuracy of all invoices, data tenderness and arena closure.
- Organizational Skills: Ability to complete high volumes of transactions and perform tasks at all levels while managing deadlines.
- Communication Skills: Have both verbal and written communication to engage with vendors and internal departments, or auditors when necessary.
FAQs
Q1: Is certification necessary for accounts payable roles?
Certification is often not required, although it is perhaps worth pointing out that many of these professionals opt for such certifications as Certified Accounts Payable Professional (CAPP) or Certified Accounts Payable Associate (CAPA) as a way of improving their estimates in the market.
Q2: Do accounts payable specialists have opportunities for career progression?
Certainly, accounts payable specialists may take on roles such as accounts payable supervisor, accounts payable manager, or even change to other accounting and finance positions with experience and further education.
Q3: What programs do you think are helpful in the work of an accounts payable specialist?
Specialist in accounts payable usually works with accounting applications such as QuickBooks, SAP, Oracle, and Microsoft Dynamics. Knowledge of these applications is of benefit for those intending to work in AP departments.
Q4: What is the distinction between accounts payable and accounts receivable?
The accounts payable department handles outgoing vendor payment transactions whereas the accounts receivable department handles incoming customer payment transactions. Both roles are essential in maintaining a company’s cash flow.
Conclusion
In conclusion, an accounts payable position provides a key support function in the financial activities of the business. This ensures that proper vendor payments are made on time thus AP specialists assist in maintaining the company’s financial health and good image with vendors. With chances of advancement, accounts payable is a great area to begin with in the accounting and finance profession.