Accounts Payable Analyst Job Description, Skills, and Salary
Get to know about the duties, responsibilities, qualifications, and skills requirements of an accounts payable analyst. You can use our job description template in this article to produce your own. We also provide you with information about the salary you can earn as an accounts payable analyst.
Who is an Accounts Payable Analyst?
The Accounts Payable Analyst typically works in an office or business that receives payments that must be managed, submitted, audited, and written up to maintain complete and binary volume records for the accounts. It is the accounts payable analyst’s responsibility to be involved in the technical aspects of the bookkeeping process.
The accounts payable analyst observes, evaluates, and applies invoices to purchase orders, and electronic item payments, and manually manages to check requests within a department or throughout the company. Depending on the size of the company, there may be one or more accounts payable analysts.
Accounts Payable Analyst Job Description
Below are the accounts payable analyst job description examples you can use to develop your resume or write a job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.
The duties and responsibilities of an Accounts Payable Analyst include:
- Liaising with vendors to ensure invoices are accurate and in compliance with company requirements.
- Matching purchase orders to invoices to ensure all transactions are recorded correctly.
- Preparing checks for payment of invoices or payrolls.
- Reviewing vendor payment terms and percentages to determine payment strategy.
- Reviewing purchase orders and invoices for accuracy and compliance.
- Calculating interest on outstanding receivable balances
- Determining which invoices should be paid first, based on which suppliers have the most weight in negotiations.
- Analyzing receivables files to identify delinquent customers.
- Coordinating with accounting staff to ensure proper payment processing
- Completing processing of accounts payable
- Receiving and confirming invoices sent for various services
- Following up and resolving discrepancies related to billing activities
- Printing, preparation, and recording of all receipts received
- Distributing and preparing monthly statements following financial terms.
- Reviewing invoices for approval via email and entering paperless data using workflows, accounting platforms, and dual screens.
- Ensuring approval of expenses by authorized signatories and business-related expenses.
- Executing checks and EFT payments weekly
- Resolving invoice disagreements with vendors and internal managers.
- Assisting subordinates with other projects as needed.
- Answering questions from vendors
- Processing a high volume of payment-related documents received.
- Handling incoming calls from vendors regarding payments
- Ensuring timely and accurate payments to suppliers
- Providing efficient and cost-effective service to internal and external customers
- Conducting tests to verify system performance.
- Preparing accounts payable activity reports every week.
- Adhering to all company rules and policies to ensure the timely completion of assigned tasks.
- Communicating with the supervisor in the event of technical failures that do not meet objectives.
- Resolving problems with internal staff, branch staff, suppliers, and company personnel.
- Informing the manager if employee conflicts have not been resolved.
- Ensuring that all issues have been raised following company guidelines or rules and regulations.
- Providing the manager with suggestions for improving the company’s work environment.
Qualifications
Accounts Payable Analysts must have the following qualifications:
Education
Accounts Payable Analysts must have at least a high school diploma or GED. Some employers prefer candidates with a bachelor’s degree in accounting or a related field. Relevant courses include accounting, business law, finance, and economics.
Training and Experience
Accounts payable analysts typically receive on-the-job training to learn the specific processes and procedures associated with their role. Training may involve shadowing current Accounts Payable Analysts or studying a training manual. Training can last anywhere from a few days to a few months, depending on the company and the role.
Certification and Licenses
There are several certification programs that accounts payable analysts can consider. Certification allows you to prove your skills and qualifications to current and potential employers. Accounts payable analysts can also obtain certifications to gain additional knowledge about their responsibilities and improve their career prospects.
Essential Skills
- Communication Skills
Communication is the ability to convey information in a way that others can understand. Effective communication skills are important for the accounts payable analyst because they help you explain your work and answer questions from other team members, managers, or customers. You also use these skills to communicate with vendors about invoice details and payment schedules.
- QuickBooks
QuickBooks is a program that many companies use to manage their finances. Knowing how to use this software can be helpful for an accounts payable analyst, as it tracks invoices, payments, and other financial information. Knowing how to use QuickBooks can also help an accounts payable analyst facilitate settlements with suppliers and vendors.
- Flexibility
Flexibility is the ability to adapt to changing circumstances. As an accounts payable analyst, you may need to be flexible, as most finance departments are fast-paced and constantly changing. You may also have to change priorities or tasks frequently due to company policy or other factors.
- Collections
Collection is the ability to manage unpaid invoices and ensure that companies receive payment for their products or services. This skill will help you analyze invoice data, identify trends in customer behavior and make recommendations to improve cash flow. It also requires an eye for detail, as you audit invoices to ensure accuracy and detect potential fraud.
- Analytical Skills
Analytical skills are the ability to examine data and draw logical conclusions. This is an important skill for accounts payable analysts, as they often review financial records, invoices, and other documents related to the company’s operations. They use their analytical skills to ensure that all information in the system is accurate and complete.
- Accounts Receivable
Accounts receivable analysts are often required to review invoices and process payments for the company. This requires attention to detail as well as knowledge of reading billing forms and other business documents. It also requires the ability to determine which invoices are complete and accurate so that they can be approved quickly.
- Expense Reports
Expense reports are detailed accounts of an organization’s expenses. As an accounts payable analyst, you may be responsible for checking expense reports against company policies and rules. You also use this information to track invoices and payments. For example, if a supplier invoices but does not provide the necessary details, you can request additional information from them using your knowledge of their previous expenses.
- Billing
Billing is the process of recording and tracking payments for goods or services. As an accounts payable analyst, you may be responsible for checking invoices to ensure that all necessary expenses have been accounted for and paid. You may also need to review payment records to determine if the company has received full payment for goods or services.
- Organization
Organization is the ability to keep track of multiple tasks and records. As an accounts payable analyst, you may be responsible for managing a large amount of data, including invoices, payments, budgets, and other records. Strong organizational skills can help you manage this information effectively and efficiently. It will also help you quickly find the documents you need when you need them.
- Payments
The ability to process payments is an important skill for accounts payable analysts. They need to be able to verify that the correct amount has been received and ensure that all necessary information, such as signatures or invoice numbers, is present on the invoices. This ensures that the company can receive its products or services and that they are paying the correct amount of money.
- Invoices
Invoicing is the process of creating and sending an invoice to the customer. Invoices detail the products or services provided, the amount owed by the customer, and any other pertinent information. Accounts payable analysts use their billing skills when creating and sending invoices for company purchases. They also check incoming invoices from suppliers to ensure that all accruals are accurate.
- Auditing
Auditing is the process of checking financial records to make sure they are accurate. Auditors examine a company’s books and compare them to industry standards, laws or regulations. This skill can be helpful to the accounts payable analyst because it ensures that invoices are paid correctly and accurately. It also helps the analyst identify any errors in their system to make improvements.
- 10-Key
A 10-key keyboard is a keyboard with numbers and symbols that can be used to enter data into a computer. Accounts payable analysts use the 10-Key keyboard to enter transaction information, such as account numbers, dates, and amounts. This skill requires accuracy and attention to detail, which is very important to the accounts payable analyst.
- Data Entry
Data entry is the process of entering information into a computer system. This may involve entering text, numbers, or other symbols and selecting options from drop-down menus. Data entry skills are important to the accounts payable analyst because they often work with data that must be entered into company databases. They also use their data entry skills when entering data into spreadsheets and documents.
- Attention to Detail
Attention to detail is a skill that can help you do your job well. As an accounts payable analyst, you may be required to review and approve invoices from different departments within the company. Your attention to detail will allow you to quickly identify which invoices need to be paid and which do not. This can save time and ensure that the organization only pays what is due.
- Time Management
Time management is the ability to plan and complete tasks on time. For an accounts payable analyst, time management skills are very important because they allow you to process invoices quickly and accurately while ensuring that the company receives payments on time. Time management also allows you to perform other tasks such as checking invoice details or learning new payment methods promptly.
How to Become an Accounts Payable Analyst
- Get Educated
The first step to becoming an accounts payable analyst is to get the necessary education. You can get an entry-level job with a high school diploma, especially if you study math or accounting at an advanced level. More advanced positions in this field require at least a four-year degree in a financial management-related field. You can also earn a degree, start working in the accounts payable department, and then decide to earn a master’s degree in financial management to become a leader in that department.
- Develop your budgeting skills
It can be helpful to learn some accounting skills by managing your own money and keeping track of your expenses. You can use a spreadsheet or financial accounting software to manage the payments you make and the income you receive, and use the records you create to produce financial reports and other documents. You can also volunteer as a bookkeeper at a nonprofit organization to help develop your skills and build your resume.
- Familiarize yourself with common accounts payable programs
Most companies provide accounts payable departments with spreadsheets and accounting software for more accurate and efficient expense management. Familiarity with these programs can help you stand out in the hiring process. You can visit the website of a professional accounting, accounts payable, or bookkeeping organization to learn about common software in the industry. These organizations may also have training materials that you can use to develop your skills.
- Write a CV
A resume that demonstrates your accounting skills and experience can be the key to landing a lender position. When looking for a job, make sure your qualifications match the requirements. Write a resume and other documents for each job opening. Review the job description for keywords you can add to your resume to make it stand out from the rest.
Where to Work as an Accounts Payable Analyst
Accounts payable analysts work in a variety of locations, including corporate accounting departments, government agencies, and nonprofit organizations. They typically work regular business hours, although they may occasionally work overtime to meet deadlines. The work can be stressful at times, especially during peak periods when a large number of invoices must be processed. Accounts payable analysts must have a keen eye for detail and strong analytical and problem-solving skills. They must also be able to work independently and be self-motivated, as much of the work is done without direct supervision.
Accounts Payable Analyst Salary Scale
The median annual salary for accounts payable analysts in the United States is $55,996, while the median annual salary for those in Canada is $48,750. In the United Kingdom, salaries for accounts payable analysts can range from £40,000 – £50,000, depending on experience and location.