Accounts Payable Specialist Job Description

Accounts Payable Specialist Job Description, Skills and Salary

Get to know about the duties, responsibilities, qualifications, and skills requirements of a Accounts Payable Specialist. Feel free to use our job description template to produce your own. We also provide you with information about the salary you can earn as a Accounts Payable Specialist.

 

Who is an Accounts Payable Specialist?

The Accounts Payable Specialist is in charge of daily financial activities such as accounts payable, corporate credit card reconciliations, and a variety of other assignments. The Accounts Payable Specialist must be able to work independently and follow through on tasks with little supervision while performing important functions. As an Accounts Payable Specialist, you will be responsible for processing all payment invoices and ensuring that all creditors are paid accurately, efficiently, and on time. Compiling and maintaining accounts payable data, as well as providing clerical and administrative support, will be part of this job.

Between 2019 and 2029, the employment of accounts payable specialists, bookkeepers, auditing clerks, and accountants is predicted to decline by 6%. Companies will hire fewer workers in this field as a result of the transition to automation and technological changes. Financial clerk employment, according to another data from the Bureau of Labor Statistics, is expected to remain constant over the same time period. Because clients may now complete these transactions themselves using modern internet technologies, demand for accounts clerks, credit authorizers, procurement clerks, checkers, and clerks may continue to decline.

Accounting, on the other hand, continues to have high job prospects. Employers will hire new financial employees to replace individuals who have resigned from their accounts payable expert positions (replacing through attrition). Some businesses may decide to keep financial (accounts payable specialist) clerks on staff. As they look over reports, a supervisor with accounts payable abilities will immediately see problems and may refer the work back to the accounts payable specialist for changes.

Here are just a few of the jobs you could get if you have experience as an accounts payable specialist.

Bill and Account Collectors: This employment requires a high school diploma or its equivalent. Your duty is to contact folks who are overdue on their bills and persuade them to pay up. Although this position is classified as accounts receivable, it is quite similar to accounts payable labor. This position pays a median yearly salary of $37,000.

Clerks of Information: With only a high school diploma and on-the-job training, you will be able to perform your daily tasks in this profession. Regular clerical work, data gathering, records management, and presenting information to your employer’s customers are all part of your job. The median yearly income for this position is $35,000 per year.

Clerks in bookkeeping, accounting, and auditing: If you have some college credits but not a degree, you may still be able to apply for these types of jobs. You’ll audit financial records for accuracy and generate financial records and reports for your boss. This position has a median yearly salary of $41,000.

Technicians in medical records and health information: To work in this sector, you must have a post-secondary degree or certification. Although it isn’t specifically related to accounting, you’ll need many of the same skills to succeed. These experts are in charge of organizing and managing health-related data. This position has a median yearly salary of $43,000.

Tellers: You’ll conduct transactions at a bank as a teller, and a high school diploma or GED is frequently required.

 

Accounts Payable Specialist Job Description

Below are the Accounts Payable Specialist job description examples you can use to develop your resume or write a Accounts Payable Specialist 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 account payable specialist include all of the following:

  • Monitor discount possibilities, verify federal identification numbers, schedule and prepares checks, resolves purchase order, contract, invoice, or payment problems and documentation, ensures credit is received for outstanding memoranda, and issues stop-payments or purchase order revisions.
  • Review all invoices prior to payment for proper paperwork and approval.
  • Prioritize bills based on the opportunity for a monetary discount and the terms of payment.
  • Check if requests are processed.
  • Answer all vendor questions.
  • Assist with the month-end closure process.
  • Maintain files and documents in compliance with business policy and accepted accounting standards, meticulously and accurately.
  • Code invoices, vouchers, expenditure reports, check requests, and other things with correct codes that follow established protocols to ensure appropriate entry into the financial system.
  • Take all vendor interactions either by phone or email.
  • Investigate and resolve issues related to invoice processing.
  • Check requests, wire transfers, and ACH transactions.
  • Reconcile monthly multiple accounts, and bring any disparities to the Controller’s attention.
  • Receive, investigate, and resolve a range of routine internal and external account status questions, including conveying the resolution of discrepancies to appropriate parties.
  • Record and report accounting paperwork and ensure that they are properly filed, maintained and distributed.
  • Assist in assembling material and drafting responses to auditors during the annual external audit,
  • Assist in the Procurement Card program’s monitoring and reporting.
  • Support the Accounting Department by doing various duties as needed.
  • Maintain a permanent file for vendors and makes sure all relevant documentation (e.g., W-9) is up to date and meets all applicable tax laws.
  • Ensure that Accounts Payable transactions and checks are accurately recorded, documented, and posted on time.
  • Complete data entry to ensure all accounts payable invoices, credit card transactions, and check requests are recorded in compliance with church policies, applicable laws and regulations, and sound internal control.
  • Prepare and provide to the Finance Director monthly reconciliations of Accounts Payable including proposed general journal entries and supporting documentation.
  • Prepare cash requirements reports and reconciliations on a weekly and monthly basis and submits them to the Finance Director for approval.
  • Assist with independent audit documents and provides assistance to the independent auditor as needed.
  • Assists the Missions Department with accounts payable.
  • Organize resources and deliverables in the most efficient way possible to achieve the desired goals and outcomes.
  • Process invoices for payment.
  • Audit requests and purchase orders for accuracy and make required adjustments.
  • Enter information about vendors and expense distribution into the accounts payable system.
  • Coordinate accounts payable check runs upon acceptance.
  • Maintain accounts payable files by filing relevant documentation.
  • Respond to difficulties with possible solutions (e.g., works with vendors and staff to resolve invoice discrepancies) in a timely manner.
  • Examine vendor statements for past-due invoices and collaborates with vendors and branches to maintain accounts up to date.
  • Record cleared accounts payable checks.
  • Edit reports and enters diary entries.
  • Maintain W-9 information for all vendors and generates 1099 forms for the IRS on an annual basis.
  • Maintain responsive and cooperative vendor relationships, as well as accounts payable/journal entry issues.
  • Collect departmental payroll reports.
  • Review and insert vendor invoices into the ERP system on a daily basis.
  • Interact with vendors and helps them handle challenges.
  • Analyze vendor accounts and negotiate longer terms with vendors.
  • Ensure all accounts payable reports are printed, and all accounts payable files are kept up to date.
  • Ensure invoices, expenditure reimbursements, and check requests are collected and processed.
  • Make sure checks and invoices are routed for approval.
  • Fill out and submits new vendor set-up request forms.
  • Provide payment and coding assistance to vendors and workers via phone and email.
  • Interact with vendors and helps them handle challenges.
  • Ensure internal customers are coached and assisted with AP concerns.
  • Check electronic invoices for valid vendor information and code before importing into ERP.
  • Examine expense records and credit cards for proper coding and compliance with business policies.
  • Assist in the processing of AP disbursements’ weekly Check/ACH/PCD payment runs.
  • Scan and label documents in electronic imaging software for permanent storage.
  • Make sure issues with statements and non-approved invoices are investigated and resolved.
  • Perform research and problem-solving for vendors and workers.
  • Import AR invoices from many companies.
  • Ensure customer payments and non-AR checks are deposited into the proper accounts.
  • Ensure miscellaneous balances should be written off in a systematic manner as AR ages.
  • Ensure all AP and AR month-end processing and queries are supported (some additional hours may be necessary).
  • Communicate with departments, vendors, and clients to resolve outstanding payments.
  • Review internal records and match them with incoming invoices.
  • Take calls from vendors who are having trouble paying their invoices.
  • Update the processing system with documents, notes, payments, and any other information that is required.
  • Double-check invoice payment terms, approvals, and correct general ledger coding prior to processing
  • Process check requests, and ensure that all necessary approvals and documents are in place.
  • Reconcile vendor statements, do research and collaborate with the vendor to resolve account inconsistencies.
  • Make sure accounts payable accrual is provided to the accounting department for the month-end close.
  • Use an Excel Spreadsheet to upload payments into company data.
  • Review the weekly open PO report and fixes any concerns with the procurement analyst.
  • Scheme prepaid amortization schedules based on the invoice’s term dates.
  • Take AP letters from the mailroom and deciphers the following steps.
  • Perform extra jobs and special initiatives as required by the Finance Director.

 

Qualifications

The necessary qualification required of you to become an account payable specialist includes all of the following:

  1. A bachelor’s degree in accounting, finance, or a closely related field is required.
  2. Accounts payable experience of at least three years.
  3. Ability to use Microsoft Office applications such as Excel and Word.
  4. Accounting software is something you should be familiar with.
  5. A strong work ethic is required.
  6. Self-starter with strong organizational skills.
  7. The ability to adhere to normal filing processes.
  8. Excellent attention to detail, outstanding written and verbal communication skills, as well as effective interpersonal and collaborative abilities.
  9. Working corporate communication abilities.
  10. Ability to meet all deadlines on a consistent basis.
  11. Precision and attention to detail.
  12. Multi-tasking ability.
  13. Willingness to learn new abilities and be open to change.

 

Essential Skills of an Accounts Payable Specialist

To do your job well as an accounts payable specialist, you’ll require specialized talents.

  1. Accounts payable specialist positions, for starters, necessitate computer skills because the majority of the workday is spent on spreadsheet software, reports, and tax paperwork. Accounts payable specialists should learn bookkeeping abilities as well as the Microsoft suite (Word, Excel, and even PowerPoint). Excel, QuickBooks, and Costpoint (General Ledger) software are the most relevant to accounting, but organizations may employ customized computer programs or lesser-known programs as well, so you’ll need to be proficient and willing to learn on the job.
  2. Attention to detail: Paying attention to the smallest aspects that your company demands permits you to focus on them. You won’t miss even the smallest sums in your daily tally of account balances, general ledgers, payroll, and petty cash as an accounts payable professional.
  3. Communication skills: Even though you’re working with numbers, communication skills are always important as an accounts payable professional. You must be able to communicate successfully with your coworkers and managers, as well as write clearly and effectively because you may be expected to make reports.
  4. Mathematical and analytical skills: Mathematical and analytical skills are likely to be the most important. Both of these abilities go hand in hand when it comes to crunching figures and/or looking for cost-cutting opportunities.
  5. Organizational skills: Organizational skills allow an accounts payable specialist to know where every document and form is – many accounting personnel finds their lives are hectic during tax season, so it’s best to know where everything is so you can make the busy season as easy on yourself as possible.

 

Steps to Becoming an Accounts Payable Specialist

Follow the following steps in other to become an accounts payable specialist.

Step 1: Enroll in a Community College or University Degree Program

You can begin this journey by exploring various community college or university accounts payable specialist programs for yourself. They should offer an Associate of Applied Science (AAS) degree in accounting at a minimum, though a Bachelor of Science in Accounting may be preferable if you really want to have the best chance to move into an accounts payable specialist manager’s position. Either of these will provide you with the knowledge and skills you’ll need to start working as an account payable specialist at the entry-level. Any solid accounting degree program should prepare you for entry-level jobs, provide job alerts, and prepare you for further business and accounting courses beyond the degree level you are pursuing.

You’ll learn how to use and apply accounting principles and procedures in your core accounts payable specialty classes. Your lecturers will show you how to record transactions, use and store information, and create financial statements using the accounting cycle. You’ll also learn about the steps involved in organizing and evaluating data, as well as managing and providing it to your coworkers.

Step 2: Look for and apply for an internship.

Colleges and corporations frequently form partnerships that allow students training for careers in specific industries to participate in internships and work as accounts payable specialists. Students in accounting studies can take advantage of these opportunities to receive real-world experience and apply their newly acquired analytical abilities and values as accounts payable specialists. Finding and participating in an internship that can help you obtain a career once you graduate should be one of your educational goals. You may learn about the accounts payable processes, the career path, and the average income for your role as you work with your mentor. At your internship site, you may be working alone under the supervision of the accounting manager, or you may be paired with another accounts payable professional.

Step 3: Start looking for Account Payable Specialist jobs.

When you’re almost done with your accounts payable specialist degree and about to graduate, it’s time to think about what you want to do next. While you’re studying for your finals, keep an eye out for job notifications for accounts payable professionals. You might also come across vacancies for accounts receivable specialists, which you should look into if there aren’t many, as your internship experience will equip you well for either side of the accounts payable/receivable process.

If you’re turned off by the prospect of contacting late-paying customers or any of the other responsibilities of an accounts receivable position, you might want to look into accounts payable expert job openings.

You’ll start working with other experts in your employer’s accounting department if you accept a job offer. An accounts payable specialist, for example, works on and prepares financial transaction records and bookkeeping for use by the company’s auditors and accountants when preparing tax returns. An accounts payable specialist may keep track of credits owed by the company, monitor vendor payment agreements by seeking discounts, maintain petty cash accounts and keep track of all outgoing payments, pay sales taxes on invoices and log each completed tax payment, reconcile payable reports every month so your accounting manager can confirm all payments were accurate, and reconcile payable reports every month so your accounting manager can confirm all payments were accurate.

Step 4: Obtain a Certificate

Obtaining your Accounts Payable Specialist certification verifies that you possess the necessary expertise to complete your work regardless of the circumstances. If you aren’t sure you’ll be able to pass the Institute of Finance & Management’s (IOFM) Accounts Payable Specialist (APS) program after completing your degree, certificate courses will help you prepare.

There are undoubtedly employers looking for accounts payable specialists with their certificates wherever you work or wish to work. Even in places where work in these fields is scarce, certification will make it simpler to secure a career because employers will know that your work will be of high quality and accuracy. When they see the APS certification on your CV, you become more appealing to them right away since they know you understand payments, automation, invoices, and other operations that are important to their business.

The accounts payable specialist certification is for new or experienced accounting professionals who are looking for job opportunities or want to grow in their careers. This course is taught by a personal tutor via the internet.

 

Where to Works

You can work as an accounts payable specialist in almost any sort of organization and in any industry. Accounts payable tasks are required when a corporation purchases goods or materials or pays vendors for services. You’ll receive invoices in the mail from companies offering services or products as an accounts payable specialist (payable clerk). You’ll enter the invoices into an accounting software application, then issue payments and enter the details of each transaction once your supervisor has approved bank deposits.

You may work alone at your employer’s office, but you may need to consult with other accountants, auditing clerks, or managers from various departments. Your knowledge and abilities will simply transfer to other accounting professions.

You may work in a hospital’s accounts payable office because your accounts payable specialist position is so easily transferable.

You might also work in a store. You’ll be able to find work as an accounts payable specialist anywhere a firm needs to acquire items or services because you’ll be needed to ensure that payments for those transactions are completed on time and correctly tracked.

You could even be able to work remotely from your own home office if you work as an accounts payable professional. You can anticipate reporting to and communicating with your manager on a regular basis in a remote position. On invoicing, you’ll be communicating with suppliers or vendors the majority of the time.

 

Accounts Payable Specialist Salary Scale

Accounts Payable Specialist salaries in the United States range from $20,948 to $66,560, with a typical income of $37,250. Accounts Payable Specialists in the middle earn between $37,250 and $46,920, while the top 86 percent get $66,560. In the United Kingdom, however, the average accounts payable specialist salary is £26,325 per year or £13.50 per hour. Starting salaries for entry-level professions start at £24,000 per year, with the most experienced professionals earning up to £32,650 per year.

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