Accounts Payable Specialist Job Description
Job Title: Accounts Payable Specialist
Overview/Summary of the role:
An Accounts Payable Specialist plays a crucial role in managing a company's financial records by ensuring all the bills, expenses, and invoices are paid accurately and on time. They are responsible for managing the accounts payable process, ensuring compliance with accounting standards and company policies.
Responsibilities and Duties:
- Receiving, processing, and verifying invoices, and matching them with appropriate purchase orders and receipts.
- Entering, coding, and processing invoices into the accounting system.
- Reconciling accounts payable transactions and ensuring prompt payment to vendors.
- Resolving discrepancies in amounts or terms and conditions of invoices or purchase orders.
- Maintaining accurate records of accounts payable transactions and ensuring compliance with accounting standards and company policies.
- Communicating with vendors regarding payment status or discrepancies in invoices.
- Receiving, processing, and reconciling employee expense reports.
- Managing and processing company credit card payments.
- Preparing and processing weekly or monthly accounts payable reports.
- Contributing to the improvement of accounts payable processes by identifying and implementing process improvements.
Qualifications and Skills:
Hard skills:
- Proven experience as an Accounts Payable Specialist or in a similar role.
- In-depth knowledge of accounting principles and standard accounts payable procedures.
- Proficient in using accounting and financial software, such as QuickBooks, SAP, Oracle, or similar software.
- Strong Microsoft Office skills, especially Excel.
- Excellent analytical and problem-solving skills to identify and reconcile discrepancies.
Soft skills:
- Strong communication and interpersonal skills to liaise with vendors and internal stakeholders.
- Attention to detail and a high level of accuracy in handling financial transactions.
- Ability to manage multiple priorities with competing deadlines.
- Flexibility to adapt to changing business needs.
- Proactive approach to identifying and resolving issues.
Education and Experience:
- A Bachelor's degree in Accounting, Finance, or a related field is preferred.
- At least 2-3 years of experience working in accounts payable or a related field.
- Knowledge of Generally Accepted Accounting Principles (GAAP) and accounts payable best practices.Licensing (if applicable):
There is no specific licensing required for an Accounts Payable Specialist.
Typical Employers:
Accounts Payable Specialists are required in almost every industry, from small businesses to large corporations. Some of the common employers include retail companies, hospitals, government agencies, manufacturing firms, and financial institutions.
Work Environment:
Accounts Payable Specialists typically work in an office environment with standard working hours. The work is primarily computer-based, and they may be required to communicate with vendors and other stakeholders through phone or email while verifying and processing invoices.
Career Pathways (leading to this position and next positions):
To become an Accounts Payable Specialist, one may require a high school diploma or equivalent. However, some employers may prefer candidates with an associate or bachelor's degree in finance or accounting. Relevant experience in bookkeeping, data entry, or accounting can increase the chances of securing this role.
After gaining experience as an Accounts Payable Specialist, individuals can explore career advancement opportunities. These can include senior accounts payable roles, leadership positions in accounting or finance departments, or transitioning to roles in other accounting functions such as accounts receivable, general ledger, or financial analysis.
Job Growth Trend (USA and Global):
According to the US Bureau of Labor Statistics, employment in finance and insurance occupations, which includes Accounts Payable Specialists, is projected to grow 5% from 2019 to 2029. This growth rate is consistent with the average for all occupations.
The job growth trend is similar globally, with increasing demand for finance professionals across various industries. However, the specific demand for Accounts Payable Specialists may vary depending on the region and economic conditions.Career Satisfaction:
Accounts Payable Specialists have reported a moderate level of job satisfaction. Much of the work involves performing repetitive tasks and dealing with financial data, which can be monotonous for some individuals. However, Accounts Payable Specialists have opportunities for growth and development within their roles, and their work is essential to the financial operations of organizations.
Related Job Positions:
Several job positions are related to the role of an Accounts Payable Specialist, including Accounts Receivable Specialist, Accounting Clerk, Financial Analyst, and Bookkeeper.
Connected People:
Accounts Payable Specialists typically interact with several coworkers within their organization, including accounting managers, accountants, purchasing agents, and procurement specialists. They may also interact with vendors and clients to obtain invoices and other necessary documentation for processing.
Average Salary:
The average annual salary for an Accounts Payable Specialist varies by location. According to Payscale, in the United States, the average salary is $45,779. In the United Kingdom, the average salary is £23,000 ($30,700). In Germany, the average salary is €31,998 ($37,900). In India, the average salary is Rs 233,237 ($3,200). In Brazil, the average salary is R$36,537 ($6,500).
Benefits Package:
Employers may offer a range of benefits packages to their Accounts Payable Specialists, including health insurance, retirement plans, paid time off, and employee discounts.
Schedule and Hours Required:
Accounts Payable Specialists typically work full-time hours, Monday through Friday. Overtime may be required during busy periods, such as during tax season or when financial reports are due. Some organizations may offer flexible schedules or work-from-home options for this role.Level of Autonomy:
An Accounts Payable Specialist typically works under the supervision of a senior accountant or accounting manager. However, they are expected to work independently and make decisions related to verifying and processing invoices, handling vendor inquiries and reconciling vendor statements. They are responsible for ensuring that all financial processes are completed accurately and in a timely manner.
Opportunities for Professional Development and Advancement:
An Accounts Payable Specialist can gain experience and develop their skills by working in different industries or organizations. They can also pursue certification programs such as Certified Accounts Payable Professional (CAPP) or Certified Payables Manager (CPM). With experience and additional qualifications, they can move into senior accounting roles like Accounts Payable Supervisor or Manager.
Specialized Skills or Knowledge Required:
An Accounts Payable Specialist should have a strong understanding of accounting principles and be proficient in using accounting software. They should have excellent organizational skills and be able to handle multiple tasks and deadlines. They should also be skilled in communication, as they will regularly interact with vendors and other internal teams.
Physical Demands:
An Accounts Payable Specialist typically works in an office environment and spends a significant amount of time sitting at a desk using a computer. There are no significant physical demands for this profession.
Tools and Technologies Used:
Accounts Payable Specialists use a variety of tools and technologies, including accounting software such as QuickBooks, SAP, and Oracle Financials. They may also use office software such as Microsoft Excel and Word to create reports and documents. Other tools may include scanners and fax machines to handle invoices and other documents. They should be able to effectively use email and other communication technologies to collaborate with team members and vendors.Work Style:
An accounts payable specialist should possess excellent organizational and time-management skills. They must be detail-oriented and able to handle multiple tasks simultaneously. The job requires a high level of accuracy and a strong ability to follow processes and procedures. They must be able to work independently and as a part of a team to ensure timely processing and payment of invoices.
Working Conditions:
An accounts payable specialist typically works in an office environment. They may spend extended periods sitting at a desk or computer, processing invoices and payments. The job may also require occasional overtime and evening/weekend work to meet deadlines.
Team Size and Structure:
Accounts payable specialists usually work as part of an accounting or finance team. The size of the team can vary widely based on the size of the company. Some companies may have a single specialist handling all accounts payable tasks, while larger companies may have a team of specialists working with a supervisor or manager.
Collaboration and Communication Requirements:
Accounts payable specialists must have strong communication skills and the ability to collaborate with internal departments and external vendors. They need to effectively communicate payment timelines and requirements while maintaining positive relationships with vendors.
Cultural Fit and Company Values:
Like any role, companies look for employees who fit their culture and values. Accounts payable specialists should be able to work collaboratively, be open to feedback, and possess a strong work ethic. Depending on the company, other values such as integrity, attention to detail, and customer service may also be important.
Overview/Summary of the role:
An Accounts Payable Specialist plays a crucial role in managing a company's financial records by ensuring all the bills, expenses, and invoices are paid accurately and on time. They are responsible for managing the accounts payable process, ensuring compliance with accounting standards and company policies.
Responsibilities and Duties:
- Receiving, processing, and verifying invoices, and matching them with appropriate purchase orders and receipts.
- Entering, coding, and processing invoices into the accounting system.
- Reconciling accounts payable transactions and ensuring prompt payment to vendors.
- Resolving discrepancies in amounts or terms and conditions of invoices or purchase orders.
- Maintaining accurate records of accounts payable transactions and ensuring compliance with accounting standards and company policies.
- Communicating with vendors regarding payment status or discrepancies in invoices.
- Receiving, processing, and reconciling employee expense reports.
- Managing and processing company credit card payments.
- Preparing and processing weekly or monthly accounts payable reports.
- Contributing to the improvement of accounts payable processes by identifying and implementing process improvements.
Qualifications and Skills:
Hard skills:
- Proven experience as an Accounts Payable Specialist or in a similar role.
- In-depth knowledge of accounting principles and standard accounts payable procedures.
- Proficient in using accounting and financial software, such as QuickBooks, SAP, Oracle, or similar software.
- Strong Microsoft Office skills, especially Excel.
- Excellent analytical and problem-solving skills to identify and reconcile discrepancies.
Soft skills:
- Strong communication and interpersonal skills to liaise with vendors and internal stakeholders.
- Attention to detail and a high level of accuracy in handling financial transactions.
- Ability to manage multiple priorities with competing deadlines.
- Flexibility to adapt to changing business needs.
- Proactive approach to identifying and resolving issues.
Education and Experience:
- A Bachelor's degree in Accounting, Finance, or a related field is preferred.
- At least 2-3 years of experience working in accounts payable or a related field.
- Knowledge of Generally Accepted Accounting Principles (GAAP) and accounts payable best practices.Licensing (if applicable):
There is no specific licensing required for an Accounts Payable Specialist.
Typical Employers:
Accounts Payable Specialists are required in almost every industry, from small businesses to large corporations. Some of the common employers include retail companies, hospitals, government agencies, manufacturing firms, and financial institutions.
Work Environment:
Accounts Payable Specialists typically work in an office environment with standard working hours. The work is primarily computer-based, and they may be required to communicate with vendors and other stakeholders through phone or email while verifying and processing invoices.
Career Pathways (leading to this position and next positions):
To become an Accounts Payable Specialist, one may require a high school diploma or equivalent. However, some employers may prefer candidates with an associate or bachelor's degree in finance or accounting. Relevant experience in bookkeeping, data entry, or accounting can increase the chances of securing this role.
After gaining experience as an Accounts Payable Specialist, individuals can explore career advancement opportunities. These can include senior accounts payable roles, leadership positions in accounting or finance departments, or transitioning to roles in other accounting functions such as accounts receivable, general ledger, or financial analysis.
Job Growth Trend (USA and Global):
According to the US Bureau of Labor Statistics, employment in finance and insurance occupations, which includes Accounts Payable Specialists, is projected to grow 5% from 2019 to 2029. This growth rate is consistent with the average for all occupations.
The job growth trend is similar globally, with increasing demand for finance professionals across various industries. However, the specific demand for Accounts Payable Specialists may vary depending on the region and economic conditions.Career Satisfaction:
Accounts Payable Specialists have reported a moderate level of job satisfaction. Much of the work involves performing repetitive tasks and dealing with financial data, which can be monotonous for some individuals. However, Accounts Payable Specialists have opportunities for growth and development within their roles, and their work is essential to the financial operations of organizations.
Related Job Positions:
Several job positions are related to the role of an Accounts Payable Specialist, including Accounts Receivable Specialist, Accounting Clerk, Financial Analyst, and Bookkeeper.
Connected People:
Accounts Payable Specialists typically interact with several coworkers within their organization, including accounting managers, accountants, purchasing agents, and procurement specialists. They may also interact with vendors and clients to obtain invoices and other necessary documentation for processing.
Average Salary:
The average annual salary for an Accounts Payable Specialist varies by location. According to Payscale, in the United States, the average salary is $45,779. In the United Kingdom, the average salary is £23,000 ($30,700). In Germany, the average salary is €31,998 ($37,900). In India, the average salary is Rs 233,237 ($3,200). In Brazil, the average salary is R$36,537 ($6,500).
Benefits Package:
Employers may offer a range of benefits packages to their Accounts Payable Specialists, including health insurance, retirement plans, paid time off, and employee discounts.
Schedule and Hours Required:
Accounts Payable Specialists typically work full-time hours, Monday through Friday. Overtime may be required during busy periods, such as during tax season or when financial reports are due. Some organizations may offer flexible schedules or work-from-home options for this role.Level of Autonomy:
An Accounts Payable Specialist typically works under the supervision of a senior accountant or accounting manager. However, they are expected to work independently and make decisions related to verifying and processing invoices, handling vendor inquiries and reconciling vendor statements. They are responsible for ensuring that all financial processes are completed accurately and in a timely manner.
Opportunities for Professional Development and Advancement:
An Accounts Payable Specialist can gain experience and develop their skills by working in different industries or organizations. They can also pursue certification programs such as Certified Accounts Payable Professional (CAPP) or Certified Payables Manager (CPM). With experience and additional qualifications, they can move into senior accounting roles like Accounts Payable Supervisor or Manager.
Specialized Skills or Knowledge Required:
An Accounts Payable Specialist should have a strong understanding of accounting principles and be proficient in using accounting software. They should have excellent organizational skills and be able to handle multiple tasks and deadlines. They should also be skilled in communication, as they will regularly interact with vendors and other internal teams.
Physical Demands:
An Accounts Payable Specialist typically works in an office environment and spends a significant amount of time sitting at a desk using a computer. There are no significant physical demands for this profession.
Tools and Technologies Used:
Accounts Payable Specialists use a variety of tools and technologies, including accounting software such as QuickBooks, SAP, and Oracle Financials. They may also use office software such as Microsoft Excel and Word to create reports and documents. Other tools may include scanners and fax machines to handle invoices and other documents. They should be able to effectively use email and other communication technologies to collaborate with team members and vendors.Work Style:
An accounts payable specialist should possess excellent organizational and time-management skills. They must be detail-oriented and able to handle multiple tasks simultaneously. The job requires a high level of accuracy and a strong ability to follow processes and procedures. They must be able to work independently and as a part of a team to ensure timely processing and payment of invoices.
Working Conditions:
An accounts payable specialist typically works in an office environment. They may spend extended periods sitting at a desk or computer, processing invoices and payments. The job may also require occasional overtime and evening/weekend work to meet deadlines.
Team Size and Structure:
Accounts payable specialists usually work as part of an accounting or finance team. The size of the team can vary widely based on the size of the company. Some companies may have a single specialist handling all accounts payable tasks, while larger companies may have a team of specialists working with a supervisor or manager.
Collaboration and Communication Requirements:
Accounts payable specialists must have strong communication skills and the ability to collaborate with internal departments and external vendors. They need to effectively communicate payment timelines and requirements while maintaining positive relationships with vendors.
Cultural Fit and Company Values:
Like any role, companies look for employees who fit their culture and values. Accounts payable specialists should be able to work collaboratively, be open to feedback, and possess a strong work ethic. Depending on the company, other values such as integrity, attention to detail, and customer service may also be important.