Accounts payable specialists are also known as accounts payable clerks. They process vendor invoices and ensure that a company’s accounts payable reports are accurate and that payments for unpaid invoices are sent out in a timely manner. An accounts payable administrator-related tasks keeping precise records of payments made and owed and must work collaboratively with other accounting professionals to perform audits of all transactions. They are responsible for obtaining approval from the appropriate department before submitting payment and preparing checks.
Accounts payable is the area which offers many employment opportunities.
Qualification For Accounts Payable Jobs
An associate degree in accounting prepares individuals for account payable jobs and how to deal with accounting principles, spreadsheets, computerised accounting and taxes. An associate degree with solid mathematical skills is necessary to handle this role adequately. A degree is not mandatory for an Accounts Payable role.
Some programs include fieldwork, allowing students to use their knowledge in a real-world setting.
Skills Required For Accounts Payable Job
An accounts payable specialist deals with a tremendous amount of documentation. These documents need to be organised and prioritised accordingly. To complete tasks like invoice processing or to provide clerical support on time, accounts payable professionals have to keep vendor files contained so that the information is accessible to locate when needed.
As an account payable specialist, individuals must communicate with other people within accounts payable and other departments in the organisation. Communication is necessary to record procedures properly and collaborate on tasks with other teams.
An accounts payable specialist needs to negotiate with the suppliers. If you can deal with vendors, your job as an account payable specialist becomes easier.
Bookkeeping skills are one of the mandatory skills that are needed for an accounts payable specialist. You need to keep the records accurately and timely. For this, you must have bookkeeping skills. If you have basic bookkeeping knowledge, you are a step ahead.
Data Entry Skills
Entering large amounts of data accurately into the AP software is a must-needed skill. Mistakes in data entry may lead to overpayments, missed payments, and lost invoices. Therefore accurate data entry skill is always needed for accounts payable jobs.
Responsibilities Of An Accounts Payable Specialist
- Post business transactions, process invoices and verify financial data to maintain accounts payable records.
- Provide other clerical support necessary to pay the obligations of the organisation.
- Maintain records of outstanding payables.
- Ensure an organisation’s financial documents are accurate for payment, auditing, and tax purposes.
- Protect businesses against unintentional overpayment
- Practise effective monitoring to ensure payments are made to vendors on time.
Certified Accounts Payable Practitioner Program (CAPP)
The Certified Accounts Payable Specialist (CAPS) course is the entry point for CAPP certification. This certification will help you to enhance your knowledge and skills. It enables you to progress your career in Accounts payable and broader finance functions.
Certified Public Accountant (CPA)
The CPA certification distinguishes licensed accounting professionals who protect the public interest. They offer financial statement audits and other attestation services to help inform investors about the organisation’s financial health. They provide knowledge and advice on taxes and financial planning for individuals and families.
Career Opportunities For Accounts Payable
Processing invoices and paying bills are the main duties associated with a career in accounts payable. Working accounts payable exposes other aspects of accounting, administrative tasks and customer service.
Some accounting clerk positions don’t require formal education beyond high school, and employees are often trained on the job. Accounts payable experience gives an advantage over others. Financial clerks use accounts’ expected information to verify that purchased items are correctly attributed and billed to clients. You can also work as a payroll clerk, processing time sheets and issuing paychecks.
Accounts payable can work with the purchasing department to ensure the orders are fulfilled and coded correctly to jobs or general ledger accounts. This puts you in an excellent position to switch to a role as a purchasing agent or clerk. After gaining experience as a purchasing agent, you can advance to purchasing manager or buyer for a retail chain.
Banking and Loan Officers
Experience in accounts payable jobs can help you pursue a career in banking institutions, particularly for positions at or above entry level. They run credit checks for potential loans and handle tasks associated with accounts and transactions.
Accounts payable lead or supervisor is a natural progression. If you have experience in accounts payable, it will be an advantage in applying for a management job. You could apply for mid-management jobs.
Importance Of Practical Knowledge
As a recent accounting graduate, the theory makes you knowledgeable; unless you don’t know how to implement your knowledge in the proper working environment, you can’t be a successful accountant. One of the best ways to stand out in the crowd is to gain appropriate practical accounting training.
If you have practical accounting training along with your university degree, it will be a great advantage when seeking an account payable job.
Some benefits of taking practical knowledge in accounting are :
- Increases employment opportunities
- Build a stronger resume
- Enhance analytical skills
- A better understanding of theoretical skills
- The clarity to career options
- Familiarisation of popular accounting software
1. What are Accounts Payable?
Accounts payable is when a company purchases from a vendor on credit that needs to be paid. Since accounts payable are a form of debt, it is shown as a liability on a company’s balance sheet under short-term liabilities.
2. What are the different types of accounting?
- Administrative Accounting
- Tax accounting
- Management Accounting
- Cost accounting
- Financial Accounting
3. What are the responsibilities of account payables?
Accounts payable are responsible for the goods and services are given by the company’s suppliers and vendors. Also, they handle incoming bills and invoices.
4. Who is an account payable processor?
The accounts payable processor is the one who reports to the accounts payable manager, and he is the one responsible for carrying out the prompt. He does handling process of checks and gives refund requests.
5. What is the work done by accounts payable processors?
An account payable processor gives payment to all the third parties and employees, scheduling and preparing cheques in the firm’s name.
If you are a finance job seeker or an accounting professional looking for accounts payable jobs; whoever you are, landing your dream job is just a few clicks away. Register in SpotGiraffe, an exclusive job portal for accounting and finance jobs, and be part of an ever-growing industry.