Account Payable Specialist Job Description

Accounts Payable Specialist

An accounts payable specialist is responsible for the financial processing of transactions. Their duties include daily accounting and record keeping, financial reporting, and the preparation of tax records for financial audits. Accounts Payable Specialists are employed by accounting firms.

They reconcile and verify invoices. They help accountants and auditors prepare documentation until tax season. They may be responsible for paying company bills and making sure financial statements include the correct information.

A good accounts payable specialist has a good knowledge of accounting practices and is able to work well with others to ensure a corporation's financial health. An Accounts Payable Specialist should be able to use software to make calculations and support the actions of other finance professionals. An accounts payable specialist is usually an accountant.

The Accounts Payable Specialist

The accounts payable specialist will be responsible for the entire accounts payable processing cycle, which includes invoices, expense reimbursements, corporate cards, creating purchase requisitions, responding to employee and vendor questions, and opening and datestamping accounts payable mail. The employee will be responsible for the student and transfer record check refunds and all vendor, transfer record and employee reimbursement files. The Accounts Payable Specialist is responsible for the timely payment of invoices in accordance with vendor payment terms and ensuring the accuracy of those invoices against purchase orders and receivers.

The accounts payable specialist will prepare journal entries and account reconciliations to help facilitate the month end closings. The accounts payable specialist is responsible for providing financial, administrative and clerical services in order to ensure effective, efficient and accurate accounting and accounts payable operations. Booking journal entries, maintaining general ledger and account reconciliation are accounting responsibilities.

Administrative responsibilities include vendor records, invoicing and payment processing. interact with other departments of the company under management The accounts payable specialist is responsible for the processing of invoices, matching of purchase orders, and calculating month end accruals.

Accounting for Business

Every company has bills to pay, that is one thing. You can't be an entity without owing someone something. It comes with a bill for everything from electricity to software services.

There are accounts payable where there are bills. The accounts payable job description is important for the finance team. Without them, companies may have trouble keeping track of their obligations.

Businesses make having a strong accounts payable team a priority because a single missed payment can spell disaster. Accounts payable duties might be right for you if you want to make sure that your employer keeps the lights on. If you can figure out if the accounts payable job description is the best direction for your career, then you have a good chance of getting a job.

Accounts payable isn't the same thing as being an accountant. The two positions are both finance oriented and can share some responsibilities, but they are different in several key areas. There is more than one accounts payable role.

Everyone in the department is covered by accounts payable job titles. There are a number of accounts payable positions. Let's take a moment to look at accounts payable.

Managing the Accounting Department

You have to be able to organize and prioritize the documentation you have to deal with every day. Digital systems that eliminate a paper trail require a lot of organization. If a supplier invoice comes in, it may need to be uploaded to the system or scanned in from a paper document.

Accounts payable professionals have to keep vendor files organized so that they can find information when they need it. Communication skills are important as you will need to communicate with other people in your company. Communication is needed to establish proper record-keeping procedures and to collaborate with other team members.

The accounting department may serve as the procurement department in some smaller companies. If you can negotiate with vendors, you will be able to do your job as an AP professional much easier. Maybe you are not getting the best deal on the product but you are getting better payment terms.

The sheets are part of the accounts. Even when moving toward a fully automated procure-to-pay process, spreadsheets still have their value. An in-depth understanding of Microsoft excel is important for the industry.

Without a broad knowledge of AP principles, you will be hard-pressed in any role. It will be difficult to handle your duties if you don't know what vendor invoices, purchase orders, and all other parts of the full cycle of accounts payable are. Even though many companies are using automation to speed up invoice processing time, understanding the basic principles is necessary to avoid issues should automation find a discrepancy that requires human intervention

Accounting and Finance: A Course for Accounts Payable Specialist

Accounts payable specialists are usually full-time employees, but may be part-time or seasonal. Depending on the level of education, work experience, geographic location, the size of the company and the industry of the company, the salaries for accounts payable specialists vary. A high school diploma or GED is required for accounts payable specialists.

Some companies prefer candidates who have completed their education. Many candidates have not yet earned a degree. Accounting technology, written business communication and basic financial accounting are included in the course.

Data entry skills involve a combination of technical computer skills with a strong attention to detail. It is important for an accounts payable specialist to be accurate in their data. Time-management skills help you complete your work on time while also maintaining a work-life balance.

Accounts payable specialists spend most of their day multitasking and need to prioritize their work to make sure they complete their work on time. Accounts payable specialists work full-time in an office. Some accounts payable specialists work part time.

Depending on the time of year and the needs of their business, accounts payable specialists may need to work weekends and evenings. They may work with a team of accountants, managers and auditing clerks, but they may also work alone. A high school diplomas or GED certificate is required for accounts payable specialists.

Accounting, Bookkeeping and Accounts Payable Specialist: A Career in Business

The accounts payable specialists organize a company's bills using spreadsheets and databases, as well as software programs to make records of invoices, contracts, and payment due dates. The company is able to make sure that all of its bills are paid on time and avoid contract problems because of this. Accounts payable clerks are responsible for producing accurate financial records.

They must pay attention to all the details and be able to correct their mistakes. Accounts payable clerks have access to a company's financial records and must use them correctly and keep them confidential. An accounts payable specialist must allow for record transparency during audits and keep a record of any misuse of company funds, making their manager, employer, or project management aware of any issues or questions they have.

Basic math skills and problem solving are important for the Bookkeeping and Accounts Payable clerks. A post-secondary education in accounting or economics would be a great aid to your resume. An associate degree in accounting or finance is usually earned by an accounts payable specialist.

Those who have on-the-job experience may be an advantage over those who have more specialized skills and training. Many online and campus-based colleges and technical schools offer certificate programs for accounts payable specialists. Basic financial accounting, business math, computerized records, and written business communication are some of the courses that may be included in a program.

When taxes are due, or when monthly or yearly audits are required, accounting specialists may work longer hours to meet deadlines. Accounts payable specialists work in offices. Bookkeepers work for many firms at the same time.