What is Accounts Payable?
The role of the Accounts Payable involves providing financial, administrative and clerical support to the organisation. Their role is to complete payments and control expenses by receiving payments, plus processing, verifying and reconciling invoices. A typical Accounts Payable job description also highlights the day-to-day management of all payment cycle activities in a timely and efficient manner.
What should be included in an Accounts Payable job description?
If you are hiring an Accounts Payable professional, the job description can feature:
- Keeping track of all payments and expenditures, including payroll, purchase orders, invoices, statements, etc.
- Reconciling processed work by verifying entries and comparing system reports to balances
- Maintaining historical records
- Paying employees by verifying expense reports and preparing pay checks
- Paying vendors by scheduling pay checks and ensuring payment is received for outstanding credit; generally responding to all vendor enquiries regarding finance
- Preparing analyses of accounts and producing monthly reports
- Continuing to improve the payment process
What skills and qualifications should an Accounts Payable have?
Whilst a degree is not mandatory for an Accounts Payable role, an understanding of basic bookkeeping and accounting skills is required. A degree in the following subjects would be beneficial for an Accounts Payable career:
- Finance or Economics
- Business Studies
- Accounting
Attention to detail and data entry skills are important requirements for an Accounts Payable job description. Employees will be interacting with employers and vendors daily, so it is imperative they are always able to interact in a professional manner.
- ✔ Communication skills
- ✔ Interpersonal skills
- ✔ Problem solving skills
- ✔ Punctuality
- ✔ Critical thinking skills
- ✔ Teamwork and collaboration skills
- ✔ Adaptability skills
- ✔ Work ethic
- ✔ Project management skills
How much does an Accounts Payable cost?
$52,000 - $120,000
An Accounts Payable salary is determined typically by the number of years of experience, soft and technical skills, and the scale of responsibilities in the organisation.
