What Are The Duties Of An Accounts Payable Specialist?

An Accounts Payable Specialist is responsible for the financial processing of transactions for an organization. Their duties include daily bookkeeping and record keeping, financial reporting and the preparation of tax records for financial audits .

What skills do you need for accounts payable?

• Attention to detail.
• Analytical skills.
• Mathematical skills.
• Computer skills.
• Organizational skills.
• Communication skills.

What is the difference between AP clerk and AP Specialist?

An accounts payable specialist is in charge of managing financial records . An accounts payable clerk position requires bookkeeping and accounting skills, with duties like preparing bills, invoices, and financial statements.

What is the average pay for an accounts payable specialist?

Salary Ranges for Accounts Payable Specialists

The salaries of Accounts Payable Specialists in the US range from $20,948 to $66,560 , with a median salary of $37,250 . The middle 57% of Accounts Payable Specialists makes between $37,250 and $46,920, with the top 86% making $66,560.

What is accounts payable job duties?

More technically put, accounts payable pays third parties or employees by scheduling and preparing checks, resolving purchase orders , insuring credit is received for outstanding bills, and issuing stop-payments or purchase order amendments. Accounts payable, often abbreviated “A/P,” also tracks budget expenses.

What is accounts payable example?

Accounts payable include all of the company’s short-term debts or obligations . For example, if a restaurant owes money to a food or beverage company, those items are part of the inventory, and thus part of its trade payables.

Is accounts payable an asset?

Accounts payable is considered a current liability, not an asset , on the balance sheet.

Is accounts payable a stressful job?

Working in accounts payable can be tedious and stressful , especially when period closings and audits roll around. From redundant data entry and stuffing envelopes, to bogged down or outdated software systems, boosting efficiency in your AP process can take the strain off your accounting team’s shoulders.

How do you succeed in accounts payable?

1. They focus on minutes and not hours. ...
2. They focus on one thing. ...
3. They don’t use to-do lists. ...
4. They beat procrastination with time travel. ...
5. They make it home for dinner. ...
6. They only process email a few times a day. ...
7. They avoid meetings at all costs. ...
8. They follow the 80/20 rule.

Is accounts payable hard to learn?

Accounts payable is a critical function in every finance department. It requires a number of both “soft” and “hard” skills to be truly successful. Many people, even those in other finance roles, are not aware of all the tasks involved in managing a smooth Accounts payable process.

Do you need a degree to work in accounts payable?

Most employers require accounts payable and receivable clerks to have obtained at least a high school diploma or its equivalent. ... Employers rarely require job candidates to hold a bachelor’s degree in accounting or a related field in order to be considered for accounts payable and receivable clerk positions.

What can I do after accounts payable?

1. Staff Accountant.
2. Accounting Assistant.
3. Bookkeeper.
4. Senior Accountant.
5. Accounting Manager.
6. Payroll Administrator.
7. Payroll Specialist.
8. Buyer.

What makes a good accounts payable clerk?

A good accounts payable clerk produces accounting work that is consistent, timely, and useful . Accuracy and attention to detail are especially important since every dollar that is disbursed by accounts payable must be accounted for, so being a good accounts payable clerk requires attention to detail.

What do I put on a resume for accounts payable?

1. General ledger entry and maintenance.
2. Data entry.
3. Knowledge of trade credit terms.
4. Awareness of cash conversion cycle.
5. Advanced Excel ability.

How much do account specialists make?

The average account specialist salary is $46,258 per year , or $22.24 per hour, in the United States. In terms of salary range, an entry level account specialist salary is roughly $30,000 a year, while the top 10% makes $70,000.

What is the average salary of a bookkeeper?