Accounts Payable Specialist Job Description Template
We are looking for a detail-oriented account payable specialist to control and monitor our expenses. You will be processing payments, verifying invoices, and performing account reconciliations.
To ensure success as an accounts payable specialist, you should exhibit sound knowledge of best practices in accounting and experience in a similar role. An accomplished accounts payable specialist will be someone whose accounting expertise translates into optimized expense control processes.
Accounts Payable Specialist Responsibilities:
- Collaborating with internal departments to gather, analyze, and interpret relevant financial data.
- Receiving, processing, verifying, and reconciling invoices.
- Comparing system reports to balances and verifying entries.
- Charging expenses to accounts and cost centers, as well as controlling petty cash spending.
- Verifying vendor accounts, paying vendors, and resolving purchase order, invoice, or payment discrepancies.
- Issuing purchase order amendments and stop payments.
- Monitoring payroll expense claims, including salary advances and overtime payments.
- Reconciling account transactions with the general ledger.
- Performing recordkeeping and preparing financial reports.
- Keeping informed of regulatory requirements and best practices in accounting.
Accounts Payable Specialist Requirements:
- Bachelor’s or associate’s degree in accounting, finance, or related.
- At least 2 years experience as an accounts payable specialist, or similar.
- Advanced competency in accounting and business management software, such as NetSuite and Zoho Books.
- In-depth knowledge of accounts payable principles, accounting standards, and industry regulations.
- Extensive experience in account reconciliation.
- Keen attention to detail.
- Great time management and organizational skills.
- Excellent collaboration and communication abilities.
FAQ's
The Accounts Payable process is essential for maintaining good relationships with suppliers and creditors, ensuring timely payment of invoices, and managing cash flow effectively. By accurately processing invoices and payments, Accounts Payable helps minimize the risk of late fees, penalties, and disruptions to business operations.
The Accounts Payable process typically involves receiving invoices from suppliers, verifying the accuracy of the invoices, obtaining approval for payment, recording the invoices in the accounting system, scheduling payments, and issuing payments via check, electronic funds transfer, or other methods.
The Accounts Payable department collaborates with various departments, such as procurement, receiving, and finance, to ensure that invoices are processed accurately and timely. They may work closely with procurement to validate purchase orders and receipts, with receiving to reconcile deliveries with invoices, and with finance to reconcile accounts and manage cash flow.
Candidates for Accounts Payable positions often have a high school diploma or equivalent, although some employers may prefer candidates with a degree in accounting, finance, or a related field. Attention to detail, organizational skills, proficiency in accounting software, and the ability to communicate effectively are important qualifications.