Why is the role of the Accounts Payable important in Singapore?

Skilled accounting professionals are always in demand in Singapore.

If corporations exist, they will need operational support staff, whether they bring in $25 million in revenues or $250 million or more.

Creating the right Accounts Payable salary and accounts receivable salary is often easier said than done.

First, you need to understand the skills and experience required for the role of an Accounts Payable. Then, you must benchmark the compensation package offered against the norm for the industry and company size operating in Singapore.

Related: Why is communication important in accounting?

What is the role of an Accounts Payable?

Every organisation in Singapore has its own expectations that depend on company culture and human resources policies, in addition to the basic requirements of the role.

That said, the essential task of an accounts receivable is to process outbound invoices and incoming payments.

For an Accounts Payable, it is to verify and pay incoming invoices.

Other primary duties for either role may include:

• Maintaining accounting ledgers
• Reconciling accounts and resolving discrepancies
• Analysing and reporting on account information and trends
• Maintaining operational and financial security by following best practices

Related: 7 accounting certifications you need for a career in Singapore

An accounts receivable or Accounts Payable manager has many additional responsibilities:

1. Selecting, training, mentoring, and managing AR/AP clerks
2. Planning projects and monitoring performance
3. Contributing to and implementing operational improvement initiatives
4. Meeting or exceeding financial standards
5. Investigating non-payment and negotiating resolution
6. Auditing delinquent accounts and assigning bad debt status if necessary
7. Presenting financial reports and forecasts
8. Professional experience and skills to become an Accounts Payable

Though many entry-level accounting jobs require little or no experience and can be filled by staff with no higher qualification than a high school diploma, employers generally look for some education and professional experience for their accounting operations.

AR and AP must have strong organisational, customer service and communication skills, along with proficiency in common office and accounting software applications.

AR and AP managers may need five years or more of experience before progressing to managerial roles.

Managers should be able to demonstrate all the skills, plus the additional soft skills needed to motivate a team.

Accounts Payable salary in Singapore

Initial salary benchmarking for accounts receivable jobs and Accounts Payable jobs is possible with the Robert Half Salary Guide.

The salary midpoint (or median Singapore salary) for an Accounts Payable is SGD$61,000.

For an Accounts Payable manager, the salary midpoint level is projected to be SGD$97,000 in 2022.

Related: What an Accountant should know to succeed in Singapore

Interested in interviewing Accounts Payable candidates?

If you are looking for an Accounts Payable, we can help make the process easier.

You can see profiles of skilled Accounts Payable candidates in your area using our online database.