Accounts Payable job roles involve providing financial, administrative and clerical support. This includes completing payments and controlling expenses by receiving payments, processing, verifying and reconciling invoices.
Accounts Payable roles are effectively in charge of the day to day management of all payment cycle activities, and are expected to undertake their role in a timely and efficient manner.
- 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 financial records
- Paying employees by verifying expense reports and preparing paychecks
- Paying vendors by scheduling pay checks and ensuring payment is received for outstanding credit
- Responding to all vendor enquiries regarding finance
- Preparing analyses of accounts and producing monthly reports
- Continuing to improve the payment process
Whilst a degree isn’t always mandatory for an Accounts Payable role, an understanding of basic bookkeeping and accounting skills is required. A degree in the following subjects may be beneficial when developing an Accounts Payable career:
- Finance or Economics
- Business Studies
Attention to detail and data entry skills are important requirements for this role and because Accounts Payable professionals will be interacting with employers and vendors on a daily basis, it is imperative they are able to interact on a professional manner at all times.
Please note, this is an average across various industries. To compare your salary, and receive data on salaries for your sector, visit our salary calculator.