How to Be Accounts Payable Specialist - Job Description, Skills, and Interview Questions

Mar 12, 2023 / 5 Minutes Read / By Albert

How to Become

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Accounts Payable Specialists are responsible for ensuring that a company's bills and invoices are paid on time and accurately. They are the financial gatekeepers of a company and maintain the accurate record-keeping of financial documents. This role is essential in helping maintain a company's financial health and reputation.

The primary cause of the Accounts Payable Specialist role is to ensure the timely and accurate payment of invoices, while the effect is to keep a company's financial records up to date and in good standing. The Accounts Payable Specialist oversees the entire process, from entering invoices into the system to reconciling accounts with vendors and issuing payments. they check for errors, approve invoices, contact vendors with payment inquiries, and process refunds and returns.

Without an Accounts Payable Specialist, a company would struggle to keep their finances in order and risk damaging their reputation with vendors.

Steps How to Become

Earn a Bachelor's Degree. To become an accounts payable specialist, you'll need to first earn a bachelor's degree in accounting, finance, or a related field. This will give you a solid understanding of accounting principles, financial management, and other topics related to the position.
Develop Professional Skills. To become an accounts payable specialist, you'll need to develop certain professional skills. This includes knowledge of accounting software, strong organizational skills, strong communication skills, and the ability to work independently and with a team.
Get a Certification. Many employers require accounts payable specialists to have a certification in accounts payable or other related fields. You can get certified through organizations such as The Institute of Financial Operations or The American Institute of Professional Bookkeepers.
Gain Experience. Many employers look for accounts payable specialists who have at least one year of experience in the field. You can gain experience through internships, part-time jobs, or volunteer work.
Pursue Job Opportunities. Once you have the necessary qualifications, it's time to start looking for job opportunities. You can search online job boards, contact staffing agencies, or reach out to employers directly.

Staying ahead and qualified as an Accounts Payable Specialist requires dedication and hard work. It is important to continuously stay up to date on the latest financial regulations and best practices, as well as the newest technologies used in the field. it is important to build strong relationships with vendors and other stakeholders, in order to ensure smooth processes.

Having a strong understanding of the accounting principles and transactions related to accounts payables is also key. Finally, developing a good understanding of the internal control systems related to accounts payable is also essential in order to ensure accurate and timely payments, as well as efficient processes. With these steps, Account Payable Specialists can stay ahead and qualified in their field.

You may want to check Treasury Accountant, Certified Public Accountant (CPA), and Forensic Accountant for alternative.

Job Description

Process vendor invoices and ensure accuracy of payments.
Monitor vendor accounts and ensure timely payments.
Reconcile vendor statements and resolve discrepancies.
Maintain vendor files and prepare reports as needed.
Respond to inquiries from vendors, customers, and internal staff.
Manage accounts payable aging and payment schedules.
Develop and implement policies, procedures, and internal controls for accounts payable.
Make recommendations for process improvements to increase efficiency.
Analyze vendor contracts for pricing and payment terms.
Process employee expense reports and other financial documents.

Skills and Competencies to Have

Knowledge of accounting principles and procedures
Ability to work with financial software, such as accounts payable systems
Proficiency in Microsoft Office (Word, Excel, Outlook)
Strong attention to detail and accuracy
Excellent problem-solving skills
Ability to prioritize and manage multiple tasks
Excellent written and verbal communication skills
Ability to work effectively in a team environment
Ability to work independently with minimal supervision
Ability to maintain confidentiality of sensitive information

Accounts payable specialists are vital to most businesses as they are responsible for managing the payment of invoices and other financial obligations. This requires a unique set of skills that are necessary to ensure accuracy and efficiency. The most important skill for an accounts payable specialist to possess is attention to detail.

With the ability to identify errors or discrepancies in data, accounts payable specialists can ensure that payments are made accurately and on time. In addition, strong organizational skills are needed in order to keep track of records and ensure that all payments are accounted for. Communication skills are also important, as the accounts payable specialist must be able to communicate effectively with vendors and customers.

Finally, having a working knowledge of accounting principles and software applications is essential for maintaining accurate records. With these skills, an accounts payable specialist can be a valuable asset to any business.

Tax Associate, Actuary, and Bank Manager are related jobs you may like.

Frequent Interview Questions

How familiar are you with accounts payable processes and procedures?
Describe a time when you identified and corrected an error in an accounts payable transaction.
What accounting software have you used to manage accounts payable?
What methods do you use to ensure accurate invoice processing?
How do you prioritize tasks and manage multiple deadlines?
Describe how you develop and maintain relationships with vendors.
How do you ensure accurate coding of invoices before payment?
What experience do you have with dispute resolution and vendor negotiations?
How do you keep up with the latest changes to accounts payable regulations?
How do you handle confidential information related to accounts payable?

Common Tools in Industry

Accounting Software. An application used to manage accounts payable, including tracking invoices, payments, and vendor relationships. (eg: QuickBooks)
Invoice Tracking Tool. A system that allows for the tracking of unpaid invoices and associated payment due dates. (eg: InvoiceSherpa)
Vendor Management Tool. An application used to track vendors, their contact information and payment terms. (eg: VendorGuru)
Payment Processing Tool. A system used to process payments and deposits, as well as reconcile payments with vendor invoices. (eg: Paychex)
Document Management System. An application used to store, organize and securely share documents related to accounts payable. (eg: Adobe Acrobat DC)

Professional Organizations to Know

Institute of Management Accountants (IMA)
American Payroll Association (APA)
National Association of Credit Management (NACM)
Accounts Payable Professionals Network (APPN)
Accounts Payable Association (APA)
Institute of Professional Bookkeepers (IPB)
The Association of Government Accountants (AGA)
The Institute of Certified Payroll Professionals (ICPP)
International Accounts Payable Professionals (IAPP)
National Business Travel Association (NBTA)

We also have Internal Auditor, Tax Consultant, and Controller jobs reports.

Common Important Terms

Accounts Receivable. Money owed to a company by customers for goods and services previously provided.
Invoice. A document sent by a seller to a purchaser that outlines the goods or services provided and the agreed-upon payment amount.
Credit Memo. A document issued by a seller to a customer in order to reduce the amount that is owed for a purchase.
Payment Terms. The conditions under which a customer agrees to pay for goods or services.
Ledger. A record of all financial transactions that have been made by a company.
Bank Reconciliation. The process of verifying that the amount of money shown in a companys records agrees with the amount of money held in its bank account.
General Ledger. A record of all financial transactions that have been made by a company, divided into categories according to the type of transaction.
Journal Entries. A record of financial transactions that have been made by a company, classified according to the type of transaction.
Accrual Accounting. An accounting method where revenues and expenses are recognized when they are incurred, rather than when cash is exchanged.
Accounts Payable Aging Report. A report that shows the amount of money that a company owes to its vendors, broken down by the length of time since the invoice date.

Frequently Asked Questions

Q1: What is an Accounts Payable Specialist? A1: An Accounts Payable Specialist is responsible for processing invoices, reconciling accounts, and ensuring timely payments are made to suppliers and vendors. Q2: What documents do Accounts Payable Specialists work with? A2: Accounts Payable Specialists work with a variety of documents, including invoices, purchase orders, bank statements, and accounts payable ledgers. Q3: What is the process for an Accounts Payable Specialist? A3: The process for an Accounts Payable Specialist typically involves receiving invoices, verifying accuracy, entering data into the system, reconciling accounts, and ensuring payments are made on time. Q4: What qualifications are needed to be an Accounts Payable Specialist? A4: To be an Accounts Payable Specialist, you should have a high school diploma or equivalent, knowledge of accounting principles and software, excellent attention to detail, and strong organizational skills. Q5: How much does an Accounts Payable Specialist typically make? A5: According to PayScale, the average salary for an Accounts Payable Specialist is $37,413 per year.