What are accounts payable?
If you have a degree in accounting, one of the many career options open to you is accounts payable.
Aspiring accounts payable professionals can get hired in various companies since vacancies are not limited to a particular industry in this field.
And although by 2030 the job outlook for accounts payable is projected to decrease by 3%, it can be a great stepping stone to gaining experience in the industry and advancing to different roles.
Now, before you start applying for these jobs, you must understand what entails accounts payable job description for resume.
Your chances of getting shortlisted will be higher if you tailor your resume to the accounts payable job description provided in the listings you are targeting.
Read on to learn more about accounts payable job description and to get clarity on the following related questions:
- What is accounts payable?
- What are the duties of an accounts payable?
- What is accounts payable manager job description for resume?
- What is the job description for accounts payable clerk?
- What is accounts payable specialist job description?
- How much do accounts payable professionals earn?
- What are some of the common accounts payable job interview questions?
Accounts Payable Definition
Accounts payable or AP is a financial accounting term that refers to the money that is owed by a company or an organization to its suppliers and vendors for goods and services.
It is also referred to as a team or department of professionals who handle vendor invoices, records, and bills which are then compiled in a general ledger (GL).
Some of the common accounts payable job titles include accounts payable clerk, manager, specialist, and director.
Accounts payable is an important part of any business or company because of the following reasons:
- It helps maintain an accurate record of cash flow, short-term liabilities, and working capital.
- AP department helps maintain a positive relationship with vendors and suppliers by ensuring that the payments are made on time.
- They help businesses avoid fraud and payment discrepancies.
Accounts Payable Job Description and Duties
The accounts payable job description can differ based on the specific job title and the employer. However, given below are some of the general accounts payable duties:
- Maintaining a record of payments, invoices, expenditures, purchase orders, statements, and payroll
- Verifying validity of invoices and entries before making formal entries to system reports and general ledger
- Keeping an accurate record of processed and due payments while recording confirmation for payment receipts from vendors
- Processing employee payments and paychecks after the verification of expense reports
- Responding to vendor inquiries about payments & outstanding credits
- Analyzing company accounts and preparing biweekly & monthly reports for stakeholders
Job descriptions provide valuable insight into the key requirements of the employers. Therefore, you must ensure to analyze the job description thoroughly and tailor your resume according to the JD provided in the listing.
For your reference, given below are some real time accounts payable job description templates:
Accounts Payable Manager Job Description for Resume
We are looking for a detail-oriented accounts payable manager to join our team and oversee payment transactions, including tax-related processes and ledgers. The potential candidate must possess efficient leadership skills, along with great communication and analytical skills. The job holder must be able to build and maintain positive relationships with the company’s suppliers & clients and uphold the company policies.
Accounts Payable Manager Responsibilities
- Undertaking the recruitment process of the accounts payable department which includes hiring, onboarding, and evaluating recruits
- Supervising daily operations of the AP department and ensuring staff productivity
- Maintaining accurate records of financial transactions, clients, and employees
- Compiling financial reports of the AP department and submitting the same for management review
- Strategizing plans to optimize the accounts payable processes and save company resources and time
- Formulating department objectives and facilitating its timely achievement
- Budgeting and overseeing payment transactions, such as ACH, wires, paper checks, etc.
Accounts Payable Manager Requirements
- Bachelor’s degree in accounting, finance, or management
- 3-4 years of relevant experience in the industry
- Extensive knowledge of accounts payable procedures, accounting, and management principles
- Proficiency in using QuickBooks, SAP, and FreshBooks
- Familiarity with ERP AP system and experience with 1099 filing
- Exceptional interpersonal, analytical, and time management skills
Accounts Payable Clerk Job Description
Looking for a skilled accounts payable clerk for our AP department to help process invoices, verify utility bills, and process payment approvals from department heads when necessary. Aspiring candidates must possess a fundamental knowledge of bookkeeping and accounts payable principles, along with exceptional data entry skills and proficiency in using spreadsheets.
Accounts Payable Clerk Responsibilities
- Processing vendor payments post-approval from department heads and maintaining an accurate record of the same
- Reconciling accounts payable ledgers for ensuring an accurate record of bills and other payment data
- Identifying discrepancies by reconciling vendor statements and accounts
- Reverting to all vendor queries including payment and invoice queries on a timely basis
- Maintaining AP drive scanned folder as per the standing operating procedures
- Ensuring proper functioning of payroll and social security contributions while maintaining employee salary sheets as per division
- Making purchase entries including account import invoices, custom clearing, and handling charges as per the manager’s direction
Accounts Payable Clerk Requirements
- 1-2 years of relevant experience is preferred
- Minimum educational qualification of a high school diploma or GED
- Familiarity with tasks such as calculation, accounting figures, and maintaining financial records
- Proficiency in using accounting and bookkeeping tools such as MIRO, SAP, and ERP
- Fundamental knowledge of Microsoft spreadsheets and excel sheets
- Exceptionally detail-oriented with good mathematical and organizational skills
Accounts Payable Specialist Job Description for Resume**
Join our team at CIEL as accounts payable specialist and help our AP team analyze invoices and expense reports while accounting discrepancies and charging expenses to various accounts. The ideal candidate must possess exceptional accounting knowledge, must be abreast with the best accounting practices in the industry, and be able to thrive in a performance-driven work culture.
Accounts Payable Specialist Responsibilities
- Overseeing accounts payable operations by leveraging accounting software and programs
- Analyzing system reports to verify entries and process the same
- Reconciling purchase orders, terms of payment, and prices to identify discrepancies and maintain accurate records
- Fostering robust relationships with existing and new vendors & suppliers
- Coordinating with AP staff members to compile, analyze, and process financial data of the company
- Imposing expenses to cost centers whilst strategizing ways to control company expenses
- Regulating payroll expense claims, overtime payments, and advance salaries for employees
- Preparing financial reports on a biweekly or monthly basis for stakeholders and senior management
Accounts Payable Specialist Requirements
- Bachelor’s degree in accounting, finance, or any related field
- Minimum 3-4 years of experience in bookkeeping and accounting in an MNC company
- Advanced competency in accounts payable tools and accounting software such as NetSuite, Xero, and Zoho Books
- Good grasp of general accounting procedures specifically related to accounts payable
- Basic understanding of local and state tax structure and policies
- Proficiency in Ms. Excel, Outlook, and PowerPoint
- Good communication and mathematical skills
**Also read: ** What are some of the top accounting interview questions in 2022?
Accounts Payable Job Description Salary
As stated earlier, there are different job titles under the accounts payable department, and depending on it, the salaries of these professionals differ accordingly.
Listed below are the average yearly salaries of accounts payable professionals:
- Accounts payable specialist - $44,147
- Accounts payable manager - $65,779
- Accounts payable clerk - $38,081
- Accounts payable associate - $57,068
Furthermore, accounts payable salaries can vary based on location, experience level, employer, and skills.
The following are some of the highest paying US states for accounts payable positions:
|US STATES||AVERAGE SALARIES|
Meanwhile, companies like Christus Health, Bank of America, American Homes 4, Arrow Electronics, and McDermott are some of the best companies for accounts payable jobs as these companies offer higher pay scales.
Accounts Payable Job Interview Questions
If you want to land a position in the accounts payable department of your dream company, you must prepare well for interviews.
And practicing common interview questions before the interview is the best way to frame thoughtful answers, boost confidence, and secure your candidacy.
Given below are some of the general accounts payable job interview questions that you can practice:
- Which accounting software do you have experience with?
- Have you experienced invoice disputes? How did you resolve them?
- What do you know about the accounts payable process?
- If given a chance, how would you balance accuracy and efficiency in this position?
- How do you approach working with ledgers?
- What is a workflow for accounting?
- What is a consolidation?
- What is interest capital?
- What is a non-PO invoice?
- Why do you want to work in the accounts payable department?
- What do you understand by the P2P cycle?
Also read: How to ace any job interview in 2022?
- Accounts payable or AP is a financial accounting term that refers to the money that is owed by a company or an organization to its suppliers and vendors for goods and services.
- Maintaining a record of payments, invoices, expenditures, purchase orders, statements, and payroll is one of the general duties that entail accounts payable job description.
- The accounts payable job description can differ based on the specific job title and the employer.
- Depending on the specific job title, the minimum educational qualification required for an accounts payable professional is a Bachelor’s degree in accounting or finance.
- You must analyze the accounts payable job description thoroughly and tailor your resume accordingly to increase your chances of getting shortlisted.
Should you require expert guidance to analyze the accounts payable job description for resume, visit Hiration’s Career Activator Paltfrom which offers 24x7 chat support. You can also send in your queries at email@example.com.