The role of the Accounts Payable involves providing financial, administrative and clerical support to the organisation. Their role is to complete payments and control expenses by receiving payments, plus processing, verifying and reconciling invoices. A typical Accounts Payable job description also highlights the day-to-day management of all payment cycle activities in a timely and efficient manner.
Accounts Payable duties and responsibilities of the job
As a vital team member of the finance team, it’s important that an Accounts Payable job description includes:
- 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 records
- Paying employees by verifying expense reports and preparing pay checks
- Paying vendors by scheduling pay checks and ensuring payment is received for outstanding credit; generally responding to all vendor enquiries regarding finance
- Preparing analyses of accounts and producing monthly reports
- Continuing to improve the payment process
Accounts Payable job qualifications and requirements
Whilst a degree isn’t mandatory for an Accounts Payable role, an understanding of basic bookkeeping and accounting skills is required. A degree in the following subjects would be beneficial for an Accounts Payable career:
- Finance or Economics
- Business Studies
Attention to detail and data entry skills are important requirements for an Accounts Payable job description. Employees will be interacting with employers and vendors on a daily basis, so it is imperative they are able to interact on a professional manner at all times.