Accounts Payable Specialist - Research Paper Example

 Accounts Payable Specialist The position of accounts payable specialist is one of the vital positions in the accounting department of any organization. The main task of an account payable specialist is to make sure that the company’s bills are paid on time and accurately[Samnd]. Aside from this, there are numerous duties which an accounts payable specialist should handle. He is responsible for reviewing the invoices and make sure that it is properly documented before it is approved for payment[Acc12]. An accounts payable specialist must determine which invoices should be paid first depending on the potential for cash discounts and payment terms[Acc12]. His other duties include processing check requests; auditing and processing credit card bills; matching invoices to checks; obtaining all signatures for checks; distributing the checks accordingly; responding to vendor inquiries; reconciling vendor statements; researching and correcting discrepancies; assisting in month end closing; maintaining files and documentation thoroughly and accurately, in accordance with company policies and accepted accounting practices; and assisting with other projects as needed[Acc12]. It is essential that an accounts payable specialist is able to match the invoices of the vendors with the payments that must be made. An accounts payable specialist must meet several requirements. He must have at least more than two years work experience in accounts payable. Preferably, he must have taken accounting courses in college and must be proficient in Microsoft Word and Excel. A great plus for an accounts payable specialist is if he is a Certified Public Accountant (CPA). It is important that he is familiar with accounting software to assist him with the performance of his job. His job becomes easier if he uses accounting software. An accounts payable specialist must be an expert mathematician and must be attentive to details[Samnd]. His skills should include being analytical, organized, good at problem solving and must be motivated. A “thorough knowledge of applicable accounts payable/general ledger systems and procedures, financial chart of accounts and corporate procedures” are necessary to make an effective accounts payable specialist[Acc12]. He must be knowledgeable of the federal and state accounting regulations and must ensure that the company follows these regulations. He must have excellent written and oral communication skills. An accounts payable specialist must be satisfied working with computers for long hours and reviewing invoices to be paid. He must be able to clearly communicate the information that he gathers from the invoices and financial reports that he generates to his superiors. The position of an accounts payable specialist may either be an entry-level position or a managerial position. He may report to an accounts payable manager or the accounting manager. Entry-level positions would entail general clerical functions such as filing, faxing, collating invoices and batching them according to vendor. Data entry in the computer is a typical job if the position is entry level. If the position is a managerial level, problem solving and matching of invoices may be some duties that will be performed. Making complex financial and accounting reports and auditing functions are given to accounts payable specialists in managerial positions. Reviewing discrepancies found in invoices or in other financial documentation are other important functions that he must perform. Aside from being a CPA, it is advantageous for an accounts payable specialist to have credentials such as being a Certified Bookkeeper, which is a credential offered by the American Institute of Professional Bookkeepers[Degnd]. Trainings in account reconciliation, fraud prevention and managing financial entries are advantage for accounts payable specialists[Degnd]. As of April 2012, the average salary of an accounts payable specialist is approximately $35,000 per year[Ind12]. If the specialist is a CPA, he may command a higher salary. Valuable work experience may increase the salary offered to an accounts payable specialist. Industries which offer high salaries of accounts payable specialists include the postal service, motion picture and natural resources industries[Degnd]. The job of an accounts payable specialist is vital to the financial performance of the company. He must “keep a close eye on their company's budget and overall spending”[Samnd]. Almost all companies employ the services of an accounts payable specialist. An average day of an accounts payable specialist begins in determining looking at the schedule of the payments that must be made on a certain job. He must make sure that there are no accounts payable that will be left unpaid after its due date. At the beginning of the day, he would usually review the invoices made the day before and checks it for its accuracy. The accounts payable specialist works alongside the accounts receivable specialist because the collection of the revenues from the clients are essential in making the company pay its own bills. An accounts payable specialist works like a typical employee. He usually works eight hours a day for five days in a week. Sometimes, overtime work may be required depending on the load of work for certain periods of the year. It is seldom that they work on weekends although some companies may require them to do so. The prospects for the job of an accounts payable specialist are bright. According to the U.S. Bureau of Labor Statistics (BLS), a 22 percent growth rate is forecasted for accounting jobs from 2008 through 2018[Samnd]. This is a much faster rate than all other occupations during the same time frame. The growth percentage though is not specific to accounts payable specialists. If an accounts payable specialist was given the opportunity to choose another job, he would still choose the same job. Most of them enjoy their job because it is not boring. They get to encounter different vendors. They feel fulfilled doing their jobs because they know that the tasks that they do for the company is very important. They like their job because they are able to provide accounting support to the other departments of the company. The accounts payable specialist will still stick to his job even if there are other positions offered to them because they feel accomplished being able to make the company meet its financial obligations as they fall due. References Samnd: , (Amico, n.d.), Acc12: , (Accounting Jobs Today.com, 2012), Degnd: , (Degree Directory.org, n.d.), Ind12: , (Indeed.com, 2012), Read More