This article provides a detailed accounts payable job description, encompassing the duties, required training, qualifications, skills, and typical work hours. Additionally, we delve into the future job prospects for these professionals.
An accounts payable clerk is responsible for processing payments on behalf of an organization. They receive requests for payments, known as invoices. Upon receipt, the payable clerk addresses these invoices by disbursing payments. Through this process, accounts payable clerks play a crucial role in managing and controlling organizational expenses.
Accounts Payable Job Description: What Does an Accounts Payable Clerk Do?
The accounts payable clerks responsible for performing data entry tasks, answering customer questions, preparing financial reports and statements, and managing vendor accounts. In order to perform these tasks efficiently, workers must pay careful attention to detail and strive for a high accuracy rate.
Accounts Payable Job Duties
- Pays careful attention to detail while performing data entry tasks.
- Calculates using basic math skills.
- Ensures credit is received for any outstanding memos.
- Pays employees by preparing checks and answering requests for advances, though this depends on the organization. (Some employers have separate human resources departments to handle employee pay.)
- Analyzes accounting information and reports.
- Processes vendor payments.
- Keeps account ledgers by posting transactions.
- Charges expenses to accounts using expense reports and invoices.
- Resolves purchase orders and payment discrepancies.
- Issues payment amendments and stop payments.
Account payable (qxglobalgroup.com)
Accounts Payable Job Essential Skills
Analytical Skills. Payable clerks keep track of written reports, computerized records, and written ledgers. Clerks must be able to read and understand these reports, and determine which action to take and which accounts to charge.
Attention to Detail. An important aspect of accounts payable involves keeping accurate records of accounts. Clerks must be able to determine the exact amount of payments in order to calculate the amount of each transaction. Mistakes could result in inaccurate accounts and wasted time correcting mistakes.
Organization. To maintain an efficiently-run office, clerks must keep careful track of all ledgers, reports, and data. This requires workers and employers to maintain a standard work flow process to keep all materials in their proper places.
Basic Math Skills. Payable clerks work with facts and numbers constantly. They must understand how to process payments and figure basic math facts with or without a calculator.
Becoming an Accounts Payable Professional
Most employers require a high school diploma or GED from accounts payable candidates. However, to stay competitive in the job market, many would-be payable clerks earn an associate’s degree in accounting or payroll management.
A 4-year degree or a master’s would allow payable clerks more advancement opportunities, which in most cases could mean a position as a staff accountant or a CPA.
Account payable clerk working with her calculator (accounts payable)
Qualifications and Training
The best candidates must have at least some experience working in the field. Related fields of work that look good on a resume include accounting clerk and payroll clerk, as both these professions perform similar duties to that of an accounts payable clerk.
Entry-level jobs in accounts payable require a high school diploma. No licensure is required. However, those who wish to start out the job and move up to a higher position should consider seeking at least an associate’s degree in order to compete with others in the field.
Very ambitious workers might pursue a CPA license as well. Obtaining this license requires a certain amount of experience in accounting, as well as successfully passing a state licensure exam and meeting other state requirements.
Every employer is different. In terms of professional development, most employers require their accounts payable clerks to attend monthly staff meetings in order to stay abreast of departmental changes. A good way for workers to take advantage of these meetings it to ask questions and listen to other staff members as they discuss problem-solving techniques
Work Experience
Employers are generally more likely to hire a candidate with experience than one without any. A year of experience plus an associate’s degree in accounting or a related field are attractive credentials for an accounts payable resume.
However, the work of an accounts payable clerk can be learned on the job, even for workers with no prior experience and no education beyond high school. Some college students intern while studying for their degree, which helps them get experience while in school.
Working Hours
Most accounts payable clerks work Monday through Friday during daytime hours. The schedule generally requires workers to work 40 hours weekly. However, in some cases, employers may require overtime or weekend work.
Some staffing agencies hire accounts payable clerks for seasonal work. Other jobs in accounts payable are for part-time workers, though these workers are usually not eligible for employee benefits
Job Salary, Outlook & Advancement Opportunities
Account payable clerk verifying information on invoices (account-payable-clerk)
The account payable job offers signal potential for advancement. Workers can move into supervisory roles or positions as staff accountants, depending on their education and work experience. The pay for an accounts payable clerk ranges from $14,27 per hour to $23.08 per hour. Payable clerks generally work in an office. The median salary clerk is $18.22 per hour. The average pay for Accounts Payable Clerk according the glass.com is $43,091 per year in the United States. Salary ranges can vary widely depending on many important factors, such as years of experience, education, certifications, and extra talents.
Moreover, the type of employer and the region of the country in which the worker is employed may influence the salary.
The significant pay increase from accounts payable to a managerial position makes it worthwhile for workers to at least consider pursuing an associate’s degree. According to the Bureau of Labor Statistics, overall employment of financial clerks is projected to decline 4 percent from 2022 to 2032.
Despite declining employment, about 116,600 openings for financial clerks are projected each year, on average, over the decade. All of those openings are expected to result from the need to replace workers who transfer to other occupations or exit the labor force, such as to retire
Conclusion
The role of an accounts payable clerk is perfectly suited for individuals who are organized and have a keen eye for detail. Unlike some professions, this position doesn’t necessitate any specific licenses or degrees, making it an appealing option for those reluctant to invest significant time and money in extensive training or higher education. Furthermore, the job outlook for the job is promising, with ample opportunities for career advancement.
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FAQ
Someone who keeps up with the routine accounting tasks for payables in an organization is known as an accounts payable clerk. An accounts payable clerk’s primary duties include gathering and processing invoices, helping with account reconciliation, and disbursing or accepting payments from clients and suppliers.
The accounts payable (AP) procedure is in charge of paying suppliers and vendors for the goods and services the company has purchased. In addition to managing incoming bills and invoices, AP departments may carry out other tasks based on the size and nature of the business.
The main difference is the type of transactions they handle. Accounts payable clerks are responsible for issuing payments to vendors, employees, tax authorities and processing invoices. An accounts receivable clerk monitors and receives payments for goods and services purchased from the company and applies these payments to clients’ accounts
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