Tuesday, June 18, 2024

Duties and Responsibilities of an Accounts Payable Specialist 

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Nyongesa Sande
Nyongesa Sandehttps://bizmart.africa
Nyongesa Sande is a Kenyan blogger, Pan Africanist,c olumnist Political Activist , blogger, informer & businesman who has interest in politics, governance, corporate fraud, human rights and television personality.

In many organizations, the person in charge of paying the bills is the accounts payable specialist. This is a common entry-level position that can lead to a long career in accounting.  Duties and Responsibilities of an Accounts Payable Specialist 

An accounts payable specialist handles the AP—the bills or liability—for an organization. This person makes sure that bills are accurate and paid on time and that any invoices received are authorized. This is critical to the health of the company as it impacts budget and cash flow. 

Accounts Payable Specialist Duties:

  • Performs routine accounts payable and other functions affecting administrative efficiency and control of cash
  • Maintains accounts payable records, statements, vouchers, and registers
  • Maintains accounts payable and accounts receivable databases, including electronic networks
  • Receives and distributes invoices, statements, and purchase orders for payment
  • Receiving payments from customers, vendors, and banks
  • Accepting deposits, verifying balances, and reconciling accounts
  • Paying bills, making bank deposits, and reconciling accounts
  • Processing, coding, and posting transactions to ledgers
  • Processing payroll
  • Other duties as assigned

Accounts Payable Specialist Responsibilities:

  • Prepare daily work orders, invoices, and checks, and maintain accounts payable records
  • Procure new vendors, record payments, and develop payment schedules
  • Respond to invoices from suppliers and creditors, and process wire transfers
  • Manage vendors’ accounts, including billing, payment, and reconciliation
  • Maintain the master vendor list, and reconcile vendor statements
  • Research and resolve vendor payments and costs, including cost reports
  • Maintain an accurate master vendor list

Accounts payable specialist skills

The skills and knowledge you’ll use in your role as an accounts payable specialist will vary somewhat depending on the industry and organization you work for, but you may notice some overlap when searching job postings. Start by mastering accounting fundamentals and building a core set of essential skills.

According to ZipRecruiter’s data collected from real job postings and resumes, top skills employers are looking for include [1]:

  • Invoicing
  • Vendor management
  • Reconciling
  • Attention to detail
  • Communication
  • MS Office and Excel
  • Purchase orders

Consider building additional skills in double-entry accounting, accounting software such as Quickbooks, SAP, or Oracle, organization and accuracy, and math.

Frequently asked questions

What does an Accounts Payable Specialist do?

The Accounts Payable Specialist is part of the accounting team and oversees an organization’s day-to-day financial transactions, including accounts payables, corporate credit card reconciliations and other specialized tasks.

What are the duties and responsibilities of an Accounts Payable Specialist?

An Accounts Payable Specialist is responsible for collaborating with various departments to gather and analyze various financial data to ensure an organization’s finances are in order. They may also oversee payments to vendors, control petty cash spending and resolve payment discrepancies.

What makes a good Accounts Payable Specialist?

A good Accounts Payable Specialist must have an excellent understanding of accounting practices and reconciliations. They must also be detail-oriented since they will review many financial documents.

Who does an Accounts Payable Specialist work with?

An Accounts Payable Specialist will work closely with financial professionals, such as Accountants, in an organization to help manage the expenses of an organization.

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