Accounts Payable Specialist

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Role Overview

The Accounts Payable Specialist is responsible for managing the organization’s payables, ensuring timely and accurate processing of invoices, and maintaining positive vendor relationships. This role involves invoice verification, expense report management, and reconciliation of vendor accounts, contributing to efficient cash flow and financial accuracy. The Accounts Payable Specialist works closely with the finance team to support budgeting and forecasting efforts, ensuring that all expenditures align with organizational goals.

Key Skills Required

Roles & Responsibilities

•Invoice Processing
Efficiently process incoming invoices by verifying received products or services, ensuring accuracy of invoice data, coding expenses correctly, and entering data into financial systems.
•Vendor Management
Maintain positive relationships with vendors by handling inquiries, resolving discrepancies in a timely manner, and ensuring all vendor information is up-to-date in company records.
•Payment Reconciliation
Ensure accuracy and completeness by reconciling processed work by verifying entries and comparing system reports to balances, and promptly identifying and correcting any discrepancies.
•Compliance and Reporting
Ensure adherence to company policies, industry regulations, and GAAP, while preparing regular reports on accounts payable status, aging reports, and providing documentation for audits.
•Cross-department Coordination
Collaborate with purchasing departments to ensure seamless transaction processing, and address any issues related to purchase order discrepancies or invoice approvals.
•Expense Reporting
Review and process employee expense reports, ensuring compliance with organizational policies, and verify receipts and documentation for proper reimbursement procedures.
•System Improvements
Participate actively in system upgrade projects, providing feedback on process improvements for accounts payable functions to enhance efficiency and accuracy in invoice processing.

Typical Required Skills and Qualifications

•2+ years of experience in accounts payable or a related financial role
•Strong knowledge of accounting principles and financial regulations
•Proficiency in accounting software and Microsoft Excel
•Excellent attention to detail and organizational skills

Trends & Outlook

Emerging Trends

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The integration of automated invoicing systems is expected to enhance efficiency, with a predicted increase in software investments by 15% annually through 2026. (Markets And Markets)
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There are increasing reskilling opportunities for digital literacy as companies adopt more accounting technology solutions, encouraging ongoing professional development.

In-Demand Skills

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Proficiency in accounting software such as QuickBooks and proficiency in Microsoft Excel is required in roughly 85% of job postings for Accounts Payable Specialists.
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Strong organizational skills and attention to detail are highlighted as critical soft skills in 90% of job advertisements for Accounts Payable roles.

Industry Expansion

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According to the Bureau of Labor Statistics, the job market for financial clerks, including Accounts Payable Specialists, is expected to grow by 5% from 2022 to 2032.

Overview

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The demand for Accounts Payable Specialists is increasing as businesses strive to improve operational efficiencies. There are over 10,000 open positions in major cities like New York, Chicago, and Los Angeles as of 2023.
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Industry-specific requirements for Accounts Payable Specialists often include a minimum of an associate's degree in accounting or finance, with larger firms preferring candidates with a bachelor's degree.

Salary Insights

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As of 2023, entry-level Accounts Payable Specialists can expect to earn between $40,000 and $50,000 annually, with top earners in urban areas like San Francisco and Boston making upwards of $65,000. (Payscale)
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Regional salary variations are significant, with specialists in the Northeast earning about 10% more than the national average.