Accounts Payable SpecialistJob Description, Salary, Career Path, and Trends

Job Description

Do you have a keen eye for detail? Do you excel at accounting and clerical tasks related to what a company owes to its suppliers? If so, a position as an Accounts Payable Specialist might be an ideal one for you.

Accounts Payable Specialists play a vital role in assuring their organization’s bottom line, and in helping manage and process the payments for the goods and services that companies use every day.

This critical role is vital in balancing all the financials for a company, tracking budgets, monitoring vendor agreements and contracts, and confirming that all payments are correctly processed. If you are detail-oriented, have time management expertise, and effective communication skills, this may be a position where you can thrive.

Typical Duties and Responsibilities

  • Maintain petty cash
  • Log all outgoing disbursements
  • Monitor all vendor payment agreements
  • Be responsible for paying all sales taxes on relevant invoices
  • Verify discrepancies and resolve clients’ billing issues
  • Reconcile payable reports each month to confirm that all amounts paid were accurate
  • Keep track of all credits owed to the company and ensure they are appropriately applied to vendor payments

Education and Background

This position requires a bachelor’s degree in accounting, finance, or a related discipline.

Skills and Proficiencies

  • Excellent attention to detail
  • Strong organizational ability
  • Proficient in Microsoft Office Suite
  • Effective corporate communication skills
  • Ability to consistently meet deadlines
  • Excellent data entry skills

Compensation

According to Payscale the median annual salary of an Accounts Payable Specialist with

1 Year of Experience:

  • Orlando, Florida: $46,000
  • Tampa, Florida: $46,500
  • Jacksonville, Florida: $44,800
  • Miami, Florida: $48,000
  • Atlanta, Georgia: $47,500
  • Chicago, Illinois: $53,000
  • Houston, Texas: $48,700
  • Los Angeles, California: $55,000
  • New York City, New York: $58,000
  • Seattle, Washington: $52,000
  • National Average: $45,500

5 Years of Experience:

  • Orlando, Florida: $57,400
  • Tampa, Florida: $58,000
  • Jacksonville, Florida: $56,000
  • Miami, Florida: $62,000
  • Atlanta, Georgia: $61,200
  • Chicago, Illinois: $71.500
  • Houston, Texas: $66,250
  • Los Angeles, California: $77,000
  • New York City, New York: $79,900
  • Seattle, Washington: $75,000
  • National Average: $57,000

Similar Job Titles

Career Path

The first step in becoming an Accounts Payable Specialist is earning a bachelor’s degree in accounting, finance, or a related discipline. Beyond that, candidates can gain skills and accreditation by earning accounting certifications like Certified Accounts Payable Associate (CAPA).

The Accounts Payable field is continually evolving. Rather than thought of as a back-office function, accounts payable departments are beginning to be thought of in a more strategically important way than in the past. As well as depending on this department for its traditional function, companies will be looking to accounts payable departments to supply essential data.

Job Outlook

Like with many industries, automation is becoming more prevalent than in the past. This trend is projected to be a factor in a slight decline for Accounts Payable Specialists of four percent through 2028, according to the U.S. Bureau of Labor Statistics.

That said, Accounts Payable Specialists are used in a wide variety of accounting environments, and industries across the board require them.

Typical Hours

The typical work hours for an Accounts Payable Specialists are from 9 a.m. to 5 p.m. Monday through Friday in an office setting. However, longer or different hours can be necessary, depending on the needs and hours of an individual company.

Where You Can Find Jobs

  • 4 Corner Resources
  • Career Builder
  • Glassdoor
  • Indeed
  • LinkedIn
  • Monster

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