How to Become an Accounts Payable Specialist: Career Path and Job Description

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You might be considering attending school to earn an accounting degree. One of the many positions this will give you access to is accounts payable specialist. You can earn this with a lower-level degree or use it as a steppingstone to higher career goals. A good accounts payable specialist program ensures that you learn all the important concepts behind this professional role. When you finish, you’ll be ready to take and pass certification, though it is not required. Even so, the Accounts Payable Specialist (APS) certification offered by the Institute of Finance & Management (OFM) could increase your career opportunities.

Should you have your eyes on a position for a certified accounts payable manager, you’ll be able to take and complete a course as above, earn your certification, and work your way up into this position. Those who have experience in accounts payable are more likely to be hired as managers.

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What is an Accounts Payable Specialist?

An accounts payable specialist is responsible for managing and processing a company’s outgoing payments. They ensure that invoices are received, verified, and paid on time. Their duties include reviewing and reconciling accounts, maintaining accurate records of transactions, and communicating with vendors regarding payment issues. They play a crucial role in ensuring the company’s financial records are up-to-date and that payments are handled efficiently, which helps maintain good relationships with suppliers and prevents payment delays.

They need to have at least a high school diploma, though an associate degree is preferable. Managers will usually have two years or more of experience in the field. An accounts payable specialist may work in an accounts payable department specifically in a larger company or they might work in the general accounting department and even have secondary responsibilities beyond accounts payable specialist works.

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Steps to Become an Accounts Payable Specialist:

Step 1: Enroll in a Community College or University Accounting Degree Program
Step 2: Find and Participate in an Internship
Step 3: Begin Searching for Payroll Specialist Positions
Step 4: Earn Your Certification

Step 1: Enroll in a Community College or University Degree Program

You can begin this journey by exploring various community college or university accounts payable specialist programs for yourself. They should offer an Associate of Applied Science (AAS) degree in accounting at a minimum, though a Bachelor of Science in Accounting may be preferable if you really want to have the best chance to move into a management role eventually. Either of these will give you the knowledge and skills you need to begin working in an entry-level position as an account payable specialist.

Any good accounting degree program should offer you entry-level job preparation, the ability to find job alerts, and preparation for continued studies in business and accounting beyond the degree level you are completing.

In your core classes, you’ll learn how to use and apply accounting principles and practices. Your instructors will teach you how to use the accounting cycle to enter transactions, use and store information, and prepare financial statements. You’ll also learn about the process of organizing and analyzing, then managing and delivering information to your fellow employees.

Step 2: Find and Participate in an Internship

Colleges and employers often develop partnerships that allow them to offer internships and jobs to students preparing for careers in given fields. For students in accounting programs, these give you a chance to gain real work experience that allows you to use your newly developed analytical skills. One of your educational goals should be to find and enter an internship that will give you a better shot at finding a job after you graduate. As you are working with your mentor, you may learn about the accounts payable processes, the career path, and average salary for your role. You may be working under the supervision of the accounting manager at your internship site on your own or they may pair you with another accounts payable worker.

Step 3: Begin Searching for Specialized Positions

Once you’re close to completing your degree and getting ready to graduate, it’s time to consider where you go from here. As you prepare for your finals, don’t forget that you should also be seeking job alerts for accounts payable specialists. You may also see openings for accounts receivable specialists and you should consider these as well since your experience should have prepared you either side of the accounts payable/receivable process. However, you may want to focus on accounts payable specialist job openings if you are put off by the idea of contacting customers who are late on payments or any of the other tasks of an accounts receivable position.

Once you receive and accept a job offer, you’ll begin working with other professionals in the accounting department for your employer. For example, an accounts payable specialist prepares financial transaction records and bookkeeping for the company’s auditors and accountants to use when they are filing taxes. They may monitor vendor payment agreements by seeking discounts, maintain the petty cash accounts and keep track of all outgoing payments, pay the sales taxes on invoices and log each completed tax payment, reconcile payable reports every month so your accounting manager can confirm all payments were accurate, and keep track of credits that are owed to the company.

Step 4: Earn Your Certification

Earning your certification proves that you have the knowledge you need to do your work no matter what comes your way. Certificate courses will give you what you need to get ready for the Institute of Finance & Management’s (IOFM) Accounts Payable Specialist (APS) program if you aren’t 100% sure you can pass it after completing your degree.

No matter where you work hope to work, there are likely employers who are seeking accounts payable specialists with certifications. Even when these positions are harder to find, it will be easier to gain a position with certification because they know that your work will be high-quality and accurate. When employers see APS certification on your resume, you immediately become more attractive to them because they know you understand payments, automation, invoices, and other activities pertinent to their company.

The accounts payable specialist certification has been designed for new or existing accounting professionals who need the certification to find job alerts or to advance in their career. This program is delivered through an online personal instructor format.

What Might You Do?

An accounts payable manager oversees the accounts payable department, ensuring the efficient and accurate processing of payments for a company. They supervise a team of accounts payable specialists, providing guidance and support while managing the daily operations of the department. Their responsibilities include reviewing and approving invoices, ensuring proper documentation and compliance with company policies, and maintaining vendor relationships. Additionally, they will handle the reconciliation of accounts, resolve payment discrepancies, and ensure that all payments are made on time. They also work closely with other departments, such as procurement and finance, to ensure accurate reporting and budgeting.

They may also be directed to create and maintain a filing system to hold financial information, financial records, and documents so that information can be quickly located. These managers may also review auto-payments, ensuring that authorization has been given for especially large payments, and verifying the presence and accuracy of documentation and contracts.

Skills Needed

As an accounts payable worker needs specific skills to carry the job effectively. They will require computer skills, because the majority of the workday is spent on spreadsheet software, reports, and tax documents. They should learn skills specific to bookkeeping and the Microsoft Office suite (Word, Excel, and even PowerPoint). Those most pertinent to accounting include Excel, QuickBooks, and Costpoint (general ledger) software but companies may use bespoke computer programs or lesser-known programs as well, so you’ll need to be competent and able to learn on the job.

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Attention to detail allows you to focus on the smallest details that your employer requires. In this role, you won’t want to overlook even the smallest amounts in your daily tallies of account balances, general ledgers, payroll, and petty cash. Communication skills are always vital as a accounts payable specialist, even though you’re working with numbers. You need to be able to speak to your colleagues and supervisors as well as being able to write clearly and effectively since you may be required to write reports.

Organizational skills allow an accounts payable specialist to know where every document and form is – many accounting personnel find that their life is hectic during tax time and it’s best to know where everything is so that you can make the busy season as easy as possible on yourself.

Alternative Paths

It might be best to attend college and earn an accounting degree when you decide to become an accounts payable specialist but, as long as you have either your high school diploma or a GED certificate, you may be able to enter an accounting firm and begin working at an entry-level job before working your way up.

If you are still in high school, look to take basic accounting or bookkeeping courses and the highest-level math courses you can. If you have already graduated from high school but you aren’t looking to earn an accounts payable specialist degree, consider completing a course that will give you access to bookkeeper certification. With this and enough experience, you may be able to work your way into a lower-level accounts payable position. Having basic accounting skills and understanding the concepts will help you.

An associate or bachelor’s degree in business or finance may also allow you to access this position.

Careers & Salary

Where Might You Work?

You may work in nearly any type of company in any industry. If a company buys items or materials or pays vendors for services, then they must perform accounts payable tasks. In a position as an accounts payable specialist (payable clerk), you’ll get invoices in the mail from the companies selling services or products. You’ll enter the invoices into an accounting software program and, once your supervisor has approved bank deposits, you’ll issue the payments and enter the details of each transaction.

More specifically, you may work alone in your employer’s office but you may end up consulting with other accountants, auditing clerks, or managers from different departments. Your skills will easily transfer to other accounting positions, as well.

Because your skills will transfer easily, you may work in a business, non-profit, or hospital’s accounts payable office. Anywhere a company has to buy products or services, you will be able to find a job because you will be needed to help ensure that payments for those purchases are made on time and properly tracked. With these jobs, you may even be able to work remotely from an office in your own home. In a remote position, you can expect to report to and communicate with your manager consistently for assignments. The majority of your communications will be with suppliers or vendors on invoices.

Career Outlook

Unfortunately, the employment of bookkeepings, accoutning, and auditing clerks is expected to go down by 5% between 2023 and 2033. The transition to automation and technological changes are driving this decline as companies will hire fewer workers in this field. Newer online tools now allow customers to carry out these transactions themselves, the demand for accounts clerks, credit authorizers, procurement clerks, checkers, and clerks may be the reason for this expected decrease.

However, the job prospects for accounting in general continue to be good. Employers will be hiring new financial employees to replace those who have left their accounts payable specialist jobs (replacing through attrition). Some companies may decide to continue employing financial clerks.

Advancing From Here

To advance from an accounts payable specialist position, you’ll need experience and education. Experience comes with time, but you can decide where you want to go with your education. You might choose to earn a bachelor’s if you haven’t yet, which you can focus on accounting if you hope to move into a management or controller position. If you’ve already earned an accounts payable specialist degree, you might want to consider earning an MBA rather than a general master’s degree. You can focus your MBA on accounting and gain new knowledge in accounting, business, and management at the same time.

Jobs

Your job role involves making sure the bills your company owes are paid and correctly recorded on the books. You may also be given the responsibility of tracking budgetary expenses. If outside balances are allowed to get too large, it could put the business under, so your role will be vital. Among its internal values, keeping the bills paid should be right at the top of the list for any company. Here are just some of the positions you may hold with experience and expertise in this field.

Bill and Account Collectors:
A high school diploma or its equivalent is required for this position. Your job is to contact people who are behind on a bill and get them to make their accounts current. This falls under the accounts receivable purview, but the job is similar to accounts payable work. The median annual salary for this position is $44,250.
Information Clerks:
A high school diploma and on-the-job training are sufficient for you to carry out your daily duties in this position. Your daily work consists of routine clerical work, data collection, records maintenance, and giving information to your employer’s customers. The median annual salary for this position is $40,540.
Bookkeeping, Accounting and Auditing Clerks:
If you have earned some college credits, but you haven’t earned your degree, you may still be able to gain access to these types of positions. In them, you’ll check financial records for accuracy and produce financial records and reports for your employer. The median annual salary for this position is $47,440.
Medical Records and Health Information Technicians:
You should hold a post-secondary award or certification to work in this field. It’s not accounting-focused, but you’ll need many of the same skills to succeed. These specialists are responsible for organizing and managing health information data. The median annual salary for this position is $48,780.
Tellers:
In this position, you’ll process transactions at a bank and a high school diploma or GED is usually sufficient. The median annual salary for this position is $38,850.

Frequently Asked Questions

How much do these specialists make?

Accounts payable specialists make around $37,000 on average.

What is the difference between a clerk and specialists?

An accounts payable clerk is responsible for bookkeeping, accounting, bill preparation, financial statements, and invoices. An accounts payable specialists are in charge of managing financial records.

Do you need a degree to work in these roles?

A high school diploma is required to become an accounts payable specialist. Some employers may prefer candidates have an associates degree.

What is the job outlook

The job outlook for accounts payable specialists is expected to decrease by 6% by 2030.

What qualities do these workers need?

Accounts payable specialists need to be able to manage accounting and financial records, have high attention to detail, and have excellent written and verbal skills. They will also need solid computer and data entry skills and strong Microsoft skills.

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Become an Accounts Payable Specialist or Manager – Careers & Outlook