Accounts Payable Job Description: Roles and Responsibilities

Several expenses are associated with any organisation, and an accounts payable specialist must ensure that all the bills are settled promptly. Providing clerical and administrative support, these financial specialists play a crucial role in meeting profitable goals. In this article, we will discuss the accounts payable job description, look at the qualifications & skills required for the accounts payable job and explore AP roles and responsibilities.

What is An Accounts Payable Job Description?

The Accounts payable job description is a reference that outlines all the roles and responsibilities that the candidates are expected to take and the qualifications that are mandatory for the position. However, it is important to note that the accounts payable job description and duties may change since different organisations have different requirements, and they draft the job description as per their interests.

Accounts Payable Specialist Job Title

Accounts payable professionals find multiple opportunities within an organisation, and each opportunity comes with different qualifications & skills required for accounts payable jobs. Some important accounts payable job titles include Senior Accounts Payable Clerk, Accounts Payable Specialist, Accounts Payable (with Oracle proficiency) and Accounts Payable Clerk.

Accounts Payable Specialist Qualifications and Skills

Before discovering what are the roles and responsibilities of account payables in India, it is important to know about the qualifications and skills required for an accounts payable job, which include:

• The candidate must have a bachelor's degree in Finance, Accounting or any related discipline.
• Also, they must have an experience of more than two years in accounts payable. 
• Fluency in Microsoft productivity software like Word and Excel is important. 
• Apart from the qualifications, the candidate must possess strong organisational ability and exceptional attention to detail.
• They must showcase efficient corporate communication skills and consistently meet deadlines. 

Duties of An Accounts Payable Specialist 

From maintaining cash accounts to reconciling payable reports, an accounts payable specialist performs the following duties:

• Accounts payable specialists maintain all the accounts related to petty cash and make sure all the outgoing disbursements are registered properly. 
• They must reduce invoice amounts by finding discounts and monitoring vendor payment agreements. 
• Paying sales tax on relevant invoices and keeping a record of each tax payment made is another duty the accounts payable specialists performs.
• Suppose there is any credit owed to the business. In that case, the specialists are tasked with tracking and making sure that all the credits are accurately registered with vendor payments. 
• They have to reconcile each month's payable reports to ensure that all the settlements are accurate. 

Key Responsibilities of An Accounts Payable Professional

Now, coming to the AP roles and responsibilities, the accounts payable specialist has to juggle between multiple roles and the key responsibilities include: 

• Posting business transactions, processing invoices and verifying financial data, which is thereafter used for maintaining accurate accounts payable records, is the primary responsibility of an accounts payable professional. 
• If there are any outstanding payables, these professionals are responsible for maintaining that record. 
• They also have to make sure that the organisation's financial documents are accurate for auditing, payment and tax purposes. 
• If there is any unintentional payment, the accounts payable professional must take the necessary action and protect the business.
• They also implement effective monitoring and make sure that the vendor payments are made by the specified timeline. 
• Apart from the above responsibilities, accounts payable professionals provide clerical assistance to meet organisational obligations.

What is An Example of An Accounts Payable Job?

One of the accounts payable job description examples is that of an Accounts Payable Officer, who reviews invoices and makes sure that they are up-to-date and adhere to the company's policies before payments are approved. When there is approval for the invoice from other team members, it is referred to the Accounts Payable Officer. 

To ensure the invoices are legitimate, the Accounts Payable Officer compares the invoices with the corresponding business contract or the purchase orders. Once the invoice validation is done, each transaction is carried out via a centralised platform interconnecting several departments within the organisation. 

Key Takeaways

The accounts payable job description serves as a critical guide, offering essential insights into the roles and responsibilities of the position. It is of utmost importance to thoroughly read and understand this description and the associated duties to ensure that your application aligns with the job within the company.