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Accounting Sector

Accounts Payable Specialist

Introduction
job description
responsibilities and duties
Qualifications
Skills Required
Work environment and Schedule
salary in India
KRA & KPI
Conclusion
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Accounts Payable Specialist Job Description

Introduction

An account payable specialist is a person who manages the expenses of companies, businesses, and organizations and it is their job to analyze invoices and expense reports, resolve accounting discrepancies, and charge expenses to accounts. The Account Payable specialist is a person who enjoys staying organized and making lists and staying detail-oriented. The Accounts Payable Specialist maintains current accounts and assists in invoicing functions for the accounting team.

Job Description

The Account Payable Specialist works to control and monitor the business expenses in detail oriented fashion. The Account payable specialist job requires them to process payments, verify invoices, and perform account reconciliations. To be a good Account payable specialist one should exhibit sound knowledge of best practices in accounting and experience in a similar role. The core task of an account specialist is to optimise the business’s expense control processes.

Roles and Responsibilities

Qualifications

Eligibility

To get better work opportunities, The Account Payable Specialist requires to have a Three year college degree with majoring in business, Marketing or finance preferred, such as a Bachelor of Commerce (B Com), Bachelor of Business Administration in Finance or accounting (BBA), Bachelor of Accounting and Finance (BAF) etc.

If you want to have a good chance of working in a reputed organisation, A master’s degree is recommendable, such as a Master of Commerce (M. Com) or MBA in Accounting or Finance, However, it is important that the Account Payable Specialist possess at least two years of experience in the Marketing industry in a starting position.

Skills Required

Analytical skills

Analytical skills are very much important for an Account payable clerk in order to analyse the accounts to find out who owes the business money and the creditors whom the business owes. It is an important part of the job and a core task. 

communication and public speaking skills

They need to have good Interpersonal and Communication Skills in order to talk to people in the organisation such as the sales department, accounting department and other relevant departments. They also need to call creditors or debtors who owe money and then talk to them. They need to be polite with debtors and maintain good relations with them and good communication skills are required for it.

Math and Accounting Skills:

Math and Accounting skills are basic requirements for an Account Payable Clerk. They need to have good math and accountancy skills in order to analyse the account, call debtors, and ask them to return the money.

Work Environment and Schedule

The accounts payable specialist typically spends the majority of the work day on a desk in front of a computer screen, filing papers, making copies, reviewing reports, and checking invoices. The Account Payable specialist usually works from 9 to 5 but the timing can change depending on the organisation they are working in. They share an office with other specialists or have a desk in a central, open location. But it is common for all Accounts payable specialists to interact with many of the other employees throughout the day.

Salary in India

The Average Salary for a Accounts payable Specialist in India can range somewhere between 3 Lakh to 6 lakh INR per annum.

The Amount may vary through different banks, and cities depending on workflow and workload.

Key Result Areas to Deliver

  • Maintaining Accounting Records:

One of the key aspects of the job is to maintain accounting records in a proper manner so that there are no errors in the accounting

 

  • Sending Bill Reminders to debtors:

They need to remind debtors for payment of invoices by Sending Bill Reminders after the agreed time limit is finished so all the payments are done on time

 

  • Creating reports:

The Account payable clerks need to create reports detailing accounts payables status so that the accountant or any other in charge can analyse them and take decisions accordingly

 

Key Performance Indicator

  • Minimising the Bad Debts:

They need to contact the debtors who are late to pay their debts so that all the payments are done on time hence, Minimising Bad debts.

 

  • Net cash flow:

Net cash flow is the amount of cash generated or lost over a period. The Cash Flow must never be negative.

 

  • Accounts without Mistakes:

One of the signs of a good Account Payable Clerk is that the account that they manage is up to date with all the payments received and payments that are pending.

Conclusion

Every business wants to manage the expenses of their companies and minimize costs in order to increase the profit margin. This is one of the core tasks of an Account payable specialist. The work is mostly a desk job without much physical demand and the pay is also relatively high as a result it is one of the most preferred jobs. Anyone with a passion for accounting, math, and taking money decisions has a good scope of building a perfect career out of This Job role.

To get a Detailed Overview of the Accounting Sector, Click Here. 

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