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Accounts payable specialists (AP specialists) play an important role in a company's AP process and financial operations.
Managing accounts payable sounds simple enough—process payments to vendors and suppliers, oversee cash flow, and keep accurate financial records.
But drill into the details, and there's a lot more to it.
This post explores the AP specialist job:
- Duties and responsibilities
- Differences between an AP specialist and an AP clerk
- Salary potential
- How to become an AP specialist
What does an accounts payable specialist do?
An accounts payable specialist oversees the payment of all outstanding invoices from a company's vendors or suppliers. Their role in the accounts payable department is to make sure their company's financial obligations are met in a timely and accurate manner.
To do that, they process payments, verify invoices, reconcile discrepancies, and maintain accurate financial records. At some companies, the job includes reaching out to vendors to resolve any payment issues or questions.
Accounts payable specialist duties and responsibilities
Accounts payable specialists help ensure the smooth operation of a company's accounting department and financial systems.
Because they're responsible for paying vendors and suppliers, they play a key role in maintaining accurate financial records, managing cash flow, and making sure bills are paid in a timely manner.
Let's take a closer look at the key duties and responsibilities of an accounts payable specialist.
1. Review invoices for supporting documentation
One of the main tasks of an AP specialist is to review vendor invoices, making sure they're accurate and that they have the necessary documentation—such as matching purchase orders to invoices through a detailed list of the products or services provided—before processing payment.
This helps prevent errors and ensures that the company is only paying for valid expenses.
2. Perform invoice and general-ledger data entry
Accounts payable specialists are also responsible for entering vendor and general ledger data into the company's accounting system. This requires attention to detail and extreme accuracy, day in and day out, to ensure that all transactions are recorded correctly.
3. Execute credit card and bank account reconciliation
Maintaining accurate records of credit card and bank account transactions is essential for tracking expenses and reconciling accounts. Accounts payable specialists are often tasked with reconciling these accounts and maintaining compliance with financial regulations.
4. Generate purchase orders
In some cases, accounts payable specialists may need to generate purchase orders for goods or services that will be purchased by the company. This helps track expenses and ensures that all purchases are authorized and documented.
5. Tracking invoices and invoice approval
Accounts payable specialists are responsible for reviewing invoices and tracking them through the accounts payable process to address any invoice discrepancies.
They're also tasked with obtaining necessary approvals for vendor payments—and signatures on paper checks—before processing them. This helps to prevent mistakes as well as unauthorized transactions or fraud.
6. Assist senior financial officers
Accounts payable specialists may also assist senior financial officers with various financial reporting tasks, as needed. This could include preparing expense reports, generating financial statements, analyzing data, or providing support during audits.
What is the difference between an AP specialist and AP clerk?
An AP specialist typically has a more advanced and specialized role than an AP clerk. While both job descriptions involve processing invoices, managing payments, and maintaining accurate financial records, an accounts payable specialist job description typically includes more complex tasks such as analyzing financial data, resolving discrepancies, and improving payment processes.
They may also be involved in communicating with vendors, conducting audits, and implementing strategies to optimize the accounts payable function.
Compared to an AP specialist, an accounts payable clerk generally focuses on more routine tasks such as data entry, invoice processing, and organizing paperwork. The key difference lies in the level of experience, skills, and responsibilities between an AP specialist and an AP clerk.
How much does an accounts payable specialist make?
The salary for accounts payable specialist jobs can vary based on factors like experience, location, and the size of the company they work for.
On average, an accounts payable specialist in the United States can make anywhere from $35,000 to $60,000 per year. Entry-level positions may start at a lower salary, while those with more experience or working for larger corporations may earn a higher salary.
It's important to research current salary ranges in your specific area to get a more accurate idea of how much you could make as an accounts payable specialist.
How much do other accounting and finance positions make?
Explore the salaries for these accounting and finance positions:
How to become an accounts payable specialist
An accounts payable specialist education generally requires a high school diploma or equivalent, an understanding of finance and accounting principles, superb time management skills, and the ability to maintain confidentiality.
Preferred qualifications may include an associate's degree, strong mathematical skills, and experience in accounts payable or accounts receivable.
How AP specialists can leverage automation to help their roles
Automation tools can help AP specialists streamline processes, reduce manual errors, and improve AP efficiency. By leveraging financial automation platforms with AI, AP specialists can automate invoice processing, payment tracking, and reconciliation tasks, allowing them to focus on more strategic activities within the finance department.
AP specialists can also use automation to make approvals easier for senior staff and to make financial reporting faster and easier for their CFO.
To learn more, explore the benefits of accounts payable automation with BILL.
Accounts payable specialist FAQ
Here are quick, easy answers to the most commonly asked questions concerning accounts payable specialists.
Is an accounts payable specialist a difficult job?
While the role of an accounts payable specialist can be demanding at times, detail-oriented individuals with strong time management skills can excel in this position. The key is to stay organized, prioritize tasks, and communicate effectively with vendors and suppliers.
What is the key skill for an accounts payable specialist?
Attention to detail is one of the key skills for an accounts payable specialist—accuracy is key when processing payments and maintaining financial records. Other accounts payable specialist skills include strong communication skills, organizational skills, time management, and the ability to work under pressure.
Who does an accounts payable specialist report to?
Accounts payable specialists typically report to the accounts payable manager or the finance manager within a company. They work closely with other members of the finance team, vendors, and suppliers to ensure smooth financial operations and timely payments.
