An accounts payable job consists all the tasks related to keeping detailed records of the debts to be paid by the company. This job includes accounting and clerical tasks to provide effective and error-free transactions.
Accounting is a vast field, and there are many tasks that are required to carry out complex transactions in detail. One of the most important sections that is required to be present in the company is the accounts and finance department.
The term 'accounts payable' generally describes the payments and debts that are yet to be paid to the creditors. Today, the accounts payable clerk and manager are two important positions offered in most companies. Professionals involved in this field are referred to as bookkeeping executives.
Major Roles and Responsibilities
A person working in the accounts payable section of the company has to take care of a lot of responsibilities
The key area which involves his working are:
keeping the invoices in order so that they can be matched later
processing check requests when required
preparing and processing payable checks
keeping an account of payments that have been made
analyzing the payable accounts
generating monthly reports for the company
monitoring accounts to ensure payments are up-to-date
resolving the discrepancies related to invoices
maintaining vendor files
assisting in month-end closing
To perform the aforesaid responsibilities, one has to possess certain skills. Some of these skills include:
knowledge of accounts payable
problem solving skills
maintain good relationship with the vendors
Here's a description of the work and salary that is credited to an accounts payable clerk and manager.
Accounts Payable Clerk
An accounts payable clerk is a person who is handed over the responsibility to look after every detail and record of the payments that are due to be made to different creditors.
He maintains a record of all the business debts and payments to be made for the services availed from other corporates.
For bookkeeping, he has to be well-versed with accounting softwares.
The records of the payments are approved by the accounts payable manager, and then the payments are made using checks or online transactions.
In addition, he has to record the expenses for tax payment purposes.
The expected salary range for a typical accounts payable clerk in the United States is approximately $25,000 to $44,000 per year.
Accounts Payable Manager
An accounts payable manager has to supervise all the aspects of the finance department which relate to paying of dues and unpaid expenses.
He has to review and assess important expenses and corporate debt, and then approve the payment. An accounts payable manager has to make sure that all the firm's invoices are handled in a proper manner.
He may have to consult with other departments within the organization regarding executing financial transactions and payments.
He is also responsible for the hiring of new recruits in the accounting department, and providing employee training about the tasks required to be carried out.
He has to resolve issues with the vendors and creditors regarding the payments to be made.
The expected salary range for a typical accounts payable manager in the United States is approximately $35,000 to $83,000 per year.
Disclaimer: Salary figures mentioned here are for reference purposes, and may vary according to the location, experience, and type/size of an organization.