Accounts Payable Job Overview People who work in accounts payable typically use a type of bookkeeping software or ...
Accounts Payable Job Overview
People who work in accounts payable typically use a type of bookkeeping software or spreadsheet to enter financial transactions, record credits and debits into the right accounts, produce balance sheets and income statements, and check for accuracy in their figures and reports. Since the majority of the work these people do is now done with computers, they will sometimes take on other roles such as payroll, purchasing, and keeping track of overdue bills.
Most people in accounts payable work full-time, although they can work longer hours if they need to meet deadlines during audits, tax time, or at the end of the fiscal year. Oftentimes, people who work in accounts payable will use their experience to move on to other jobs such as a billing adjuster, cost estimator or financial clerk.
Accounts Payable Job Education Requirements
Most people who get a job in accounts payable have at least a high school diploma, while some employers look for people who have a college degree in accounting. Other employers will look for certifications including the Certified Bookkeeper designation handed out by the American Institute of Professional Bookkeepers and a passing score on the Uniform Bookkeeper Certification Examination from the National Association of Certified Public Bookkeepers.
Those who work in accounts payable must be good with basic math skills, have the necessary computer skills to create spreadsheets and run accounting software, and pay enough attention to detail to catch small mistakes. In this profession, on-the-job training will usually last around six months.
Accounts Payable Job Market
The need for accounts payable workers is driven largely by economic growth. As more businesses open and expand, their need for qualified people in accounts payable will also grow. That is why this field is expected to grow by 11 percent in the next 10 years. Not only will there be a large number of jobs available as some workers retire, other workers will move on to similar roles as an accountant or budget analyst and create more openings.
Accounts Payable Job Salary Information
The median annual salary for a person in accounts payable is around $35,000. However, the type of industry where the person works will also play a factor in their salary. For example, someone employed in the retail trade will make around $30,500 a year, while a person employed in the technical service industry can expect to earn about $36,600 a year.