Accounts Payable Specialist

An accounts payable specialist works with all facets of the accounting system, principally the validation, processing, and filing of invoices. The specialist must make sure that all invoices are accurate and have been properly documented and approved by the authorizing employee prior to making a payment. Once the proper verifications and authorizations are received, the specialist is responsible for submitting payments in a timely fashion. This position also requires preparing and mailing checks, as well as verifying and procuring proper Internal Revenue Service documentation such as 1099 and W-9 forms from vendors. The specialist also files and maintains files for all invoices, accounts payable payments, and tax information for vendors.

An accounts payable specialist works with individuals at all levels of the company, including management staff who must authorize payments. A specialist also works with many vendors; an accounts payable specialist is the first point of contact for vendors if there is a question about an invoice or their timely receipt of payment. The work environment typically is an office setting, with no outdoor work or travel, during standard business hours.

The qualities an accounts payable specialist must possess are attention to detail, experience in bookkeeping or accounts payable, and strong written and oral communications skills. They should be familiar with Microsoft Excel and Microsoft Word. They should also be able to speak with vendors in a friendly and professional manor. A high school diploma is required.

As an Accounts Payable Specialist with 9+ years of experience in Canada, your main responsibilities include:

• Manage the entire accounts payable process, including invoice processing, verification, and payment disbursement. Ensure accurate and timely processing of invoices, verifying details, and coordinating with vendors for payment.
• Reconcile accounts payable transactions and resolve any discrepancies or issues. Regularly review accounts payable records, identify discrepancies, and take necessary actions to resolve them.
• Collaborate with internal teams and external stakeholders to resolve payment-related inquiries and ensure smooth financial operations. Communicate with departments and vendors, address queries, and maintain positive relationships for efficient payment processes.
• Stay updated with relevant accounting regulations, industry best practices, and technological advancements to improve accounts payable procedures.

For an Accounts Payable Specialist, the following qualifications are required:

• Solid understanding of accounting principles and procedures to ensure accurate recording, verification, and reconciliation of accounts payable transactions.
• Proficient in using accounting software and computer systems to process invoices, payments, and expense reports efficiently.
• Strong attention to detail and accuracy to identify discrepancies and resolve issues with vendors, ensuring timely and accurate payment processing.
• Excellent time management and organizational skills to prioritize and manage a high volume of invoices, meeting payment deadlines and maintaining accurate records.

With over 9+ years of experience in the Accounts Payable Specialist role in Canada, professionals have several alternative options to consider. Here are four alternative roles to explore:

• Accounts Payable Supervisor: A critical role in ensuring efficient operations and cash flow management within the accounts payable function.
• Financial Controller: A position that involves overseeing the financial operations of an organization, including financial reporting, budgeting, and analysis.
• Tax Specialist: A role focused on managing tax compliance, preparing tax returns, and providing tax planning advice to minimize tax liabilities.
• Cost Accountant: A position that involves analyzing and controlling costs within an organization, including the development of cost accounting systems and the identification of cost-saving opportunities.

The accounts payable specialist role in Canada is projected to experience steady growth in the job market. Over the past 10 years, there has been a consistent demand for this position, with increasing opportunities. According to recent data from Google, the employment opportunities for accounts payable specialists in the future are expected to remain favorable. The role of an accounts payable specialist is crucial for businesses to maintain accurate financial records and ensure timely payment of invoices, making it an essential position in the financial sector.