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.

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.

How to Learn

As an Accounts Payable Specialist with 9+ years of experience in Canada, your main responsibilities include:<ul><li> 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.</li><li> Reconcile accounts payable transactions and resolve any discrepancies or issues. Regularly review accounts payable records, identify discrepancies, and take necessary actions to resolve them.</li><li> 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.</li><li> Stay updated with relevant accounting regulations, industry best practices, and technological advancements to improve accounts payable procedures.</li></ul>

Roles & Responsibilities

Average take home Salary for a Accounts Payable Specialist in Canada is around C$86817 per year

Salary Breakup

A specialist in accounts payable works in all aspects of accounting, including the validation, processing and the filing of invoices. The specialist should ensure that the invoices are correct and correctly verified and approved by the employee who authorized them before making payments. After the correct authorizations and verifications have been received the specialist is accountable to submit the payment in a timely manner. The job also involves preparing the checks and sending them out, and confirming and obtaining the appropriate Internal Revenue Service documentation such as W-9 and 1099 documents from suppliers. The specialist also records and maintains the files of all invoices, payments to accounts payable and tax data for vendors.

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Accounts Payable Specialist

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