Navigating the Accounts Payable Manager Landscape in India with Step-by-Step Career Guide

Navigating the Accounts Payable Manager Landscape in India with Step-by-Step Career Guide

04 December 2023

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Elevating Your Career with Comprehensive Accounts Payable Manager Career Guide

Features

Table of Contents

  • 1. Accounts Payable Manager Career Guide: Introduction

  • 2. What is Accounts Payable Manager?

  • 3. Roles and Responsibilities

  • 4. Prerequisites

  • 5. Essential Skills for Accounts Payable Manager

  • 6. Industry Outlook

  • 7. Top Courses To Become Accounts Payable Manager

  • 8. Summary

Elevating Your Career with Comprehensive Accounts Payable Manager Career Guide

Accounts Payable Manager Career Guide: Introduction

The career guide provides a detailed roadmap of the Accounts Payable Manager position, part of the Accounting & Finance industry within India that offers potential career growth.

What is Accounts Payable Manager?

The Accounts Payable Manager oversees the people and processes within accounts payable and manages all tax-related functions. In addition, they keep track of the company's economic expenditures, maintain an archive for all accounting transactions, and give reports when supervisors request.

Some titles for Accounts Payable Manager are:

  • Accounts Payable Specialist: A professional who manages an organization's expenses by analyzing invoices and fixing accounting discrepancies.
  • Accounts Payable Supervisor: An Accounts Payable Supervisor ensures timely payment of supplier invoices and expense receipts and maintains accurate financial records and audit reports.
  • Accounting Specialist: A financial professional who manages all types of financial accounts within an organization, keeps accurate records, ensures payment clearances when needed and that customers are not overpaying for services or goods rendered.

Roles and Responsibilities

As an Accounts Payable Manager in India, your main responsibilities include:

  • Implementing and maintaining efficient invoice processing systems: Streamlining the accounts payable process to ensure timely and accurate payments to vendors and suppliers.
  • Managing vendor relationships and resolving payment discrepancies: Building strong relationships with vendors and resolving any issues related to payments or invoices.
  • Monitoring and controlling cash flow: Keeping track of cash inflows and outflows, forecasting cash requirements, and ensuring efficient utilization of funds.
  • Supervising the accounts payable team: Providing guidance and support to the team, ensuring adherence to policies and procedures, and conducting performance evaluations.
  • Analyzing financial data and generating reports: Reviewing financial statements and preparing reports to assess the accuracy of accounts payable records.
  • Ensuring compliance with taxation and regulatory requirements: Staying updated with relevant tax laws and regulations, ensuring all tax obligations are met accurately and timely.
  • Collaborating with other departments: Working closely with purchasing, finance, and other departments to streamline processes and resolve any cross-functional issues.
  • Implementing process improvements and automation: Identifying opportunities for process enhancement, leveraging technology, and implementing automation tools to improve efficiency and accuracy.
  • Conducting internal audits and managing external audits: Performing periodic internal audits to ensure compliance and assisting with external audits conducted by regulatory bodies or auditors.
  • Training and developing the accounts payable team: Providing training, mentoring, and professional development opportunities to enhance the skills and capabilities of the team.

Prerequisites

Prerequisite for a Accounts Payable Manager

Educational Qualifications

Top Professional Certifications

Work Experience and Internship

Tools Knowledge required

Essential Skills for Accounts Payable Manager

Essential skills that can help you prosper as Accounts Payable Manager:

Salary Insights

Experienced

Late Career

Early Career

Mid Career

Industry Outlook

The Accounts Payable Automation Market globally was estimated at $2.3 billion in 2021 and is projected to grow around 10% CAGR (Compounded Annual Growth Rate) to $6.7 billion, up from $2.6 billion by 2032.
Indian mobile payments market is estimated at USD 191.22 billion in 2022 and will reach USD 714.92 billion by 2027, growing at a 30.18% CAGR. The Indian digital payments market is at an inflection point. It will be tripled by 2026 from the current $3 trillion, according to a report by PhonePe in partnership with Boston Consulting Group (BCG). This market excludes large B2B/G2B payments.
All these figures indicate that professionals in the finance and accounting space can expect sustained career growth opportunities for the years to come till at least 2026.

Top Courses To Become Accounts Payable Manager

If you are prepared to advance your learning journey towards becoming an Accounts Payable Manager, you have arrived at the ideal destination! Outlined below are the leading courses that can facilitate a prosperous vocational journey for you

Summary

The role of an Accounts Payable Manager involves overseeing accounts payable, managing tax-related functions, tracking expenditures, maintaining accounting transaction archives, and providing reports as required. Alternative career prospects in India for individuals with a background in accounting and finance include roles such as Procurement Manager, Tax Compliance Manager, Financial Analyst, and Treasury Manager. These roles offer diverse opportunities and contribute to an organization's financial success. The global Accounts Payable Automation Market is projected to grow at a 10% CAGR, reaching $6.7 billion by 2032. The Indian mobile payments market is estimated to grow at a 30.18% CAGR, indicating sustained growth opportunities in finance and accounting.

Features

Table of Contents

  • 1. Accounts Payable Manager Career Guide: Introduction

  • 2. What is Accounts Payable Manager?

  • 3. Roles and Responsibilities

  • 4. Prerequisites

  • 5. Essential Skills for Accounts Payable Manager

  • 6. Industry Outlook

  • 7. Top Courses To Become Accounts Payable Manager

  • 8. Summary