Accounts Payable Specialist

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 documented and endorsed 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.

A specialist in accounts payable works with all levels within the business and includes management personnel who have to authorize the payment. The specialist also interacts with a variety of vendors. An account payable expert is often the primary contact for vendors when there is any question regarding the invoice or timely payment receipt. The typical work environment is in a workplace and there is no outside work or travel during normal business hours.

The attributes that an accountant payable specialist should have are attention to particulars, knowledge of accounting payable or bookkeeping as well as strong written and oral communication abilities. They must be proficient using Microsoft Excel and Microsoft Word. They must be able to communicate to vendors in a pleasant and professional manner. High school graduation is needed.

As an Accounts Payable Specialist with 6-9 years of experience in the United Kingdom, your main responsibilities include:

• Managing invoice processing and ensuring accurate and timely payment to vendors.
• Reconciling vendor statements and resolving any discrepancies or payment issues.
• Maintaining accurate financial records and preparing reports for management.
• Collaborating with other departments and vendors to ensure efficient invoice handling and payment processes.

For an Accounts Payable Specialist job role, 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.

The role of an Accounts Payable Specialist is crucial for effective operations and cash flow management. For professionals with 6-9 years of experience in the United Kingdom, there are several alternative roles worth exploring. Here are following options to consider:

• Senior Accountant: This role entails more extensive responsibilities, including financial reporting and regulatory compliance.
• Treasury Manager: Focusing on managing cash and liquidity requirements for an organization, this position involves forecasting, risk management, and investment activities.
• Procurement Manager: Involving supplier relationship management, contract negotiation, and overseeing purchasing processes, this role plays a vital part in procurement operations.
• Financial Analyst: With a focus on monitoring financial performance, developing forecasts, and providing insights for strategic decision-making, this role supports business growth and profitability.

The accounts payable specialist role in the United Kingdom is expected to experience steady growth in the market. Over the past 10 years, there has been a consistent demand for these professionals, and this trend is projected to continue in the future. The job role has seen an increase in employment opportunities, with a noticeable rise in the number of available positions. With the expanding needs of businesses and companies in managing their financial transactions, the demand for accounts payable specialists is expected to remain high, making it a promising career option in the coming years.