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 Australia, your main responsibilities include:

• Process and review invoices, ensuring accuracy and compliance with company policies and procedures. Verify invoice details, match them with purchase orders or contracts, and resolve discrepancies.
• Maintain vendor records, including contact information, payment terms, and tax documentation. Update and reconcile vendor accounts, ensuring timely and accurate payment processing.
• Generate and distribute monthly financial reports, analyzing accounts payable data for management review. Prepare aging reports, cash flow projections, and expense analyses to support decision-making.
• Collaborate with internal departments and external vendors to resolve payment issues and inquiries promptly.

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 9+ years of experience as an Accounts Payable Specialist in Australia, professionals have various alternative roles to explore. Here are four options to consider:

• Senior Accountant: A role with broader responsibilities, including financial reporting and regulatory compliance.
• Treasury Manager: Focused on managing cash and liquidity requirements for an organization, including forecasting, risk management, and investment activities.
• Procurement Manager: Involves managing supplier relationships, negotiating contracts, and overseeing purchasing processes.
• Financial Analyst: Concentrated on monitoring financial performance, developing forecasts, and providing insights to support strategic decision-making.

According to recent data from Google, the role of an Accounts Payable Specialist is expected to experience steady growth in the Australian market. Over the past 10 years, there has been an increasing demand for professionals in this field, with a positive trend projected to continue in the future. The growth can be attributed to the expanding economy and the need for efficient financial management. As businesses continue to grow, there will be a rising number of job opportunities for Accounts Payable Specialists, making it a promising career option in Australia.