Accounts Payable Specialists

Accounts payable specialists play an important role in the smooth functioning of the financial operations departments of their employers. When a vendor submits an invoice for payment, the specialist verifies pricing, quantities, purchase order numbers, and other information before entering the invoice into their organization’s accounting system. If the information is correct, the specialist prepares and issues payment (e.g., electronic transfers, checks) to the vendor in accordance with established payment schedules (e.g., 30 days, 60 days, payment on receipt of invoice). This may sound easy but accounts payable specialists at large employers might need to process hundreds of invoices a week. This requires them to be able to work quickly and accurately and have a comprehensive understanding of accounting payable software and how the payment process works at their employer.

In some cases, an invoice may not contain all the information necessary to be processed—or it may contain incorrect data (such as a wrong purchase order number or an incorrect amount due). In such an instance, the accounts payable specialist conducts research to identify and resolve the issues with customers or vendors. They call or otherwise contact vendors or use internal databases to correct any issues. Specialists may also need to collaborate with colleagues in other departments to resolve billing issues and discrepancies.

When working with a new vendor, the accounts payable specialist contacts them to set up an account—sending them tax and onboarding documents for them to complete and return. They also educate them about their organization’s invoice submission and payment protocols.

Other important tasks for accounts payable specialists include assisting in month-end and year-end closing processes, preparing reports detailing the status of accounts payable operations, and identifying and suggesting process improvements to enhance accuracy and automate tasks.