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 9+ years of experience in the United Kingdom, your main responsibilities include:

• Managing the accounts payable process, including receiving and reviewing invoices, verifying accuracy, and processing payments promptly and accurately.
• Maintaining vendor records, ensuring all information is up to date and accurate, and addressing any vendor inquiries or discrepancies.
• Reconciling accounts payable transactions, ensuring proper coding and classification, and resolving discrepancies or issues that may arise.
• Collaborating with internal teams and external vendors to ensure timely and accurate payment processing, while adhering to company policies and financial regulations.

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 with 9+ years of experience in the United Kingdom is integral to smooth financial operations. If you're looking for alternative career paths, consider the following options:

• Senior Accountant: Take on additional responsibilities, such as financial reporting and ensuring regulatory compliance.
• Treasury Manager: Focus on managing an organization's cash flow, including forecasting, risk management, and investment activities.
• Procurement Manager: Oversee supplier relationships, negotiate contracts, and manage purchasing processes.
• Financial Analyst: Monitor financial performance, develop forecasts, and provide insights for strategic decision-making.

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.