Accounts payable work such as reviewing and maintaining purchase invoices of the company is done by the accounts payable clerks, managers and supervisors of the company. In some smaller organizations, accounting staff may perform all kinds of accounting related work such as handling the accounts receivable invoices, accounts payable invoices and other minor accounting related work. Their work responsibilities are not specific. But, in bigger organizations a specific set of tasks is assigned to each employee working in the accounts department. The accounts payable and accounts receivable positions are not the same; a separate team of employees is assigned to perform each duty.
Work Profile
When a company purchases some goods or services from the suppliers and vendors, it gets a record of the details of the goods and the amount that the company has to pay to the vendors in the form of a receipt. This receipt is called the invoice receipt and the company keeps a track of all such invoices and does payments to the suppliers. The debt amount is paid to the suppliers once the goods are checked. Keeping a record of these invoices is the main responsibility of the accounts payable department of the company. Here are some of the general job responsibilities handled by the accounts payable department.
Career Scope
They have opportunities to work in any type of organizations especially in accounting firms, supermarkets, retail stores, pharmaceuticals, computer organizations, etc. There are huge opportunities with the manufacturing industries as well as they purchase raw material required in the manufacturing process. They have to maintain a record of the expenses and this is helpful for their financial decisions. Accounts payable employees can also work as book keeping accountants.
Work Environment
Accounts payable employees usually work in the offices and they have to interact with the finance department of the organization. As they are a part of the accounts department of the company they have to work in coordination with other departments that are involved in the accounting process of the company. Some companies maintain manual invoices in the forms of receipts while there are some companies that use computerized systems. The accounts payable employees should be comfortable working in both the conditions.
Current Industry Trends and Employer's Requirements
Accounts payable clerks should be proficient in accounting and mathematics. They should be commerce graduates or post graduates with specialization in accounting. Some employers also prefer individuals who are specialized in finance and business administration. They should be skilled at handling computer software that is used to record the details of the invoices.
Career Path and Growth Opportunities
An individual can start his career as an account payable clerk. After getting experience of two to three years he may get opportunity to work as accounts payable supervisor and then as an accounts payable manager. Skilled individuals may progress at a faster rate and can even work as managers of the accounting department of the company.
The accounts payable work in not as easy as it seems; it takes a lots of efforts and dedication towards work to accomplish the tasks assigned within time. This is a challenging career and job opportunities are expected to increase with experience.