Accounts Payable Job Description

"Accounts payable" is defined as the money that a company owes for products and services purchased from vendors. Businesses often dedicate an entire department to ensuring that these debts are settled each month.

Function

According to Best-Job-Interview.com, accounts payable employees perform general finance and accounting tasks including: reconciling payments, reviewing invoices, processing check requests, analyzing accounts, producing monthly financial reports, and organizing vendor files.

Types

An accounts payable department includes clerks, managers, and supervisors. Clerks review materials and post transactions while managers and supervisors oversee the department, interact with vendors, and provide month-end reports.

Salary

According to a September 2009 report by Payscale.com, an entry-level accounts payable employee earns $28,000 to $36,000 per year. The salary range increases to $29,000 to $39,000 after five years of experience.

Considerations

Although a college degree is not required to work in accounts payable, many people choose to earn degrees in accounting. A September 2009 report by Payscale.com indicates that accounts payable employees with a Bachelor of Arts degree in accounting earn the most compared to their peers.

Future

The Bureau of Labor Statistics predicts that accounts payable jobs will continue to increase at an average rate, with an estimated 264,000 new job openings by 2016.

References

• Bureau of Labor Statistics
• Investopedia
• Payscale.com

Resources

• Search for Accounts Payable Jobs
• Accounts Payable Interview Guide
• Dictionary of Accounting Terms

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