What Is the Pay of an Accounts Payable Associate?
An accounts payable associate is an important part of the accounting function and is primarily responsible for processing invoices for payment. He receives and reviews invoices, codes them into the accounting system and prepares checks. She may also prepare financial information for management or communicate with outside vendors regarding payments.
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Average Salary
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The Bureau of Labor Statistics considers accounts payable associates a member of the bookkeeping, accounting and auditing clerks job family. According to the BLS, the national median salary of an accounts payable associate was $32,510 as of May 2008. The middle 50 percent of accounts payable associates earned an average salary ranging from a low of $26,350 to a high of $40,310 and the top 10 percent of these workers earned more than $49,260. These averages exclude any employer-provided benefits such as company-paid health insurance or retirement offerings.
Work Environment
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Most companies both large and small employ accounts payable associates. They may also work in educational institutions or government agencies. In larger companies, accounts payable clerks may focus on a specific part of the accounts payable process, while in smaller companies they may be responsible for the entire process or for other additional accounting duties.
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Qualifications
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Accounts payable associates generally receive extensive on-the-job training, but should possess a minimum of a high school education. Increasingly, an associate's degree in business or accounting is required for some positions. A bachelor's degree is rarely required.
The ideal accounts payable associate is an individual who is detail-oriented, trustworthy and exhibits numerical aptitude and communication skills. Familiarity with or experience in an office environment, and computer and spreadsheet software skills are all valuable traits.
Job Outlook
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According to the BLS, the number of available positions in the bookkeeping, accounting, and auditing clerk field is projected to grow by 10 percent between 2008 and 2018. Changing and increasingly complex financial regulations and reporting methods should benefit overall employment of bookkeeping and accounting professionals. Many current workers will also transfer to other occupations or retire, ensuring plentiful job openings.
Advancement
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Accounts payable positions may lead to promotion. Employees may advance by taking on new duties or working in other related positions within a company. Companies often promote employees from within the organization to fill administrative support supervisory and managerial positions. If an accounts payable associate holds a bachelor's degree and has the appropriate training, she may become an accountant, auditor or CPA.
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References
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