What does Accounts Payable do?

Accounts Payable typically forms part of a company’s accounts payable team. Accounts payable is an accounting term that refers to the monies that a company owes suppliers and vendors for goods or services received. Accounts Payable make sure that a company pays all outstanding monies on time and that the invoices the company receives are correct. They check, for instance, that all invoices they receive meet VAT and general invoicing requirements and the amounts owed are correct. These employees sometimes also have added tasks, such as reviewing and approving employee expenses.

Accounts Payable skills and qualifications

Accounts Payable are responsible for ensuring that a business pays its creditors and vendors on time. These professionals also prevent unnecessary and potentially costly errors, such as unintentionally overpaying creditors. To avoid mistakes and effectively keep track of accounts payable transactions, Accounts Payable must work meticulously and pay careful attention to detail. A successful Accounts Payable will also have various other prerequisite skills and qualifications, these include:

• Working knowledge of general accounting procedures
• IT literacy, including knowledge of relevant accounting software, such as QuickBooks, Sage and ERP systems
• Strong organisational skills, as they typically handle high volumes of invoices
• Excellent communication skills, including the ability to actively listen to others and relay information clearly
• The ability to build effective relationships with suppliers and creditors
• The ability to work well in a team and collaborate with others

Accounts Payable experience requirements

The level of experience an Account Payable needs depends on the position. In general, employers expect that candidates have at least one to two years of experience in a finance-focused environment. Candidates typically need to show knowledge of general accounting procedures and may also need a working knowledge of relevant accounting and ERP systems.

Accounts Payable education and training requirements

There are no fixed education and training requirements for this occupation. However, employers often require that candidates have at least a few GCSEs at grades 9 to 4, usually including English and maths. Some candidates choose to develop their skills and knowledge in the field by completing college courses. Relevant qualifications include the Level 2 Certificate in Accounting and the Level 2 Certificate in Manual and Computerised Bookkeeping. Professional bodies like The Association of Accounting Technicians (AAT) also offer relevant qualifications, such as a Level 3 Advanced Certificate in Bookkeeping.

Accounts Payable salary expectations

According to Indeed Salaries, the average salary for an Accounts Payable in the UK is £14.10 an hour. Salaries vary depending on factors like location, employer and level of experience.

Job description samples for similar positions

If this job description doesn’t adequately describe the job opening you have, here are a few job description samples of similar positions to consider:

• Accounts Assistant
• Accounts Receivable Specialist