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Key Responsibilities and Required Skills for Accounts Payable Specialist

💰 $50,000 - $70,000

AccountingFinanceAccounts PayableVendor ManagementProcurement

🎯 Role Definition

An Accounts Payable Specialist is responsible for managing and executing the company’s outgoing financial transactions. This role ensures the accurate and timely processing of vendor invoices, expense reimbursements, and payment runs while maintaining compliance with company policies and accounting standards. The AP Specialist serves as the primary contact for vendor relations, resolves payment discrepancies, and supports month-end close processes to ensure the organization’s financial integrity and operational efficiency.

📈 Career Progression

Typical Career Path

Entry Point From:

  • Accounting Assistant
  • Accounts Payable Clerk
  • Finance Administrative Assistant

Advancement To:

  • Senior Accounts Payable Specialist
  • Accounts Payable Supervisor
  • Accounting Manager

Lateral Moves:

  • Accounts Receivable Specialist
  • Procurement Analyst

Core Responsibilities

Primary Functions

  1. Process, review, and verify invoices for accuracy and compliance with purchase orders, contracts, and company policies.
  2. Enter and code invoices into the ERP or accounting system in a timely and accurate manner.
  3. Match purchase orders, receipts, and invoices to ensure proper three-way matching.
  4. Prepare and execute weekly or scheduled payment runs, including checks, ACH, and wire transfers.
  5. Review and reconcile vendor statements to maintain up-to-date and accurate payable balances.
  6. Resolve discrepancies or issues related to invoices, purchase orders, or vendor payments.
  7. Manage and maintain vendor records, ensuring accurate contact and payment information.
  8. Support month-end and year-end closing activities by reconciling AP sub-ledgers and preparing journal entries.
  9. Assist with accrual entries and expense reporting to ensure accurate financial reporting.
  10. Monitor and analyze AP aging reports to ensure timely payments and avoid late fees.
  11. Maintain organized records of invoices, payments, and supporting documentation for audit readiness.
  12. Collaborate with procurement and finance teams to streamline invoice and payment workflows.
  13. Ensure compliance with company internal controls, accounting standards, and SOX requirements (if applicable).
  14. Process employee expense reimbursements in accordance with company policies and IRS guidelines.
  15. Support internal and external audit requests by providing AP documentation and reconciliations.
  16. Identify opportunities for process automation and improvements in the accounts payable workflow.
  17. Maintain confidentiality and accuracy in all vendor and financial transactions.
  18. Communicate professionally with vendors and internal departments to address inquiries promptly.
  19. Assist in maintaining cash flow projections and payment schedules.
  20. Ensure that discounts, credits, and terms are properly applied to maximize financial efficiency.

Secondary Functions

  • Support ad-hoc data and financial reporting requests from management.
  • Contribute to process improvement initiatives and system upgrades.
  • Collaborate cross-functionally with procurement, finance, and accounting teams to ensure seamless operations.
  • Participate in system testing and training related to accounts payable processes and ERP implementations.

Required Skills & Competencies

Hard Skills (Technical)

  • Proficiency in ERP systems such as SAP, Oracle, NetSuite, or Workday
  • Advanced knowledge of Microsoft Excel (VLOOKUP, pivot tables, data validation)
  • Strong understanding of general accounting principles and GAAP compliance
  • Experience with three-way matching and invoice processing workflows
  • Knowledge of vendor management and procurement processes
  • Familiarity with electronic payment systems (ACH, EFT, wire transfers)
  • Ability to analyze and reconcile financial data accurately
  • Knowledge of tax regulations related to AP transactions (e.g., 1099 reporting)
  • Strong document management and audit preparation skills
  • Experience with expense management systems (e.g., Concur, Expensify)

Soft Skills

  • Exceptional attention to detail and accuracy
  • Strong organizational and time management abilities
  • Excellent communication and interpersonal skills for vendor relations
  • Problem-solving mindset with analytical thinking
  • Ability to meet deadlines and handle high-volume invoice processing
  • Team collaboration and cross-departmental coordination skills
  • Professional integrity and confidentiality in handling financial information
  • Adaptability to evolving accounting systems and technologies
  • Customer service orientation with a focus on relationship building
  • Initiative and accountability for process improvement and efficiency

Education & Experience

Educational Background

Minimum Education:
Associate’s Degree in Accounting, Finance, or a related business discipline

Preferred Education:
Bachelor’s Degree in Accounting, Finance, or Business Administration

Relevant Fields of Study:

  • Accounting
  • Finance
  • Business Administration

Experience Requirements

Typical Experience Range:
2–5 years of experience in accounts payable, finance operations, or general accounting

Preferred:
3+ years of experience in a high-volume AP environment with ERP systems exposure (e.g., SAP, Oracle, NetSuite), and proven success in process improvement, reconciliation, and vendor relationship management.

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