What is an Accounts Payable Receivable Job?
Accounts payable and accounts receivable jobs are important financial positions in companies and organizations. These jobs involve managing the money owed by and to a business, respectively. Accounts payable is responsible for paying bills and invoices, while accounts receivable is in charge of collecting payments from clients and customers. In simpler terms, accounts payable is money going out, while accounts receivable is money coming in. These positions require individuals who are skilled in financial management and accounting principles.
What Do Individuals Usually Do in These Positions?
Individuals in accounts payable positions are responsible for managing the company's bills and invoices. This involves verifying and processing invoices, reconciling accounts, and ensuring timely payments. Accounts payable specialists also need to maintain accurate records of all financial transactions, communicate effectively with vendors and suppliers, and resolve any discrepancies in billing.
Accounts receivable specialists, on the other hand, manage the company's incoming payments. They are responsible for processing and tracking payments, reconciling customer accounts, and following up on overdue payments. Accounts receivable specialists also need to maintain accurate records of all financial transactions, communicate effectively with clients and customers, and resolve any billing disputes.
Top 5 Skills for These Positions
1. Financial management skills: Individuals in accounts payable and accounts receivable positions need to have a strong understanding of financial management principles and practices.
2. Attention to detail: These positions require individuals to be detail-oriented, as even small mistakes can have a significant impact on the company's finances.
3. Communication skills: Effective communication is key in these positions, as individuals need to communicate with vendors, suppliers, clients, and customers regularly.
4. Analytical skills: Individuals in accounts payable and accounts receivable positions need to have strong analytical skills to identify discrepancies in billing and reconcile accounts.
5. Time management: These positions require individuals to be able to manage their time effectively to ensure that bills are paid on time, and payments are collected promptly.
How to Become an Accounts Payable or Receivable Specialist
To become an accounts payable or accounts receivable specialist, individuals typically need a degree in accounting, finance, or a related field. Many employers also require candidates to have relevant work experience in financial management or accounting. Individuals can also consider earning certifications such as the Certified Accounts Payable Associate (CAPA) or the Certified Accounts Receivable Associate (CARA) to demonstrate their expertise in these areas.
Average Salary
According to the Bureau of Labor Statistics, the average annual salary for accounts payable and accounts receivable specialists is $41,230. However, salaries can vary depending on the industry, location, and level of experience.
Roles and Types
Accounts payable and accounts receivable positions can vary depending on the industry and organization. Some common roles include accounts payable/receivable clerk, accounts payable/receivable coordinator, and accounts payable/receivable manager. These positions can be found in a variety of industries, including healthcare, education, retail, and finance.
Locations with the Most Popular Jobs in the USA
Accounts payable and accounts receivable positions can be found in many locations across the United States. According to the Bureau of Labor Statistics, the top five states with the highest employment levels in these positions are California, Texas, New York, Florida, and Pennsylvania.
What Are the Typical Tools Used in These Positions?
Accounts payable and accounts receivable specialists typically use a variety of tools to manage financial transactions and records. Some common tools include accounting software such as QuickBooks or Sage, Microsoft Excel for data analysis, and electronic payment systems such as PayPal or Venmo.
In Conclusion
Accounts payable and accounts receivable jobs are crucial roles in any organization. These positions require individuals who are skilled in financial management and accounting principles, as well as effective communication and analytical skills. While the average salary for these positions is relatively modest, there is room for growth and advancement with additional education and certifications.