Accounts Payable Coordinator Job Description
Accounts payable coordinators oversee cash disbursements for things other than payroll. Companies hire them to be a part of their business or accounting departments, usually in a full-time role in an office setting. Any industry that issues payments can benefit from the services of an accounts payable coordinator. For instance, an educational institution may hire one to process refunds for students who withdraw from classes. At a publishing house, the accounts payable coordinator may be responsible for evaluating expense reports submitted by members of the public relations team after a book launch and dealing with invoices from printers.
Job prospects appear promising for accounts payable coordinators and others classified by the Bureau of Labor Statistics as “billing and posting clerks.” The field is projected to grow 13 percent between 2014 and 2024 with 17,410 annual job openings resulting from new positions being created and existing jobs becoming available.
Accounts Payable Coordinator Duties and Responsibilities
Accounts payable coordinators are sources of knowledge about how to go about getting money that is due. As they interact with vendors, company employees, and other people, the following are some of their chief responsibilities:
Whether it’s an invoice from a vendor or a reimbursement request from an employee, if it involves a check being issued, chances are it will pass through the hands of an accounts payable coordinator to examine for accuracy and ensure the proper authorizing signature. Information on each transaction is inputted into the system so that tabs can be kept on the process and accounts as a whole can be monitored. Especially important is checking for correct coding so that money is withdrawn from the correct account to issue payment.
Someone who hasn’t received payment in a timely manner may contact the accounts payable coordinator to determine the cause of the delay. This professional will look into the matter by examining the information on hand and contacting the appropriate people, such as a manager who needs to sign off before a check can be issued. Similarly, if an accounts payable coordinator notices an error, such as being charged for an item that never arrived in a specific shipment, he or she will notify the seller so that the amount due can be corrected.
Members of the company may come to an accounts payable coordinator seeking information on matters such as how to document expenses, which account numbers to use for specific purchases, and which forms are necessary to fill out. Similarly, vendors may contact accounts payable coordinators to ask about the company’s billing preferences or how to speed up payment. Auditors may turn to accounts payable coordinators when doing their work for help obtaining information and documentation.
Accounts payable coordinators monitor the actions and performance of others under their charge, such as accounting clerks and assistants. They train them in the company’s procedures and help them resolve any issues.
Accounts Payable Coordinator Skills
Since they deal with money, accounts payable coordinators should be good with numbers and basic mathematical calculations. They also need to be detail oriented to spot inaccuracies. Other qualities hiring managers like to see in candidates for accounts payable coordinator positions include:
- Multitasking with ease in order to handle information and demands coming in from various directions
- Organizing effectively to deal with vast amounts of paperwork
- Communicating efficiently so that others understand how to go about submitting requests and receiving payment
- Prioritizing to ensure the most pressing payments are made quickly
- Following directions and procedures to keep operations flowing properly
Accounts Payable Coordinator Tools of the trade
As they perform their job, accounts payable coordinators oftentimes use the following things:
- Accounting software – used to process and record payment
- Electronic invoices – payment requests and terms sent via computer
- Ledger – a record of transactions affecting an account
- Microsoft Office – basic software to create spreadsheets, memos, and other office reports and correspondence
- Calculator – for performing computations
Accounts Payable Coordinator Education and Training
Accounts payable coordinators typically hold a high school diploma, and many have post-secondary training in bookkeeping and related subjects. An associate’s degree in accounting can enhance job prospects. New hires should expect a period of on-the-job-training.
Accounts Payable Coordinator Salary
The median annual salary for accounts payable coordinators, classified by the BLS under “billing and posting clerks,” is $36,150. Accounts payable coordinators in the 10th percentile earn about $25,450 a year, and the highest paid make in excess of $52,100 a year. Accounts payable coordinators in the District of Columbia, Connecticut, and Alaska make the highest median salaries in the U.S. – $56,870, $44,880, and $41,250, respectively.
Accounts Payable Coordinator Resources
As you consider becoming an accounts payable coordinator, these sources can provide valuable information:
101 Best Practices for Accounts Payable – One reviewer boldly proclaims it “easily the best book in our business library.” Filled with practical, common sense information, accounts payable coordinators are sure to want a copy on their desk.
American Institute of Professional Bookkeepers – Since 1987, this organization has been working to help accounts payable coordinators and similar professionals advance their careers through training, networking, providing up-to-date information on laws and regulations, and answering questions.
Accounts Payable Professionals – This LinkedIn group provides a forum for its 50,000+ members to share ideas and information about the industry.
Accounts Payable and Procure-to-Pay Network – Whether you’re a seasoned accounts payable coordinator looking for suggestions on revamping procedures or an aspiring one wondering how certification might help your career, this website provides plenty of food for thought.
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